This Week’s Must-Read: Renewing the Debt Collection Market

An overhaul of the debt collection market is in sight and the visions of the IRS may lead to increased burdens on VITA sites.

  • CFED encourages mayors and local civic leaders to promote VITA and shares some examples of cities implementing successful VITA outreach initiatives.
  • The Consumer Financial Protection Bureau outlined proposals to overhaul the debt collection market. Under these new guidelines, debt collectors would be required to have adequate information about the debt before collecting it, limit communications, and openly disclose details of the debt.
  • Millennials are saving more than other generations due to shifting employee benefits and increased parent support. Racial wealth inequity demonstrates that everyone does not have these options, so policies should be created to make saving more accessible to all.
  • The Center for Economic Progress weighs in on the IRS’s “Future State Vision” that will expand digital communication with taxpayers. Although enhanced digital capabilities may be helpful for many, the IRS risks alienating taxpayers without access to online resources, exacerbating compliance problems, and increasing the burdens on VITA.
  • The proposal to expand the EITC through taxing Airbnb in Massachusetts was not including in a recent economic development bill even though Airbnb lobbied for the tax.

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