mike-van / pexelsNews in the ARM industry never stops and determining what’s truly relevant can be a challenge. 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 analysis of what we can expect from the states in the wake of a weakening CFPB, insights into the biggest gaps in collections calls and how to solve them, and news about a joint state AG letter submitted to the CFPB.
On Tuesday, we brought you a comprehensive, yet easy-to-read, analysis from TrueAccord about the shifting regulatory authority in the consumer finance industry. Though it’s abundantly clear at this point that the CFPB is in a weakening cycle, many industry participants are asking, what does this mean for the states? How will state enforcement work, and what does it mean for the debt collection industry? This easy-to-read analysis highlights several key issues that should be on our radars.
On Wednesday we brought you insights from Bridgeforce about the common gaps in collection calls and how to solve them. Despite advancements in technology, human to human conversations remain a key pillar in the debt collection space. From time to time, it’s important to take a step back and review whether our teams are doing all they can do in those conversations. This article provides a few reflecting points with insights regarding how to shore up any gaps.
On Thursday we published news from Orrick regarding a letter twenty state Attorneys General sent to the CFPB regarding the CFPB’s proposal to redefine the legal standard for supervisory designation proceedings. The letter suggests that the CFPB’s proposal will harm consumers. Though the letter is expected to have little effect on the CFPB, it can provide insight into the issues states will consider and address as they work to fill the void left by the CFPB.
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!
