Home / Daily Digest / Daily Digest – July 11. CFPB Issues Arbitration Rule; IRS Manual Details Policies For Third-Party Agencies

Daily Digest – July 11. CFPB Issues Arbitration Rule; IRS Manual Details Policies For Third-Party Agencies

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CFPB ISSUES RULE THAT WILL BAN CLASS-ACTION WAIVERS IN ARBITRATION AGREEMENTS

  • The Consumer Financial Protection Bureau yesterday issued a rule that would ban class-action waivers in arbitration agreements for individuals using consumer finance products and services.  The rule would prevent financial institutions from requiring individuals to submit to binding arbitration in instances of wrongdoing, instead of joining with other individuals to file class-action lawsuits.

IRS MANUAL DETAILS POLICIES AND PROCEDURES FOR THIRD-PARTY COLLECTION AGENCIES

  • The Electronic Privacy Information Center (EPIC) has obtained a number of documents related to the required outsourcing of delinquent tax accounts by the Internal Revenue Service to third-party collection agencies. The documents include the contracts signed with Continental Service Group and Performant Recovery, Inc. EPIC also obtained a copy of the policies and procedures manual that the IRS supplied to all third-party collection agencies it is working with, how those agencies must handle any complaints they receive from individuals, and the privacy and data security requirements that have been placed on the agencies, referred to as private collection agencies (PCAs).

HOW A COLLECTION AGENCY CEO IS HELPING SHAPE THE FUTURE OF BUFFALO

  • David Herer loves the city of Buffalo and it’s a love affair that started more than seven decades ago with his grandfather. His grandfather, who was out of work during the Great Depression and living in New York City, wrote to the owner of ABC-Amega and promised to move his family to Buffalo if he got a job with the company. He did get the job, and now two generations later, his grandson David is running the company.

SURVEY REVEALS MIXED DATA ABOUT CONSUMERS’ FINANCIAL SITUATION, ABILITY TO HANDLE DEBT PAYMENTS

  • More consumers expect to be able to make their debt payments, according to data released yesterday by the Federal Reserve Bank of New York. The bank released its regular Survey of Consumer Expectations report. More than 12% of people think they will not be able to make a debt payment a year from now, compared with 13.1% in May and 13.26% a year ago.

WORTH NOTING: Today is Amazon Prime day. Here are some of the deals that are available … How a three-mile long Nazi resort is now being turned into a luxury getaway … How to get free Chick-fil-A today … The number of Americans without healthcare insurance is growing … Livan Hernandez made $48 million playing baseball. Yesterday, he filed for bankruptcy protection … Robots are replacing humans as real estate appraisers … Ranking the broadcasters for all 30 Major League Baseball teams … Baby boomers only have one-third of what they need saved in order to retire, according to a survey … A Marine refueling tanker crashed in Mississippi yesterday, killing all 16 aboard … Four things that are more important than an IQ score … How to prevent employee burnout.

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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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