ono-kosuki / pexelsNews in the ARM industry comes fast. Staying on top of it all is a challenging endeavor. 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 details about an Illinois bill regarding coerced debt, suggestions for elevating agent performance, Maine’s new law that bans credit reporting of medical debt, and the financial services industry’s concerns about cybersecurity risks at federal agencies.
On Tuesday we brought you details from Troutman Pepper Locke about a bill awaiting the Governor’s signature in Illinois and amends the Illinois Collection Agency Act to provide a way for consumers to avoid liability for a coerced debt. The concept of “coerced debt” is relatively new and seems to be shaping up to be an area that we’re going to see state by state requirements dictating what qualifies as “coerced debt” and when collections must be stopped in light of such allegations. This is yet another area where compliance and operations teams should be communicating about how they are going to implement and operationalize a patchwork of requirements.
On Wednesday we published insights from ARM Compliance Business Solutions regarding how your organization can elevate agent performance through communication, writing, and emotional intelligence. The world of collections is constantly evolving. Though we may know that in today’s environment that means meeting consumers where they are at, getting there can seem like a daunting task. This article provides insights and tips regarding how your organization can evolve along with the needs of today’s consumer, including what this all means for front line collectors.
On Thursday we brought you two articles from Orrick. The first provided details on Maine’s new law that bans certain medical debt from credit reports; an important read for anyone collecting medical debt in Maine. The second article recapped highlights of a letter multiple financial services trade associations sent to Treasury Secretary Scott Bessent expressing concerns about cybersecurity risk management practices at federal regulatory agencies. Though this letter doesn’t create any action items for the ARM industry in and of itself, with cybersecurity concerns growing rapidly, it’s important to keep apprised of financial institutions concerns on this issue. Insights into their overall concerns can help paint the picture of what might be expected in the future. In other words- nothing to do here, but be aware of what’s happening.
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!
