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CFPB ISSUES PROPOSED RULE GOVERNING PAYDAY LENDING, TITLE LENDING
- The Consumer Financial Protection Bureau issued its long-awaited rule on payday and title lending earlier this morning, while also issuing a Request for Information about how the collection practices on those loans, among other questions. For collectors, the key provisions of the proposed rule are that borrowers would be required to receive written notice three days in advance of any payments that are to be automatically debited from a bank account, and that automatic withdrawals must stop after two unsuccessful attempts. A copy of the proposed rule is available here.
NY REGULATOR FINES TWO DEBT BUYERS
- The New York Department of Financial Services has assessed $225,000 in penalties against two debt buyers, to cease collections on $2.2 million of loans and remit nearly $800,000 back to consumers. The companies who entered into the consent orders were Webcollex LLC, which was doing business as CKS Financial, and National Credit Adjusters. The loans in question were all payday loans deemed to be usurious by the state regulator.
ACLU SETTLES DEBTORS’ PRISON LAWSUIT AGAINST WASHINGTON COUNTY
- The American Civil Liberties Union (ACLU) has settled a lawsuit it had filed against Benton County, Wash., for jailing individuals who had unpaid court costs and fines. The county had as many as 60 people in jail daily who were not able to pay their fines, and the ACLU had likened the process to a “modern-day debtors’ prison.”
WORTH NOTING: Four car manufacturers – Toyota, Fiat Chrysler, Volkswagen, and Mitsubishi – are selling cars with defective airbags and will need to be recalled … When it’s a better career move to turn down a big assignment … Big-company investors are still a great investment source for small businesses … 20 must-have tech accessories under $20 … The Federal Reserve has been under constant attacks by hackers for five years … The timeless investing principles that made Warren Buffett rich … How people are making six figures on Fiverr … A blind man is suing McDonald’s because it’s drive-thru policies discriminate against people who are visually impaired … The economy is not in great shape … There was a murder-suicide at UCLA yesterday … It’s more expensive to throw a bachelor party the a bachelorette party … How one woman went from being worth $4.5 billion to nothing.
Five things to know before your next flight
If you’re not a morning person by now, chances are you never will be
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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
