Daily Digest – September 7. Former CFPB Attorney Accuses Agency of Chasing Headlines; The Effective Lobbying of OneMain Financial

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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. 

OP-ED ACCUSES CFPB OF CHASING HEADLINES INSTEAD OF CHASING BAD ACTORS

• A former enforcement attorney at the Consumer Financial Protection Bureau has published a scathing indictment of the agency’s debt collection proposals, accusing the agency of going after headlines by chasing large settlements with large collection agencies and debt buyers and by not going after the “sleazy, small-time: debt collectors who are actually the problem in the industry. Rubin advocates for the creation of a debt registry, which would eliminate mistaken collection attempts and reduce litigation costs.

SINSLEY TALKS ABOUT MOVE TO FACTORTRUST

• Well-known industry lawyer Barbara Sinsley shares some of the reasons that led her to join FactorTrust, which specializes in alternative credit data and financial compliance products for the subprime lending market. Sinsley joined FactorTrust as the general counsel and chief compliance officer. In those roles, it will be Sinsley’s job to make sure that the products and services offered by FactorTrust meet the requirements and expectations of the CFPB and what they are looking for from lending institutions.

ONEMAIN FINANCIAL ACTIVE AT ENACTING LEGISLATION AT STATE LEVEL 

• An interesting profile of OneMain Financial, a former unit of Citigroup which is now owned by a private equity company. OneMain competes with payday lenders and has been very active at getting legislation passed at the state level that are more favorable to payday and installment loans.

TCN WINS COMMUNICATIONS PRODUCT AWARD 

• TCN’s TCN Platform has been awarded a “Communication Solutions Product of the Year” Award from a media company that publishes magazines about cloud computing and call centers. TCN’s product was cited as one of the most innovative new solutions introduced in the past 12 months in the area of voice, data, and video communications.

WORTH NOTING: Apple is expected to unveil the new iPhone later today … Consumers say they would buy cars from Google or Apple … 14 ways to make a great first impression without saying a word … Is this the best small business advertisement ever? … Comparing the chicken sandwich offerings from McDonald’s and Chik-fil-A … How math is being used for evil … A state-by-state look at house prices … It’s that time of year again; pumpkin spice everything … Goldman Sachs has banned contributions to Donald Trump’s campaign … ITT Tech is shutting down all of its campuses … Fox News will pay former anchor Gretchen Carlson $20 million to settle claims of sexual harassment. … The days of the McMansion are over.

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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.