Daily Digest – June 3. CFPB Takes Action Against Title Lender For Unfair Collection Tactics; State Regulators Call Out CFPB

CFPB TAKES ACTION AGAINST TITLE LENDER FOR OVERCHARGING CUSTOMERS, UNFAIR COLLECTION TACTICS

  • The Consumer Financial Protection Bureau yesterday announced an enforcement action against an auto loan title lender for, among other infractions, engaging in unfair collection tactics, which will see the lender repay $2 million back to individuals who were victimized and a civil money penalty of $1.

STATE REGULATORS CALL OUT CFPB OVER TASK FORCE’S AGENDA

  • State regulators have “significant concerns” about a Consumer Financial Protection Bureau task force that is charged with looking at federal consumer protection laws, wondering why they are being left out of the discussion and worried that their state laws are possibly going to be pre-empted.

REPORT QUESTIONS PROPOSED TIME-BARRED DEBT RULE

  • A published report in a major metropolitan newspaper has published a report looking at the Consumer Financial Protection Bureau’s proposed time-barred debt disclosure rule, quoting consumer advocates saying that the industry should not be left to police itself and that the collection of time-barred debts should be banned.

COLLECTION LAWYER LOSES STATE SENATE PRIMARY; FORMER AGENCY OWNER RUNNING FOR SENATE

  • A pair of individuals with ties to the collection industry were profiled in published reports for their efforts in state and federal politics. Here is a summary of what is happening with each candidate.

WORTH NOTING: Answering an important question: Is it safe to get a physical or a dental check-up? … Apparently my wife and I weren’t the only people with this bright idea, which explains getting it installed is going to have to wait for a month … The housing market is not showing any signs of a recession … A sign of the times — people going crazy over a vending machine that sells meatHow employers can help parents working from home with their kids … The world’s largest American flag was ripped in half during a thunderstorm. Whether it’s a metaphor or not, I’ll leave that up to you to decide … Something I am sure a lot of us are thinking: will the protests accelerate the spread of COVID-19? … How much you need in your emergency fund and where you should keep it.

How to maintain resilience during a crisis

How to set expectations for new employees

The Daily Digest is sponsored by Microbilt. Designed to help debt collection professionals, MicroBilt’s platform of recovery and skip tracing tools provide quick, convenient, and current data that help you prioritize and successfully track people down and collect. Keep your skip tracing and debt recovery efficient and effective! Contact us to find out about our 90 Day Try Us Program. Call 800-884-4397 or visit www.microbilt.com

Check Also

Daily Digest – October 20. More Americans ‘Struggling’ To Pay Healthcare Bills; Union Goes After Denver Hospitals for ‘Aggressive’ Collection Efforts

MORE AMERICANS ‘STRUGGLING’ TO PAY HEALTHCARE BILLS: SURVEY About 40% of Americans are having trouble …

Leave a Reply

Your email address will not be published.

X