Daily Digest – December 1. Appeals Court Overturns FDCPA Case; CFPB Launches Advisory Opinion Program

APPEALS COURT OVERTURNS RULING IN FAVOR OF DEFENDANT IN FDCPA CASE

  • The Court of Appeals for the Ninth Circuit has overturned a lower court’s ruling in favor of a defendant that was sued for violating the Fair Debt Collection Practices Act by attempting to collect on a debt that had been paid off nearly two years earlier.

CFPB LAUNCHES ADVISORY OPINION PROGRAM

  • The Consumer Financial Protection Bureau yesterday announced that it has finalized a program where it will offer advisory opinions — guidance, essentially — to help companies in the financial services industry receive clarity where there may be some uncertainty about how to comply with a certain rule. Along with announcing the policy, the CFPB yesterday issued its first two advisory opinions, one on earned wage access products and one clarifying the definition of certain student loan products.

FCC CHAIRMAN ANNOUNCES RESIGNATION

  • Ajit Pai, the chairman of the Federal Communications Commission, announced yesterday that he will resign from the agency on Jan. 20, 2021, the day that President-elect Biden is sworn into office. The announcement frees the President-elect up to nominate a Democrat to replace Pai — giving the party a three-to-two majority atop the FCC — and name either the replacement or one of the two Democrats currently serving as a commissioner to be the agency’s next chairperson.

DEMENTIA COULD BE CAUSING FINANCIAL PROBLEMS YEARS BEFORE DIAGNOSIS: STUDY

  • Individuals who develop dementia are “significantly” more likely to have debts that are delinquent or in collection and to have credit scores that decline to the point of being subprime years before they were diagnosed, according to the results of a study that were published yesterday in a medical journal.

WORTH NOTING: A lot of people are using their credit cards as lifelines right now, and that could be a problem down the road … Frontline healthcare workers can get free coffee at Starbucks this month … People seem to be spending more on holiday gifts this year … If you want to know what the best-selling items on Amazon have been this year … The McRib is coming back tomorrow … The first of many articles that make predictions for next year … Meet the first celebrity to win “Who Wants to Be a Millionaire” … Don’t call the police for roadside assistance when you’re in a stolen SUV.

How remote schooling is impacting students

The benefits of taking a sound bath

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