Daily Digest – March 4. Bill Introduced in California to Lower Judgment Interest; Fintech that Connects Consumers to their Paychecks Raises $40M

BILL INTRODUCED IN CALIFORNIA TO LOWER JUDGMENT INTEREST RATE, RESTRICT RENEWALS

  • A bill has been introduced in the California legislature that would significantly lower the amount of judgment interest that can be assessed on unpaid consumer and personal debt while also restricting the renewal of judgments.

FINTECH THAT CONNECTS CONSUMERS TO THEIR PAYCHECKS RAISES $40M IN FUNDING

  • A financial technology company that connects banks to consumers’ paychecks has announced it has raised an additional $40 million in funding, just five months after it raised $22 million, according to a published report. For companies in the accounts receivable management industry, Atomic offers the opportunity for consumers to repay their financial obligations automatically from their paycheck, without the consumer needing to do anything.

BIDEN ANNOUNCES PLAN TO STREAMLINE MEDICAL DEBT FORGIVENESS FOR VETERANS

  • During his State of the Union address on Wednesday night, President Joe Biden announced a plan to make it easier for veterans to apply to have their medical debts forgiven as a means of helping those — especially those suffering financial hardships — who have protected our country.

PROFITS UP AT PRA GROUP, THANKS TO IMPROVEMENTS IN DIGITAL COLLECTIONS, INTERNAL LEGAL CAPACITY

  • PRA Group reported this week that it made $34 million during the fourth quarter of 2021, up from $30 million in the same period a year earlier, while profits for all of 2021 were up to $183 million, from $149 million in 2020.

WORTH NOTING: The most popular cereal that debuted the decade in which you were born … What you can learn about leadership from the President of Ukraine … If you’re working remotely, what you need to know about proximity bias … Why unlimited PTO may mean you never take a vacation … People are booking Airbnb’s in Ukraine to help war-ravaged hosts … Folding phones is likely to be the next big trend … One perk more popular than a four-day workweek … Maybe the only two Americans who don’t know about the war in Ukraine.

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