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SILVER LINING? CONSUMER ADVOCATE NOT THRILLED WITH CFPB PROPOSAL
- Initial reactions to the proposals released by the Consumer Financial Protection Bureau shortly after midnight this morning are still floating in, but perhaps the collections industry will take some solace in the fact that consumer advocates are not very happy with what the CFPB is proposing. Margot Saunders with the National Consumer Law Center, an outspoken critic of the collections industry, said the proposed rules would be “complicated” and “difficult to enforce.”
IF YOU’RE IN OR NEAR SACRAMENTO TODAY…
- Swing by The Coffee Hangar in McClellan Park, Calif., for a reception hosted by BillingTree. The reception will start right after the Consumer Financial Protection Bureau’s field hearing ends.
FCRA, TCPA LAWSUITS UP, BUT FDCPA LAWSUIT NUMBERS DOWN: WEBRECON
- The number of lawsuits filed alleging violations of the Telephone Consumer Protection Act and the Fair Credit Reporting Act rebounded in June, according to data released yesterday by WebRecon, but what’s interesting is that the number of Fair Debt Collection Practices Act lawsuits are down 20% on a year-over-year basis. As well, fewer companies were sued in June, but more companies were complained about to the Consumer Financial Protection Bureau.
MEDICAL DEBTS KEEPING TOO MANY FROM GETTING LOANS
- Financial institutions and other companies making loans to consumers are relying on credit reports to make determinations as to the likelihood that those individuals will repay the debts, and, all too often, medical debts are keeping consumers from getting loans, according to the director of the National Patient Advocate Foundation. Medical debts are different because it is not pre-meditated like getting a mortgage, and medical practices will “park” debts on credit reports of individuals while waiting for insurance carriers to pay up, We will all be patients, one day, the author points out. It should only be fair how that information is reported to the credit bureaus.
MORE TALK ABOUT SUBPRIME AUTO LENDING BUBBLE
- More talk and concern about the possibility of a bubble in the subprime auto lending market. There is a knee-jerk reaction among some parts of the financial industry when they hear the word, “subprime,” said an executive from Experian, but in this, these are not $300,000 homes, the executive pointed out. As well, the article points out, it is easier to repossess a car than it is to foreclose on a home. Nobody will argue that lenders may have overextended themselves lending to borrowers with less-than-perfect credit, and that higher losses may result, but everyone seems to agree that any correction will not be as severe as what happened to the subprime mortgage market nearly a decade ago.
WORTH NOTING: Why is being exhausted considered a status symbol? … Where you sit in your office, especially as it relates to your proximity to other workers, matters a great deal … How the most successful people spend the first hour of their workday … Eleven mistakes standing between you and your first million dollars … It’s never too early to start ranking all the NFL teams … It took 11 years, but home prices are back to their pre-crash levels … Maybe asking your employees to think outside of the box is not a good idea … Say what you want about him, but president Barack Obama knows how to make a speech … Employees of the federal government are being told to stay home because it’s too hot out … The most — and least — affordable places to buy a new home.
How women can overcome the boas at work
Inside some of the biggest mansions in the world
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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.
