Daily Digest – April 28. A Congressional Committee Hearing Through The Eyes of an 8-Year-Old; CFPB Sues Online Lenders For Illegal Collections

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A CONGRESSIONAL COMMITTEE HEARING THROUGH THE EYES OF AN 8-YEAR-OLD

  • For those of you who didn’t know it, yesterday was “Take Your Child To Work” day and I was fortunate to have my three kids join me. I asked my 8-year-old son, Evan, to watch Wednesday’s House Financial Services Committee hearing on the Financial Choice Act and write what he heard and saw. While the hearing didn’t make him decide to run out and become a Congressman, I think it was an eye-opening insight into the sausage-making process that is politics and I was really proud of him for trying something 100% out of his comfort zone.

OREGON LOOKING AT UNPAID DEBTS TO HELP COVER BUDGET SHORTFALL

  • Oregon Gov. Kate Brown is looking for ways to cover a massive budget shortfall for next year and unpaid debts are near the top of the list. Individuals and companies owe more than $600 million in unpaid taxes and the governor wants that money back. She is considering, among other options, developing a website that will identify borrowers and “stimulate” payment. Look out for some public shaming coming to The Beaver State.

CFPB SUES FOUR ONLINE LENDERS FOR ALLEGED ILLEGAL COLLECTION TACTICS

  • The Consumer Financial Protection Bureau filed suit yesterday against four online tribal lenders for allegedly withdrawing money from the bank accounts of individuals to pay for loans that were not valid because they violated state laws. The four lenders — Golden Valley Lending, Silver Cloud Financial, Mountain Summit Financial and Majestic Lake Financial — are owned by the Habematolel Pomo Tribe. The tribes said they will fight the suit and claimed the CFPB was ignoring tribal laws and when they tried to show the agency their business model, the CFPB responded with a “surprise” lawsuit.

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Linking to this because it’s cool and because these kids play soccer in my town

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

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