Home / Daily Digest / Daily Digest – July 14. Congress Lining Up To Repeal CFPB Arbitration Rule; Collection Lawyer Speaks Out After Being Sued By AG

Daily Digest – July 14. Congress Lining Up To Repeal CFPB Arbitration Rule; Collection Lawyer Speaks Out After Being Sued By AG

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CONGRESS LINING UP AGAINST CFPB TO REPEAL ARBITRATION RULE

  • Members of Congress are lining up against the Consumer Financial Protection Bureau’s recent rule regarding banning class-action waivers in arbitration clauses, and some have gone as far as to start the process of having the rule rescinded. The Congressional Review Act, which was passed in 1996, gives Congress the power to overturn rules issued by federal government agencies. A bill has been proposed in the Senate to repeal the CRA, but until that becomes law, Congress has the power to review the rule on an expedited basis and then overturn it via a joint resolution.

COLLECTION LAWYER SPEAKS OUT AFTER BEING SUED BY MASSACHUSETTS AG

  • A Massachusetts attorney who has filed more than 2,000 lawsuits during the past five years against individuals with unpaid debts has been barred from threatening individuals with jail time, following a civil suit filed by that state’s attorney general. But Robert White is not taking the suit lying down. He defended his actions, saying he operates within the confines of the law.

ARM INDUSTRY M&A CONTINUES AT SOLID PACE

  • Collection agencies continued to be bought and sold at a torrid pace during the second quarter of 2017, according to data from Corporate Advisory Solutions. There were 13 deals in the second quarter of 2017, representing $4.6 billion in enterprise value, compared with 10 deals worth $372 million during the first three months of 2017.

BILLINGTREE MAKES STUDENT LOAN PORTAL WIDELY AVAILABLE AS DEBT BURDENS CONTINUE CAUSING PROBLEMS FOR INDIVIDUALS

  • Payment processing company BillingTree announced yesterday that its student loan collection portal will be available to the general public starting at next week’s ACA International convention in Seattle. The portal, called myPayrazr Portal SLR provides users with the chance to offer automated payment plans to help individuals manage and repay their student loan debts.

BROOKS LOOKS TO REINFORCE EMPHASIS ON DATA QUALITY

  • Jonathan Brooks spent nearly two years working as a part-time consultant at LocateSmarter in 2014 and 2015. He enjoyed it so much, he’s returned to be the new president of the company. In an exclusive interview with AccountsRecovery, he answered what attracted him to the skiptracing company, saying it was the “passion” of the team and it turned him into a “believer in what they are doing.”

DUTCH COLLECTION AGENCY THREATENS TO OUT DEADBEATS ON YOUTUBE

  • A Dutch collection agency has threatened to post pictures of its most notorious individuals on YouTube today, for the purpose of shaming them into making their payments. The collection agency, Straetus, is based on Flevoland, and gave the individuals a one-month warning about the videos. The owner of the collection agency said it will blur the faces of the individuals and their license plates and that the agency’s clients are “100% behind” the strategy.

WORTH NOTING: Americans are hoarding their money in checking accounts, according to data released by banks … I keep hearing more and more about tiny homes. Are they for real? … I think this headline is a little misleading, because I don’t know how anyone can “accidentally” found a $25 million company … Sunday is National Ice Cream day …  A face-to-face meeting is 34 times more likely to elicit a positive response than sending an email, according to new research … Seven healthy foods that cost less than $1 … The man who has been puppeting Kermit The Frog for nearly three decades was fired and he’s not happy about it … If you have a little extra money, is it better to invest it or use it to pay down your debts? … Six ways to develop better self-control and self-discipline.

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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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