Daily Digest – April 18. CFPB Sues Law Firm; Report Speculates Why CFPB Director Has Not Yet Been Fired

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CFPB SUES WELTMAN, WEINBERG & REIS FOR ALLEGEDLY MIS-REPRESENTING LAWYER’S INVOLVEMENT IN COLLECTIONS

• The Consumer Financial Protection Bureau announced yesterday that it has filed a lawsuit against the law firm of Weltman, Weinberg & Reis for “falsely representing in millions of collection letters” that attorneys were involved in collecting debts from individuals. The misrepresentations were allegedly made in collection letters and on phone calls and were intended to imply that attorneys had reviewed the “veracity of a consumer’s debt.” The firm is accused of violating the Fair Debt Collection Practices Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act.

HOSPITALS MAKE BIG CONTRIBUTION TO GEORGIA ECONOMY: REPORT

• Hospitals in Georgia are responsible for contributing nearly $50 billion to that state’s economy, according to a report released by the Georgia Hospital Association. But Georgia also had the second highest number of uninsured patients in the country and lost $0.13 for every dollar spent treating a Medicaid patient.

REPORT SPECULATES WHY THE PRESIDENT HAS NOT YET FIRED RICHARD CORDRAY

• President Trump has not yet fired Richard Cordray, the director of the CFPB because it is expected that Cordray will run for governor of Ohio and the president does not want to give his campaign any additional publicity, according to a published report. Cordray is the former attorney general of Ohio and when asked last week about whether he would fulfill his five-year term as CFPB Director, which expires next year, he was decidedly non-committal.

MAJORITY OF AGENCIES OPTIMISTIC ABOUT FUTURE OF COLLECTIONS INDUSTRY: SURVEY

• More than half of the participants in a survey are either extremely or somewhat positive about the future of the collections industry, while 35% are neutral about the industry’s prospects and only 12% are not very positive. TCN polled 136 collection agencies last November in conducting the survey.

WORTH NOTING: Five ways you can drastically save on your grocery bill … Children in kindergarten are playing a lot less than they used to … Companies and rich people who don’t pay their fair share in income taxes are what bother people the most … How much you should pay your babysitter in every city … What happens when you assess the government’s spending like it’s a publicly traded company … Here are 30 stunning statistics about Social Security … Job interviews are a waste of time, according to a new study … I wish I read this last night instead of this morning: Why you don’t need to wake up at 5am to be successful … Too many Republicans secretly love Obamacare, which is why it will never be repealed.

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New details have been released about the death of Prince

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The Daily Digest is sponsored by T-Max Dialer & Communications, the leader in hosted inbound and outbound dialer technology.