News in the ARM industry never stops. There’s not enough time to read every single thing, every single day, and it can be tough to figure out what’s truly relevant. That’s where insideARM’s weekly recap comes in. Our weekly recap of top stories will give you the news we found most interesting last week and more importantly- why we think it’s relevant. Last week we brought you an article with tips for diversifying your collection agency, news about the Senate passing a resolution to nullify the CFPBs Overdraft Rule, and an article detailing consumer data furnishing errors and how to avoid them.
On Tuesday we brought ARM Compliance Business Solutions’ strategic guide to diversifying your collection agency. This guide explores the challenges agencies face when expanding into new markets, and actionable steps to succeed. Though federal regulations may be easing, industry experts anticipate that states will try to fill the void. Since states do not have the expertise or the budget to look at all potential downstream consequences of their actions, agencies that have chosen to focus on one or two markets without diversifying have expressed concern that one ill-thought-out rule, could significantly impact their business. To safeguard their enterprises, many agencies are looking at diversification. This article provides excellent tips for agencies looking to make that shift.
On Wednesday we published an article from Troutman Pepper Locke discussing the Senate’s adoption of a resolution that would nullify the CFPB’s overdraft rule. While this move may not directly affect the ARM industry, it will have an effect on many of the industry’s clients and further signals the deviations we’re seeing from the previous administration’s policies.
On Thursday we brought you a breakdown from Bridgeforce of five reasons data furnishing errors persist and how to avoid them. If your organization credit reports, errors can be frustrating- particularly if they are repeated and would open your organization up to regulatory scrutiny or a lawsuit. It can be difficult to take a step back to find the pattern and solutions to issues. That process can become easier if you know what you’re looking for. If your organization furnishes information to credit bureaus, this article can be a wonderful resource to level set and see if you spot any of the patterns.
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!
