Daily Digest – December 8. Collection Agencies Received $422M Through PPP; How to Gauge the Effectiveness of the LCM

COLLECTION AGENCIES RECEIVED $422M THROUGH PAYCHECK PROTECTION PROGRAM

  • Nearly 90 companies identifying themselves as collection agencies received more than $1 million in loans through the Paycheck Protection Program, with the top company receiving nearly $9 million, according to an analysis of data released by the Small Business Administration.

HOW TO GAUGE THE EFFECTIVENESS OF THE LIMITED CONTENT MESSAGE

  • The limited content message. In theory, it sounds like such a great idea. Under the provisions of the debt collection rule from the Consumer Financial Protection Bureau, collection agencies can leave a voicemail for consumers, and as long as certain rules are followed, it will not count as a communication under the Fair Debt Collection Practices Act. But, as John Bedard from the Bedard Law Group points out in this episode of “You Wanted a Rule, You Got a Rule,” a business case must be made to determine whether it is worth using the limited content message or not.

CFPB, STATE AGs REACH $85M SETTLEMENT WITH MORTGAGE SERVICER

  • The Consumer Financial Protection Bureau yesterday filed a lawsuit and a proposed stipulated judgment that will result in nearly $85 million in redress and penalties paid by a nationwide mortgage servicing company that was accused of engaging in unfair and deceptive acts when it failed to honor loan modification agreements it had entered into with borrowers.

REP. WATERS CALLS ON PRESIDENT-ELECT TO RESCIND DEBT COLLECTION RULE

  • Rep. Maxine Waters [D-Calif.], the chairwoman of the House Financial Services Committee, is calling on President-elect Joe Biden to rescind the Consumer Financial Protection Bureau’s debt collection rule, in order to protect consumers from collectors who will “harass consumers over email or text.”

FFAM360 IMPROVES PRODUCTIVITY 10X WITH PRODIGAL

  • Prodigal, a software company whose technology is pioneering collection intelligence, is excited to announce its partnership with the FFAM360 Alliance® of Companies (collectively “FFAM360”). FFAM360 is a world-class organization that provides financial solutions that address all phases of the credit and revenue lifecycle.

WORTH NOTING: One day trader is taking to YouTube to detail how he lost $127,000 … There is a Scrooge living in Minnesota … The type of break you should be taking when you work from home … The death of entrepreneur Tony Hsieh is underscoring the importance of having a will … Mario Lopez is going to star as Colonel Sanders in a Lifetime movie … The viral comfort of nostalgia … A map that will predict if you’re going to have a white ChristmasBreakdancing is now an Olympic event.

“2020: The Musical”

Would you consider eating cake this way?

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

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