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.

Why The Term Of “Debt Securities” Matters

The California General Corporation Law defines three types of “reorganizations” – a merger reorganization, an exchange reorganization, and a sale-of-assets reorganization.  Cal. Corp. Code § 181.    A “sale-of-assets reorganization” is defined as the acquisition of all or substantially all of the assets of a domestic corporation, foreign corporation or other business entity  in exchange in whole or in part for equity securities or debt securities.  However, not every such exchange for debt securities will constitute a reorganization.   In the case of an exchange solely for debt securities, a transaction will be a “sale-of-assets reorganization” only when the debt securities are: (i) not adequately secured; and (ii) have a maturity date in excess of five years after consummation of the reorganization.  

Washington, D.C., Public Health Emergency Expires: Debt Collection Restrictions Remain in Place

Debt collection restrictions in Washington, D.C., will continue for 60 days, as planned under Mayor Muriel Bowser’s executive order to establish a public health emergency last spring.

Phillips & Cohen Associates, Ltd. Celebrates Significant Investment In Proprietary Data Management Platform.

Wilmington, DE: After years of behind-the-scenes development and over $1M invested, Phillips & Cohen Associates, Ltd., the globe’s leading deceased account care business, is thrilled to announce the expansion of its suite of services with the launch of the new proprietary platform, The Estate Registry (TER).

California Attorney General Issues Summary of CCPA Enforcement Actions and Launches Consumer Privacy Interactive Tool

The California Attorney General (“AG”) recently released a summary of enforcement actions the agency brought against companies in violation of the CCPA since enforcement of the Act began on July 1, 2020. The summary provides 27 illustrative examples of instances in which the AG sent notices of alleged noncompliance with the CCPA and how each company cured the alleged noncompliance.

Student loans: Beauty schools lead to high levels of debt, study finds

Beauty school programs are relatively costly and leave students saddled with very high levels of student loan debt, according to a new report that examined federal data from the National Center for Education Statistics. The analysis, conducted by libertarian organization Institute for Justice, highlighted how cosmetology schools are tapping on billions of dollars in federal aid and coronavirus stimulus funding while leaving students with poor outcomes

More struggling U.S. homeowners eligible for reduced payments – White House

WASHINGTON, July 23 (Reuters) – Homeowners with certain government-backed mortgages could get their monthly payments reduced by 25% if they are still struggling to make payments, the White House said on Friday as part of efforts to help keep people housed amid the pandemic.