CHOPRA CONFIRMED BY SENATE. NOW THE REAL FUN BEGINS
- Finally. In what might be one of the longest confirmation timelines ever — at least it felt that way at times — the Senate yesterday confirmed Rohit Chopra to be the next Director of the Consumer Financial Protection Bureau, more than nine months after he was tapped by President Biden for the post.
JUDGE DISMISSES CLAIMS IN FDCPA CASE OVER CALLS TO DEBTOR’S MOTHER
- A District Court judge in Georgia has dismissed claims that a collector violated the Fair Debt Collection Practices Act by calling the mother of an individual with an unpaid debt more than 15 times after the mother had asked not to be contacted, and that the collector meaningfully disclosed its identity in a voicemail left with the mother, ruling that the collector does not have to give the full mini-Miranda notice when leaving messages.
COLLECTION ‘KINGPIN’ FACING ARREST, FAMILY FACING FINES FOR NOT COMPLYING WITH COURT ORDER
- If you’ve been around the industry for a few years, maybe the name Douglas MacKinnon will ring a bell or two. MacKinnon, to refresh your memory, was referred to as a debt collection “kingpin” by the Acting Director of the Consumer Financial Protection Bureau, who was ordered to pay $60 million in fines and restitution to consumers after being accused of doing a lot of shady stuff. The CFPB is still trying to collect, and MacKinnon and his family are doing a great job of fighting those efforts. It has now gotten to the point where a Magistrate judge is threatening to have MacKinnon arrested and his family members fined $500 per day if they fail to comply with a court order seeking information on their assets.
CFPB CREDIT CARD REPORT BREAKS DOWN DEBT COLLECTION MARKET
- The amount of outstanding credit card debt declined by more than $100 billion between 2019 and 2020, largely due to consumers paying down their debts, according to a report issued this week by the Consumer Financial Protection Bureau, which also detailed the pre- and post-chargeoff collection efforts and touted the rising usage of digital engagement tools like emails to collect on unpaid balances.
WORTH NOTING: An overhaul of the Public Service Loan Forgiveness program is in the works … Jerry Seinfeld reflects back on when he knew it was time to end his show … The McRib will be making an appearance next month … Why you should be wary of apps like Credit Karma … The states that are going to be hit hardest by the mail slowdown … The world’s whitest paint can cool your house just by putting it on your roof … The dollar store is officially dead … Talk about a small world.
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