Daily Digest – October 19. CFPB Publishes Rule on FDCPA; Coast Professional Hiring 200 Workers

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. 

Compensation Webinar: AccountsRecovery.net is hosting a free webinar on the topic of collector compensation on Tuesday, October 25 at 1pm EDT. The webinar is sponsored by Cornerstone Support. Register here. 

CFPB PUBLISHES FDCPA RULE RELATED TO MORTGAGE SERVICING

• The Consumer Financial Protection Bureau yesterday issued an Interim Final Rule (IFR) related to the Fair Debt Collection Practices Act. While the rule appears to mainly deal with how the FDCPA is applied in servicing mortgages and home loans, it does show how the CFPB thinks and interprets different aspects of the FDCPA, which could shed some light into future activities. For example, the FDCPA restricts who collectors can talk when trying to collect a debt. The language of the FDCPA says that the list of approved individuals “includes” spouses, guardians and executors. Because the law uses the word “includes,” the CFPB takes that to mean the list is intended to provide examples of individuals who can be contacted and not be an exclusive list.

COAST PROFESSIONAL HIRING 200 MORE EMPLOYEES

• Sen. Charles Schumer [D-N.Y.] was on hand at Coast Professional yesterday to help participate in an announcement that the collection agency is hiring an additional 200 employees. Coast Professional recently secured a renewed contract with the Department of Education for work on unpaid student loans. The company is interested in hiring workers from a Verizon call center that us about to be closed.

DIVING INTO NAVY FCU CONSENT ORDER REVEALS LEGAL LANDMINES

• Diving in to the consent order between the Consumer Financial Protection Bureau and Navy Federal Credit Union reveals some potential issues for debt collectors. For example: the consent order takes Navy FCU to task for threatening to contact the commanding officers of active duty military members with unpaid debts; yet that provision was included in the agreements signed by Navy FCU customers. The CFPB ignored the provisions, saying it “was buried in fine print, non-negotiable, and not bargained for by consumers.”

PAYDAY LENDING PROPOSAL GENERATES MORE THAN 1.4 MILLION COMMENTS

• The Consumer Financial Protection Bureau’s proposed payday lending rule has generated more than 1.4 million letters and comments, a possible record for any federal regulation. The head of the trade group representing payday lenders said the next concern is “whether they’re all going to be opened, read and put on [the CFPB’s]  portal.”

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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.