Daily Digest – December 7. Industry Reacts to Kraninger’s Confirmation; Analyzing BCFP Enforcement Activity

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.

 

INDUSTRY REACTS TO KRANINGER’S CONFIRMATION AS BCFP DIRECTOR

• Yesterday, as was widely reported and widely expected, the Senate confirmed Kathy Kraninger to be the next director of the Bureau of Consumer Financial Protection. Kraninger takes over from Mick Mulvaney, who had been acting director following the resignation of former director Richard Cordray. Kraninger’s term atop the BCFP is for five years and during that time, she will likely shape the future of debt collection regulation for the foreseeable future.Rather than report the news of Kraninger’s confirmation, AccountsRecovery.net sought to delve deeper, to get a sense of what people in the industry think will happen now that she is there. What impact will she have on the ARM industry, broadly, or the proposed debt collection rule, more specifically, people were asked. Thank you to those who participated, because the turnaround time was very tight. Here is what they said.

 

ANALYZING ENFORCEMENT ACTIVITY, PROFESSOR SAYS BCFP BEING ‘UNDERMINED FROM WITHIN’

• It is undeniable that the Bureau of Consumer Financial Protection has taken fewer enforcement actions in the year following the resignation of former director Richard Cordray, who was nominated to the post by former President Barack Obama, than it did while Cordray was in office, and a law professor from Michigan State University has dug into the numbers to offer objective proof.

 

HEALTHCARE SPENDING COSTS 12% OF WORKER’S INCOME: STUDY

• The cost of health insurance continues to outpace any increase in wages employees might be receiving, which means healthcare is eating up even more of the income people are bringing home every week, concludes another depressing study.

 

LAW PROFESSORS DOUBLE DOWN ON CALLING FOR ABA RETRACTION OF DEBT COLLECTION BILL ENDORSEMENT

• A pair of law professors — and members of the American Bar Association — are calling out the ABA for endorsing the Practice of Law Technical Clarification Act of 2018, which would exempt lawyers “engaged in litigation activities” from complying with the Fair Debt Collection Practices Act, saying that the bill would only put more individuals at risk of being subjected to unethical debt collection activities and perpetuate the negative stereotype associated with lawyers.

 

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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.