Lively Debt Collection Debate Likely in House Fin. Servs. Committee Hearing Tomorrow

Tomorrow, the House Financial Services Committee will hold a hearing entitled “Examining Legislation to Protect Consumers and Small Business Owners from Abusive Debt Collection Practices.”  The Committee originally scheduled the meeting for June 25, 2019, but removed it from its calendar shortly before the meeting was to occur. Unlike the old announcement, the one for tomorrow’s meeting provides a memorandum with details, including a witness list.

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News and Opinion

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You Oughta Know, 25 September 2019

Welcome to You Oughta Know, a collection of links from around the web that you should probably know about.

• Warning From Trade Groups: Proposed CFPB Debt Collection Rules Could Snag Credit Unions. "A loophole in the CFPB’s proposed debt collection rules could allow the agency to take action against credit unions even though the rules were not intended for those institutions, trade groups recently warned." (Credit Union Times)
  
• I paid off $22,000 in credit card bills thanks to a debt settlement company, but I wouldn't do it again. "Small warning bells went off in my brain, but the promise of a lower payment and fewer collection notices to deal with sounded good to me. We signed on." (Business Insider)
  
• Millennials have an average of $28,000 in debt—and the biggest source isn’t student loans. "Millennials (defined here as ages 23 to 38) have racked up an average of $27,900 in personal debt, excluding mortgages, according to Northwestern Mutual’s 2019 Planning & Progress Study. The findings are based on a survey conducted by The Harris Poll of over 2,000 U.S. adults." (CNBC)
  

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Locating & Communicating: A Deeper Dive into the CFPB's NPRM

27 September 2019 at 02:00 p.m.

Join members of insideARM's Research Assistant group as they dive deeper into the Locating/Communicating section of the CFPB's NPRM.

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