ibelieveicanfly / AdobestockNews 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 info about the CFPB reversing course on its nonbank registry rule and its position on states’ ability to restrict credit reporting, as well as insights into the true cost of calls vs. self-service portals.
On Tuesday, we brought you details from Troutman Pepper Locke about the CFPB’s clarification that the FCRA broadly preempts state laws related to consumer reporting. The previous rule encouraged states to pass their own credit reporting regulations and was criticized for its potential to create regulatory confusion. In the wake of the previous rule, several states passed regulations restricting credit reporting for certain types of debt (primarily medical debt). Now that the CFPB has changed course, we’ll have to watch how the credit bureaus and states react. This is a development to keep monitoring, particularly for those who collect and report delinquent medical debt.
On Wednesday, we brought you news from Orrick regarding the CFPB’s rescission of its nonbank registry rule (referred to by many as the “shame list”). Enacted by previous Bureau leadership, this rule would have required nonbanks to report certain government final orders to the CFPB. Though likely not impactful in the day-to-day operations, ARM industry stakeholders should be aware that any policies they developed in response to the original rule can be shelved – for the time being anyway.
On Thursday we published insights from PayNearMe about the true cost of calls over self-service. The ARM industry is continually looking for ways to meet consumers where they are and reduce friction at the payment stage. To do so, though, it’s crucial to look at the entire process and pinpoint where friction begins. This article takes a step back and dissects the entirety of the payment process. It’s a good read to either benchmark current processes or get ideas for improvement.
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