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.
FTC LENDINGCLUB ACTION COULD HAVE SIGNIFICANT IMPACT ON ARM INDUSTRY
- Last week, the Federal Trade Commission filed a lawsuit against LendingClub, an online lender, for allegedly misrepresenting the fees it charges to originate a loan. While there might not be any immediate collection-related issues associated with the case, it does raise a number of questions that debt buyers and collectors may want to try to answer before it’s too late.
DISTRICT COURT DISMISSES FDCPA CLASS ACTION OVER DEBT TYPE
- A federal judge in New Jersey has dismissed a potential class-action lawsuit against a collection agency, saying the type of debt being collected does not fall under the coverage of the Fair Debt Collection Practices Act. This was the second time that Judge John Michael Vazquez had dismissed a complaint at the request of the defendant.
LAW PROFESSOR ARGUES FOR LAW AUTOMATICALLY DISCHARGING DEBTS
- A law professor who specializes in consumer financial protection and who spent a year working on a fellowship with the Bureau of Consumer Financial Protection has written a paper that argues in favor of automatically discharging debts seven years after a default or seven years after a judgment has been entered.
BILL INTRODUCED TO CLOSE COLLECTION ROBOCALL LOOPHOLE
- A bill has been introduced in the House of Representatives that seeks to close a loophole allowing debt collectors to use automated dialers when seeking to collect on payments owed to the federal government. The bill, called the Help Americans Never Get Unwanted Phone Calls or HANGUP Act, was introduced by Rep. Anna Eshoo [D-Calif.] on Friday, the same day the House Energy and Commerce Committee held a hearing on robocalls.
WARREN ATTACKS MULVANEY AFTER ‘PAY-TO-PLAY’ COMMENTS
- Sen. Elizabeth Warren [D-Mass.] is going to town on remarks made last week by Mick Mulvaney, the acting director of the Bureau of Consumer Financial Protection where he said he would only meet with lobbyists who contributed to his campaign when he was a member of the House of Representatives. Mulvaney made the remarks last week when speaking at an event hosted by the American Bankers Association.
WORTH NOTING:
The White House Correspondents’ Association is distancing itself, maybe rightly so, from a comedian who performed at is dinner on Saturday night … Ryan Reynolds is awesome… The world’s oldest known spider– she was 43 – has died … T-Mobile and Sprint have announced they are merging. Does that mean Paul will have to wear purple now instead of yellow? … Culture makes or breaks a companywhen crisis hits … A tree that was planted by the president of France and President Trump last week has vanished… Dolphins didn’t take too kindlyto a paddle boarder in Australia … The future of commuting to workis here … GNC is closing 200 stores nationwide… A vegetarian diet may prevent one in three early deaths, according to a new study … Meanwhile, scientists at Harvard have pointed out five thingsthat can prolong your life by 10 years … Lebron James rose to the occasionlast night … The president of South Korea says President Trump should win the Nobel Peace Prize.
My daughter would love this
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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.
