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APPEALS COURT RULING SENDS SHOCKWAVES THROUGH INDUSTRY; LAWYERS DISCUSS IF ANYTHING WILL CHANGE
- By now, most people in the industry have heard the news that an Appeals Court ruled yesterday that the leadership structure of the Consumer Financial Protection Bureau is unconstitutional, and also rebuked the agency for violating legal due process. Reaction from lawyers who have read the ruling say that the calls for reform of the CFPB within Congress will be significantly strengthened by this news, and for those that are currently under investigation by the agency, this ruling could not have come at a better time. Interesting reaction from consumer advocates to the ruling.
CFPB PENALIZES NAVY FCU $28.5M FOR DEBT COLLECTION VIOLATIONS
- Navy Federal Credit Union will pay $28.5 million in restitution and fines after agreeing to a consent order with the Consumer Financial Protection Bureau. The CFPB alleged that the credit union made false threats about debt collection to members, which include active and retired servicemembers and their families. The credit union also unfairly restricted access to accounts when members had a delinquent loan.
SUPREME COURT TO HEAR ARGUMENTS IN TIME-BARRED COLLECTIONS CASE
- The U.S. Supreme Court has agreed to hear arguments in a debt collection case, to determine whether individuals who have filed for bankruptcy can sue companies that attempted to collect debts that were beyond the statute of limitations. The case, Johnson v. Midland Funding, is being appealed by Midland Funding, a unit of Encore Capital Group. The plaintiff, a resident of Alabama, filed for bankruptcy protection in 2014. Midland then tried to collect $1,879 for a debt that was incurred a decade earlier. Alabama has a six-year statute of limitations on debt collections.
WORTH NOTING: An independent report has found that Donald Trump’s tax plan would add trillions of dollars to the national debt while Hillary Clinton’s would do the opposite … How to become a better lie detector … Companies are now paying employees to exercise, in an effort to keep healthcare costs from spiraling out of control … Police arrest more people for marijuana use than all violent crimes combined, according to a new report … The 13 habits of people who are super persuasive … I definitely don’t agree with the rankings, but here is every late night show, ranked from worst to best … Nobody wants to host the Olympics anymore because it’s become too expensive … This woman spent 67 years working at J.C. Penney … 41 million Americans have already had their identities stolen, according to a survey from Bankrate.com … Men serving on corporate boards do not believe that diversity helps a company’s performance, according to a survey conducted by PricewaterhouseCoopers.
BMW gives you the motorcycle of the future
Watching people try to eat the world’s hottest chip
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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.
