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CFPB Updates Risk-Based Nonbank Supervision Designation Process

On April 16, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a procedural rule streamlining the designation proceedings for nonbank supervision based on a particular entity posing “risks to consumers.” As discussed in "Troutman's Take" below, the changes are designed to encourage nonbanks to volunteer to be supervised, while making it easier for the CFPB to impose supervisory oversight when companies do not consent.

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Unlocking a Consumer's True Capacity to Pay

Did you know that a consumer’s credit score isn’t the most indicative measure of their capacity to pay? Credit scores lag, they don’t provide a full picture, and they can’t be monitored daily. By focusing on capacity to pay instead of a credit score, many in the collections industry are seeing an uptick in their paying accounts. But what is capacity to pay, and why does it matter? 

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insideARM is grateful to our 2024 Strategic Supporters:

NCB Crown Asset Management Spring Oaks Capital

Landmark Strategy Group Aims to Tackle Food Insecurity with FeedMore WNY Support

WEST SENECA, N.Y. -- Landmark Strategy Group, a nationally licensed and bonded receivables management firm located in West Seneca, NY, has spent the last decade involved with dozens of Western New York (WNY) community groups, tackling issues from food insecurity to homelessness. To support its community, Landmark has spent the early part of 2024 volunteering at the FeedMore WNY Warehouse and supporting their Backpack Pack-Out Program, which assists children facing food insecurity over the weekends.

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Forget About It: FDCPA Class Action Asserting Emails Sent at Inconvenient Time Will Fail

Consumer attorneys are filing new class action lawsuits asserting that debt collector emails are being sent before 8 a.m. or after 9 p.m. in violation of the FDCPA. While debt collectors must adhere to the time restrictions for sending debt collection emails, it will be impossible for the consumer attorneys to certify any FDCPA class action asserting that a debt collector sent emails at an inconvenient time because email providers routinely delay the delivery of emails. As discussed below, this delay between when a debt collector sends an email and when the consumer receives the email necessitates an “individualized inquiry” to establish standing for each potential class member which will defeat any class action.

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Huntington Debt Holding Commits to Monthly Support of Community Charities

TONAWANDA, N.Y. -- Huntington Debt Holding, a nationally licensed receivables management firm located in Tonawanda, New York, has supported dozens of charitable organizations since its inception. As a way to continue support on a monthly basis, Huntington Debt Holding will be donating to FeedMore WNY, Tunnel to Towers, and St. Jude’s Hospital each month.

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insideARM Weekly Recap- Week of April 15, 2024

The insideARM editorial team aims to bring you the 3 things from the ARM Industry that you need to know each week. This week that included a piece about AI implementation, another state enacting a data privacy law, and the CFPB’s consumer complaint information. Keep reading for a breakdown of last week’s news and why we felt you needed to know about it.

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Attorney Issa K. Moe Rejoins Moss & Barnett

Moss & Barnett is pleased to announce that attorney Issa K. Moe has rejoined the firm.

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Help Wanted: Predictive, Collaborative and Intelligent Contact Data

Tomorrow! April 25, 2024 at 03:00 p.m. ET

When your contact data isn’t meeting expectations, your organization lags behind. In this webinar by TransUnion, we'll discuss transformative technologies to make your data smarter and more strategic to optimize customer communications.

Register Now »