Receiving Wide Coverage ...
Common complaint: Debt collectors, watch out – more oversight is coming. The Consumer Financial Protection Bureau released an outline of
Under the proposal, debt collectors will have to be more careful to document the debt they're collecting and make it clear that borrowers can dispute the issue, among other provisions. The industry and consumer advocates alike have been waiting for agency action on the issue for years, as the CFPB began laying the groundwork for new rules.
"Debt collectors say that while they welcome the clarity of new rules, they also are concerned that stringent requirements would
The New York Times tells the story of Susan Macharia of Buena Park, Calif. A collector started mistakenly garnishing $800 per month from her wages in January over a $10,000 debt that was not hers.
"There was so much financial stress, and emotional stress — I had never dealt with anything like this before. And I knew I hadn't done it!" she told the Times.
"The proposed regulations are aimed at making it much
Status quo: Fed says no rate hike.
Stiff competition: Big banks are losing top workers to boutique firms. In the latest example, a top dealmaker at JPMorgan Chase has decamped to LionTree, a smaller advisory firm focused on media and telecommunications.
New York Times
Shell game: Luxury-home purchases made through shell companies are going to be facing