Sorting out what’s news and what’s noise can be a daunting task. insideARM’s 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 news about the CFPB’s continued attempt to reduce its workforce, the announcement that it will not enforce the so-called “Shame list”, and its supervision and enforcement priorities announcement. Outside the CFPB, we brought you news about Utah’s new generative AI disclosure and an easy-to-read breakdown of today’s ARM industry buzzwords.
CFPB – Last week the pattern of nonstop CFPB news continued. Here’s the highlights of what we published:
- An article with details from Orrick about a federal court ordering the CFPB to delay its reduction in force again.
- Troutman Pepper Locke’s breakdown of the CFPB’s internal memo regarding its enforcement priorities, in which its Chief Legal office explicitly stated it was shifting from all previously listed priorities and moving in a different direction.
- News from Orrick about the CFPB’s announcement that it will not enforce compliance with the nonbank registry rule (aka the “Shame list”).
The CFPB is in chaos. Last week’s news paints a picture of where the CFPB stands for now, but if the past few weeks are any indication, the picture will continue to shift as the administration looks for new ways to reduce the agency and backtrack previous initiatives. Though the current CFPB news doesn’t create actionable items for the ARM industry, it’s important to pay attention. It’s widely speculated that the states will step in to fill the gaps of a weakened CFPB. Paying attention to where the cracks develop can help the ARM industry prepare for what we can expect the states to try to backfill.
Utah’s AI Disclosures – On Wednesday we brought you a breakdown from Maurice Wutscher about a new law from Utah regarding generative artificial intelligence in consumer transactions and regulated services. States are growing increasingly concerned about the use of AI. As the ARM industry moves to adopt AI where possible, we should be tracking state initiatives both before and after they become law.
Buzzwords – The ARM industry is in a constant state of change. As we evolve, so too, do the terms we use to describe our systems, processes, and procedures. Staying on top of every newly coined term can be a challenge. This piece from TrueAccord is a fantastic rundown of the newest buzzwords. A great read for everyone in the ARM industry to ensure we’re all on the same proverbial sheet of music.
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