Current Industry News

House Passes Bill Aimed at Clarifying FTC Enforcement Authority

On July 20, the U.S. House of Representatives passed the Consumer Protection and Recovery Act (H.R. 2668).  Authored by Representative Tony Cárdenas (D-CA), the Act is intended to restore the Federal Trade Commission’s section 13(b) consumer protection enforcement powers and would authorize the FTC to seek permanent injunctions and other equitable relief, including restitution and disgorgement.

TCN Consumer Survey Finds Americans Overwhelmingly Prefer to Interact with a Live Person When Dealing with Customer Service Reps

ST. GEORGE, Utah–(BUSINESS WIRE)–TCN, Inc., a global provider of a comprehensive cloud-based call center platform for enterprises, contact centers, BPOs and collection agencies, today released the results of its inaugural “Consumer Insights about Customer Service” survey. The national survey, conducted by OnePoll and commissioned by TCN, reveals Americans overwhelmingly prefer to interact with a live person when dealing with customer service centers. Furthermore, when waiting to speak to a customer service representative by phone, they are willing to wait on hold for six minutes on average, but the average actual wait time is three times longer, averaging 17.4 minutes. The survey also finds companies that prioritize good customer service are likely to be rewarded by consumers with increased brand loyalty and positive online reviews

‘All-in’ 36% rate cap would reduce access to credit for millions

Legislation that would cap all fees and interest at 36% would make it more difficult for many consumers to obtain credit, CUNA and other organizations wrote Senate Banking, Housing, and Urban Affairs Committee leadership Friday. The letter was sent for the record of a committee hearing on legislation extending the Military Lending Act’s all-in 36% rate cap for consumers.

Biden, Congress and student loan forgiveness: What is the federal government doing to address the issue?

WASHINGTON – For millions of Americans, Sept. 30 marks the end of nearly a year-and-a-half of relief on student loan payments — unless the government extends it, or tackles the issue at hand. Now, as the deadline approaches, Democrats are not only calling on the White House to extend the forgiveness once again, but to take lasting action toward forgiving student loans, which reached record high numbers in 2020.

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