insideARM Weekly Recap- Week of April 15, 2024

The insideARM editorial team aims to bring you the 3 things from the ARM Industry that you need to know each week. This week that included a piece about AI implementation, another state enacting a data privacy law, and the CFPB’s consumer complaint information. Keep reading for a breakdown of last week’s news and why we felt you needed to know about it.

Tuesday, we brought you an article about what questions you need to be asking if you are looking to incorporate AI into your operations. The questions centered around communications with consumers and how AI can help debt collectors and agencies keep up with the changes in consumer demographics, communications preferences, and new contact strategies. As AI utilization becomes more widespread, each organization should take the time to consider the right approach for their business goals. 

On Wednesday, we highlighted an article from Maurice Wutscher, LLP, that alerted the ARM industry to another state enacting a Data Privacy Law. On April 4, 2024, Kentucky became the 15th state to tackle data privacy when the governor signed the Kentucky Consumer Data Protection Act into law. Though the legislation seems reasonable and shouldn’t prove to be problematic for the collection industry, with the ever-growing list of states enacting these types of laws, we should still be paying attention.

With Thursday’s news, we wanted to draw attention to an article from Ballard Spahr addressing the CFPB’s 2023 Consumer Response Annual Report. The report shows that the vast majority of consumer complaints related to credit reporting with a focus on inaccurate information. The complaints about debt collection centered on whether the debt was actually owed, while the complaints in the credit card arena were largely disputing unauthorized transactions. These insights can help you guide your organization's focus on compliance matters. 

We will be posting weekly recaps every Monday. If you missed the recap from the week of April 8th, click here to get caught up!

If you would like to talk about these issues and more with other industry professionals, click here to learn more about Research Assistant at insideARM to join our weekly peer group meeting.