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CFPB FILES LAWSUIT AGAINST NAVIENT, PIONEER CREDIT
- The Consumer Financial Protection Bureau filed a lawsuit as part of three separate complaints against Navient, a student loan servicer, and Pioneer Credit, a subsidiary of the company. Pioneer was one of the four companies selected by the Internal Revenue Service to collect on unpaid federal tax bills. Pioneer allegedly made illegal representations to borrowers about rehabilitation programs available to those who were in default. Navient is accused of misallocating payments, steering people into costly plans, supplying the wrong information and ignoring borrowers’ pleas for help. The company claims the CFPB is being politically motivated in the filing of the suit.
SUPREME COURT JUSTICES HAVE NO LOVE FOR DEBT BUYING BUSINESS MODEL
- Supreme Court Justice Sonia Sotomayor has no love for the debt-buying business model, according to her questions and comments from a hearing held earlier this week. “I’m sorry. I’m having a great deal of difficulty with this business model. Completely,” Justice Sotomayor told the lawyer representing Midland Funding, a company accused of filing a claim on a time-barred debt against an individual who had filed for bankruptcy protection. Read another in-depth accounting of the hearing here.
CONGRESS SAYS CFPB MAY HAVE BROKEN LAW WITH AUTO LENDING INITIATIVE
- Did Richard Cordray, the director of the Consumer Financial Protection Bureau violate federal laws when it issued an auto lending rule in 2015? A report released by Congressional Republicans is making that allegation. Whether it is true or whether Republicans are sowing seeds of doubt as a means of giving President-elect Donald Trump more ammunition to remove Cordray remain to be seen.
WORTH NOTING: Apple is being sued for not deploying technology to keep individuals from texting and driving … Why streaming a video of you going 111 miles per hour in a Maserati is a bad idea … President-elect Trump’s cabinet includes three billionaires … Ten jobs that will be replaced by robots … How to respond to negative feedback … Last year was the hottest year on record for the third year in a row … The before and after photos of how presidents aged while in office … The Big Mac family tree just got bigger … How to work less and get more done … An infamous hacker group makes a threat against President-elect Trump … Lowe’s is cutting 2,400 managerial positions … Three players were elected to the Baseball Hall of Fame yesterday … Sen. Elizabeth Warren has no love for the man nominated to be the next Treasury Secretary.
Who is the designated survivor during the inauguration?
The current tenants get ready to leave the White House
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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.
