There’s never a dull moment in news affecting the ARM industry; it can be overwhelming, but insideARM has you covered. Our weekly recap of top stories will give you the news we found most interesting last week and more importantly- why it’s relevant to the industry. Last week we covered compliance management systems, the CFPB’s report on privacy issues, California’s requirements for small business debt, and whether the new DOGE should take a hard look at the CFPB.
On Monday we brought you a Compliance Management System refresher from Hudson Cook. The article reminded us of the elements a CMS must have to be successful and explored the cost of failing to have an up-to-date CMS. It can be easy to put your CMS on autopilot, and this article was a good reminder of the risks associated with doing so; and a good reminder to review your CMS regularly!
On Tuesday we published Troutman Pepper’s breakdown of the CFPB’s State Privacy Exceptions Report. The article breaks down why the CFPB thinks federal privacy protections are insufficient, exemptions under state law, and next steps the CFPB thinks states and financial institutions should consider. State Privacy laws are expanding quickly. Articles like this are a good level set to see where we’re at and where our organizations should focus.
On Wednesday we published an article from Maurice Wutscher regarding California’s expansion of its Rosenthal Act to cover small business debt collection. Prior to this amendment, California’s cumbersome Rosenthal Act only covered consumer debt. This amendment means that ARM entities collecting small business debt will need to ensure they understand the nuance and complexity of the Rosenthal Act and are able to meet its requirements by January 1, 2025.
On Friday we brought you an opinion piece from John Rossman, Founder and Member of Rossman Attorney Group. Mr. Rossman highlights the CFPB’s deficiencies and suggests that the new Department of Government Efficiency should have the CFPB high on its list as it looks for places to reduce government inefficiency and waste. It’s important for those in the ARM industry to take stock of what the CFPB was intended to do versus what it actually does, and how its successes or failures impact your organizations.
As always, we thank you for reading the weekly recap to stay on top of this ever-changing industry! For a breakdown of the week of November 4th, click here.
Have a question about how your company should react to the news above? We have a group for that! The weekly peer call hosted by insideARM’s Research Assistant is the perfect place to ask a question and get advice from industry colleagues who are facing the same challenges you are. Not sure if it is for you? Try it on for size with our 1-month free trial. Click here to learn more!
