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.
MULVANEY LAYS OUT NEW MISSION FOR CFPB, HINTS THAT COLLECTION RULE MIGHT BE ON THE HORIZON
- The Consumer Financial Protection Bureau will no longer “push the envelope” in enforcing consumer protection laws, acting director Mick Mulvaney announced in a memo that was circulated to agency employees yesterday. Mulvaney also referenced that new rules will be prioritized according to the number of complaints that have been received. He specifically mentioned the number of collection-related complaints compared with the number of payday lending and prepaid card complaints, possibly hinting that a proposed debt collection rule may be on the horizon.
SUPREME COURT DENIES REQUEST FOR SECOND HEARING IN SPOKEO CASE
- The Supreme Court has denied a request for a second hearing in Spokeo v. Robins, after the Court of Appeals for the Ninth Circuit ruled in favor of the plaintiff who alleged that he suffered concrete harm when inaccurate information about himself was published on one of Spokeo’s websites.
APPEALS COURT DENIES EN BANC HEARING IN TCPA CONSENT REVOCATION CASE
- The Court of Appeals for the Eleventh Circuit has denied a request from Comenity Bank for an en banc hearing of the full appeals court after it ruled last August that an individual can partially revoke consent to be contacted under the Telephone Consumer Protection Act. Comenity had applied for the en banc hearing last September.
JUDGE REJECTS CFPB PENALTY OF $287 MILLION IN PAYDAY LENDING CASE
- A federal judge has reduced a financial penalty levied by the Consumer Financial Protection Bureau against CashCall, a payday lender, to $10 million, from $287 million. The judge in the case ruled that the fine assessed by the CFPB was excessive, and that the agency failed to meet the burden of proof required for such a penalty. A copy of the ruling is available here.
FTC ACTING CHAIRMAN LEAVING POST TO BECOME FEDERAL JUDGE
- President Donald Trump announced yesterday that he plans to nominate Maureen Ohlhausen, the acting chairman of the Federal Trade Commission, to become a federal judge. Ohlhausen will be put forward for a spot on the U.S. Court of Federal Claims, which is where companies can sue the federal government.
MILLENNIALS GETTING BETTER AT SAVING, NOT WORRIED ABOUT DEBTS: SURVEY
- Despite saying that other members of their generation are bad at saving and overspend when compared with other generations, millennials are not very worried about having enough money to pay their debts, according to the results of a survey released by Bank of America. The number of millennials with at least $15,000 in the bank has grown by 50% in the past two years, according to the survey.
REPORT POINTS TO THIRD-PARTIES AS KEY RISK FOR FINANCIAL SYSTEM
- Ballard Spahr has analyzed a report from the Office of the Comptroller of the Currency that spotlighted the additional risks from financial institutions expanding their use of third-party vendors. The report was part of the OCC’s Semiannual Risk Assessment for Fall 2017.
WORTH NOTING: A letter has surfaced that was allegedly written by one of three men who survived an escape from Alcatraz back in 1962 … The biggest snubs and surprises among Oscar nominees … Tax reform is allowing Starbucks to increase wages and benefits for its 150,000 employees while Kimberly-Clark is using the reform to lay off 5,000 workers … How terrible food can help inspire employees … How to stop waiting for success and start bottling it … Toys R Us is closing 180 stores nationwide … What you should always pack when you travel … Why washing machines are about to get more expensive … Sen. Tammy Duckworth will make history this Spring when she becomes the first sitting Senator to give birth … Special counsel Robert Mueller plans to interview President Trump about his firing of the former National Security Advisor and FBI Director … The most and least educated states in 2018.
How multi-million dollar homes are staged to help them sell faster
What everyone gets wrong about the economy
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.
