Home / Daily Digest / Daily Digest – January 19. Bill to Amend FDCPA Left Behind; Attorneys Discuss Issues With CFPB CID Letters

Daily Digest – January 19. Bill to Amend FDCPA Left Behind; Attorneys Discuss Issues With CFPB CID Letters

The Daily Digest is sponsored by Beam Software. A Microsoft Gold Certified Partner, Beam is a thought leader in portfolio management and collection software. They offer both cloud-based and on-premise solutions to accommodate the entire collection continuum. For more information, please visit www.beamsoftware.com or call (800) 212-2326.

 

BILL TO AMEND FDCPA TO EXCLUDE LAWYERS LEFT BEHIND 

  • The House Financial Services Committee passed 15 bills which were referred to the full House of Representatives yesterday, but conspicuously, a bill that would exempt lawyers engaged in legal actions from the definition of “debt collector” under the Fair Debt Collection Practices Act, was not on the list. In fact, it appears as though the bill was not even marked up, despite being on the original agenda to be discussed.

 

ATTORNEYS DISCUSS ISSUES WITH CFPB’S CID LETTERS

  • The Civil Investigative Demand letters sent by the Consumer Financial Protection Bureau are overly broad, too demanding, and impossible to defend against, according to attorneys speaking out about the practice. Earlier this week, the agency announced a comprehensive overview of all of its policies and procedures, starting with the CID process.

 

MULVANEY TELLS FED THAT CFPB DOESN’T NEED ANY MONEY THIS QUARTER

  • Mick Mulvaney is making sure the Consumer Financial Protection Bureau is doing its part in reining in the federal deficit. Mulvaney, the acting director of the CFPB, sent a letter to Janet Yellen, the chairwoman of the Federal Reserve Board, telling her that the agency will not need any money from the Fed for the second quarter of the 2018 fiscal year. How will the CFPB operate without any money? It will use an emergency fund of $177 million that former director Richard Cordray had kept for a rainy day.

 

CALIFORIA COLLECTION AGENCY TURNS 100

  • CB Merchant Services, a collection agency in California, is celebrating 100 years of being in business. The company, which began as Stockton Merchants Association, was profiled in the Central Valley Business Journal for reaching the milestone.

 

AMERICANS CONTINUING TO INCREASE DEBT BURDENS: EXPERIAN

  • The average American has $24,706 of non-mortgage debt and is carrying a balance of $6,354 on the 3.1 credit cards in his or her wallet, according to data released last week by Experian, one of the three major credit reporting agencies. That average individual also has 2.5 retail brand credit cards with an additional $1,841 balance on those, according to Experian.

WORTH NOTING: How the restaurant industry is coping with the “Amazon” effect … It took two years for one of 12 siblings trapped inside a home to hatch an escape plan, according to some of the horrifying details that are now starting to come to light … Amazon has whittled the list of cities for its second headquarters from 238 down to 20 … What to put on your resume if you hope to land an interview … A new “smart” feature added by LinkedIn … The fewer words you need to explain your goal, the more likely you are to achieve it … The top 10 places people are moving … Burger King has a new 900-calorie burger … Tomorrow marks one year in office for President Donald Trump … Organizing ideas to help you make the most of your space … The number of gun thefts in the U.S. has increased by 225% in the past five years and nobody knows why … Five examples of how people are bad at managing their money.

In the event the government gets shut down today, here’s what will happen

It is so cold in Florida that manatees are huddling together to stay warm

The Daily Digest is sponsored by Beam Software. A Microsoft Gold Certified Partner, Beam is a thought leader in portfolio management and collection software. They offer both cloud-based and on-premise solutions to accommodate the entire collection continuum. For more information, please visit www.beamsoftware.com or call (800) 212-2326.

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