JUDGE GRANTS MSJ FOR DEFENDANTS IN FDCPA DISPUTE CASE
- A District Court judge in Indiana has granted a defendant’s motion for summary judgment, ruling that the collection agency was entitled to the Fair Debt Collection Practices Act’s bona fide error defense because a fax that was sent by the plaintiff’s attorney disputing a debt was forwarded to the wrong department.
CFPB EXPERIMENT ILLUSTRATES HOW MUCH OF THEIR SAVINGS PEOPLE ARE WILLING TO USE TO PAY DOWN DEBT
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- If you had $5,000 in credit card debt, and a random amount of savings between $1,000 and $10,000, how much of that savings would you use to pay down that debt? That was the hypothetical question that researchers at the Consumer Financial Protection Bureau put to consumers recently, seeking to understand the extent to which preserving savings and paying down debt may be competing goals.
FDCPA, TCPA SUIT TOTALS CONTINUE DECLINE WHILE FCRA NUMBERS KEEP CLIMBING: WEBRECON
- There have been some significant shifts in consumer lawsuit trends during the past five years, and those trends continued in 2020, based on data released yesterday by WebRecon. The number of Fair Debt Collection Practices Act lawsuits dropped from 2019 to 2020 — the fifth straight year the total fell from the previous year — and have nearly been cut in half during the past five years. The number of Telephone Consumer Protection Act lawsuits also dropped — for the fourth straight year — and are down 30% from their high-water mark in 2016.
REP. WATERS ANNOUNCES ASSIGNMENTS FOR HOUSE FIN’L SERVICES SUBCOMMITTEES
- Rep. Maxine Waters [D-Calif.], the chairwoman of the House Financial Services Committee, yesterday announced the representatives who will chair the committee’s six subcommittees.
WORTH NOTING: Schools are not meaningfully contributing to the spread of COVID, according to new research … Even though schools are not enforcing COVID-19 rules … The argument against giving some families more stimulus money … How to pay for college and not lose your shirt … We spoke about this on a webinar on Monday and yesterday, credit score issues were trending on Twitter … Why you should update your iPhone … Why you should switch to a cheaper phone plan … Why you may want to consider wearing more than one mask.
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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.
