NEW DIGITAL PAYMENT CHANNELS BRINGING IN MORE MONEY, AGENCY SHARES DURING PRESENTATION
- LAS VEGAS — While it might not represent a significant chunk of all the money it has collected in the past 11 months, Willams and Fudge have collected $700,000 via PayPal and Venmo — digital channels that many companies in the accounts receivable management industry have not yet embraced, a pair of executives from the collector said during a presentation yesterday at ACA International’s Ignite Conference.
BILL BANNING ARBITRATION CLAUSES PASSES IN HOUSE
- A bill that would ban forced arbitration clauses in employment, consumer, civil rights, and antitrust cases passed the House of Representatives yesterday and is now headed to the Senate for its consideration.
MORE THAN HALF OF CANCER PATIENTS END UP WITH MEDICAL DEBTS
- More than half of individuals who are diagnosed with cancer end up in some form of medical debt, and 53% of those individuals have a debt that ends up in collection, according to data that was released yesterday by the American Cancer Society. Three-quarters of those who are diagnosed said that they were unprepared for the financial toll that having the disease would place on the and their families.
CFPB UPDATES SUPERVISORY GUIDANCE RELATED TO DISCRIMINATION
- The Consumer Financial Protection Bureau yesterday issued a warning toward companies in the financial service industry, including those in the debt collections market, to make sure they are not engaging in any activities that could be found to be discriminatory, including in areas where fair lending laws may not apply. Instead, the CFPB said it would use its powers under the Consumer Financial Protection Act’s Unfair, Deceptive, and Abusive Acts or Practices (UDAAP), to protect consumers.
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Borrowing is getting more expensive
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