Daily Digest – January 20. Experts Make Predictions for Biden Administration; New Calif. Regulator Launches Investigation into Collection Industry

INDUSTRY EXPERTS MAKE PREDICTIONS FOR BIDEN ADMINISTRATION’S IMPACT ON ARM INDUSTRY

  • A new president will take office today, and whether you are happy or sad about that, it likely will mean changes are coming for the accounts receivable management industry. To paint a picture of what changes might be on the horizon, AccountsRecovery.net reached out to a number of industry veterans and asked them to share one prediction for the ARM industry that they think will happen during the Biden administration. While one participant likened the request to asking how things will go in a neighborhood on the day that someone new moves in, here is what those veterans had to say.

NEW CALIF. REGULATOR LAUNCHES INVESTIGATION INTO COLLECTION INDUSTRY; SUBPOENAS 12 COMPANIES

  • The California Department of Financial Protection and Innovation (DFPI) came out swinging yesterday with its first major action, issuing subpoenas to a dozen companies in the accounts receivable management industry, investigating consumer complaints about alleged unlawful, unfair, deceptive, or abusive collection practices.

CFPB ISSUES FINAL RULE ON ROLE OF SUPERVISORY GUIDANCE

  • The Consumer Financial Protection Bureau yesterday released a final rule on the role of supervisory guidance, which clarifies the differences between regulations — which have the full force and effect of law — and guidance — which does not.

SIMONS, SMITH ANNOUNCE RESIGNATIONS FROM FTC

  • Along with his plans to nominate Rohit Chopra to be the new director of the Consumer Financial Protection Bureau, and the previously announced resignation of Ajit Pai as chairman of the Federal Communication Commission, President-elect Biden will get to select the head of another regulator with direct oversight of the accounts receivable management industry following the announcement yesterday that Joseph Simons will resign as chair of the Federal Trade Commission.

WORTH NOTING: President Trump issued a flurry of pardons in his final hours in office … What President-elect Biden plans to do once the “-elect” is taken away from his title … One company is giving a raise to employees to get the COVID-19 vaccine … Obvious ways to make flying less miserable … Nobody won the Mega Millions last night, so Friday’s drawing will be at least $970 million … Californians owe $1 billion in unpaid water bills and one of every eight households is in arrears … If you want to take a Disney cruise to Antarctica or the Galapagos Islands, here is how much it will cost you … A hotline for you to scream out your frustrations.

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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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