Editor’s Note: Check out AccountsRecovery.net’s new Events Calendar.
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.
EDITORIAL TACKLES CFPB PROPOSALS, TAKES SHOTS AT INDUSTRY
- USA Today has published an editorial opining on the Consumer Financial Protection Bureau’s debt collection proposals, taking the tried-and-true method of using anecdotes and examples from the Federal Trade Commission’s Hall of Shame to show that there are some bad apples in the collections industry. While half-jokingly saying that the CFPB may have struck the right balance between consumer protection and allowing collectors to do their jobs because both consumer advocates and the industry have not “fully embraced” the proposals, the editorial takes a few shots at the industry, including at ACA International.
ENCORE, PRA GROUP RELEASE SECOND QUARTER EARNINGS
- Both Encore Capital Group and Portfolio Recovery Associates have released their second quarter earnings results. Profits at Encore were up slightly in the second quarter, to $29.8 million, from $28.7 million last year. Profits at PRA Group were down to $36.4 million, from $51.4 million in the same quarter last year. Steve Fredrickson, the chairman and chief executive officer of PRA Group said that the company is seeing signs that point to a credit cycle that is “turning which could ultimately increase the supply of nonperforming loans in the U.S.”
CREDITORS FACING SIGNIFICANT COST INVESTMENTS TO COMPLY WITH CFPB PROPOSALS
- While creditors were conspicuously left out of the CFPB’s debt collection proposals, even though the agency said it would address first-party collections on a “separate track,” there are still significant changes coming to financial institutions, if the proposals move forward. Sending accounts to third-party collectors will likely get a lot more expensive and creditors will face significantly more liability from lawsuits, if the CFPB enacts the rule with the proposals it outlined late last month.
FITNESS CLUB FINED BY NY AG FOR HARASSING PHONE CALLS TO FORMER CUSTOMERS
- A chain of fitness clubs in New York has been fined $60,000 for a number of violations, including making harassing phone calls to customers who were contacted years after they had canceled their memberships.
WORTH NOTING: A look at Donald Trump’s atypical economic advisory team … The six habits of champions … Why 1:42 pm is the most stressful minute of the day … An Excel trick to make your reports look a lot better … Watch a Mercedes trash a Ferrari trying to parallel park … Rio is going crazy for table tennis … About 30% of billionaires do not have a college degree … A day after a child died on a waterslide in Kansas City, three girls in Tennessee were injured falling off a ferris wheel … The mayor of Fairfax, Virginia has resigned after being caught trying to trade meth for sex … Burger King is taking on Chipotle by offering the Whopperito.
A woman, whose dad died 10 years ago, is walked down the aisle by the man who received his heart
What does it cost to send a team to the Olympics?
If you have a tip or item you would like to share, or are interested in sponsoring the Daily Digest, please contact me at [email protected].
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.
