News 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 news about Rohit Chopra’s new focus in CA, updates to Delaware’s Privacy law, and insights into how financial institutions are considering using the new DSC comment code on credit reports.
On Tuesday we published news from Orrick about former CFPB director Rohit Chopra’s focus on AI and chat deployment, now that he leads a new California agency. There are a couple of things to note here, beyond the surface of this article: (1) what happens in CA, usually happens elsewhere, so even those who aren’t in the state should pay attention. And (2) it’s important to watch Mr. Chopra. Is his new role in CA somewhere he will stay for a while? Or is CA a stepping stone back to the national stage.
On Wednesday we brought you an update regarding Delaware’s data Privacy Act from Maurice Wutscher. Privacy laws are an emerging area, and each state seems to have its own definitions, requirements, and applications. Though ultimately these laws may not apply to ARM industry participants, there’s no guarantee they will remain that way, so it’s important to be aware of developments and at least glance at them to determine whether your organization or your clients fit within the scope.
On Thursday we brought you insights from Auriemma Roundtables about how financial institutions are thinking about the new Metro 2 code to report debt settlement company activity. Debt collection doesn’t happen in a vacuum. How creditors choose, or choose not to, use this new Metro 2 code will affect operations and collectability. ARM industry stakeholders should put this on their radar as a discussion point to address with financial institution clients and sellers.
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