The Federal Reserve Board Thursday released guidance reminding financial institutions it supervises to exercise appropriate risk management and oversight when using external service providers. The Fed becomes the latest agency to point out that banks can be held responsible for actions taken by vendors, including ARM firms.
As the ARM industry prepares for 2014, it might help in strategic planning to know which types of debt are attracting the most consumer complaints about debt collection.
There are two constants in the accounts receivable management industry. The first is change. The second is International Collectors Group.
The first step to solving any problem is admitting you have one. This week, we reported that the Consumer Financial Protection Bureau released a report that finally recognized that small financial institutions may pay relatively more on compliance than large market players. But large and small firms are still on the hook to comply with [...]
The Consumer Financial Protection Bureau (CFPB) Tuesday made available the most recent annual report from its Ombudsman, the internal advocate of “a fair process between consumers, financial entities, and the CFPB.” Among the recommendations is increased clarity from the Bureau to companies under an active examination.
Effective January 1, 2014, new amendments to a California law call for website operators to clarify and disclose how it responds to “Do Not Track” signals and to what extent information that is collected from consumers is shared across different websites.
When the Consumer Financial Protection Bureau released its Advance Notice of Proposed Rulemaking in November, it did not indicate that it had plans to create any new rules to fix issues with the Telephone Consumer Protection Act. But at the kickoff insideCompliance webinar, Translating TCPA for Debt Collectors, expert attorneys said that the CFPB isn’t [...]
The Consumer Financial Protection Bureau (CFPB) Tuesday announced that it will be expanding its regulatory reach to companies like Sallie Mae that collect and manage student loan payments. The agency will now supervise the seven largest nonbank student loan servicers.
December is a contemplative month: we take stock of what we did wrong. We make lists of what we’re going to do right. We drink a LOT of eggnog. Interactive Intelligence will be hosting the perfect webinar for your compliance questions: 2014 Predictions: Compliance Officers Examine the Collections Landscape. Moderated by insideARM.com’s own Mike Bevel, [...]
A new study by the Consumer Financial Protection Bureau alludes that small banks and financial institutions spend relatively more to comply with federal regulations than their bigger peers, especially when it comes to third-party vendor costs. For instance, the CFPB found that two institutions with less than $1 billion in assets had compliance costs that comprised up to [...]