Daily Digest – May 14. House Passes Debt Collection Reform Bill; Calif. Senate Passes Bill Requiring Additional Disclosures

HOUSE PASSES DEBT COLLECTION REFORM BILL

CALIF. SENATE PASSES BILL REQUIRING ADDITIONAL DISCLOSURES FOR COLLECTORS, DEBT BUYERS

  • The California state Senate yesterday passed SB 531, a bill that would require the original creditor or owner of a debt to notify a consumer within five days of the sale or assignment of the debt to someone else, while also giving consumers the right to request certain information about a debt from debt collectors, such as the debt became delinquent or the date of the last payment, among other pieces of information.

RMAI OPPOSES DELAY OF REGULATION F

  • RMA International sees no reason the effective date of Regulation F — the Consumer Financial Protection Bureau’s debt collection rule — needs to be delayed for 60 days as proposed by the regulatory, because its members will be ready to comply with the rule on November 30, as originally proposed. If a delay is needed, RMAI suggested postponing any enforcement actions for 60 days, but to let the rule go into effect as originally scheduled.

BANKS PLAN ON ISSUING CREDIT CARDS TO PEOPLE WITH NO CREDIT SCORES

  • A day after it was reported that more consumers are paying off their credit balances than at any point this century, a number of financial institutions are planning on sharing data to help consumers without credit scores gain access to credit cards and other types of loans, according to a published report. The move, part of an effort backed by the federal government, is aimed at the 53 million Americans who do not have traditional credit scores because they lack a credit history or have never applied for a loan or other form of credit.

WORTH NOTING: Good news for people who are vaccinated and hate wearing facemasks … Dr. Fauci thinks schools will be completely re-opened by September … Real estate agents offer advice to help homebuyers win their bids … RIP to the inventor of the Post-it Note. Relax, Romy and Michele are both still alive … What you can get in your state if you get vaccinated … The best personal safety devices, apps, and alarms … A new book to help you explain why you make such bad judgments … A list of the states that are dropping the $300-a-week unemployment benefit.

How well do you know your logos?

Funny Friday

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