Daily Digest – January 19. Consumer Attorney Agrees to Disbarment; What Rohit Chopra Has Said About the ARM Industry

CONSUMER ATTORNEY AGREES TO DISBARMENT FOR NOT COMMUNICATING SETTLEMENT OFFER TO CLIENT

LOOKING BACK ON WHAT ROHIT CHOPRA HAS SAID ABOUT THE ARM INDUSTRY

  • Yesterday, President-elect Joe Biden officially announced the nomination of Rohit Chopra to be the next director of the Consumer Financial Protection Bureau. Chopra has spent the past two-and-a-half years as a commissioner with the Federal Trade Commission, which, like the CFPB, has enforcement authority over the accounts receivable management industry. To give the industry a sense of the direction that the CFPB might take under Chopra, here are some comments and excerpts from public remarks that he has made while at the FTC.

CONSUMERS LIVING IN LOW-INCOME NEIGHBORHOODS LESS LIKELY TO RECEIVE COMPENSATION WHEN COMPLAINING TO CFPB: STUDY

  • During the past four years, coincidentally linked with the start of the Trump administration, complaints filed by individuals with the Consumer Financial Protection Bureau that were resolved with the consumer receiving some form of financial restitution declined in neighborhoods where the majority of residents were minorities, according to a research report that was released last week. The change in restitution patterns is evidence that the companies were anticipating a “more industry-friendly CFPB” because the financial restitution gap can not be explained in any other way, according to the researchers — a pair of professors from Boston College.

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The Daily Digest is sponsored by Prodigal. Prodigal is bringing the power of AI and machine learning to lenders, creditors and collection agencies. Prodigal’s world class speech recognition software, monitors every call for compliance and collector performance with its AI trained for optimal accuracy and actionable results. Prodigal unlocks hidden value in a collection contact centre’s vast corpus of unstructured audio data by making it searchable and enabling them to improve compliance, increase operational efficiency and win new clients.

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Daily Digest – March 2. Judge Grants MSJ For Defense Against 31 of 32 Plaintiffs in FDCPA Case; PRA Group Discloses CFPB Looking Into Possible Violations of Consent Order

JUDGE GRANTS MSJ FOR DEFENSE AGAINST 31 OF 32 PLAINTIFFS IN FDCPA CASE A District …

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