Essential headlines, new reports, and best practices from insideARM.com. Got this from a friend?
Subscribe to the ARM Insider
insideARM ARM Insider

Credit Eco to Go: Demystifying the Debt Collection Rule

On this episode of CreditEcoToGo, former CFPB Deputy Director, Tom Pahl, stops by to talk about Regulation F. Tom has been the point person on debt collection policy while serving at both the FTC and the CFPB. The final debt collection rule was a decade in the making and Tom talks about the challenges faced by the Bureau and the evolution of the process which resulted in the final rule. Tom does not believe the rule will be rescinded or repealed but certainly changes could be made once a new director is installed at the CFPB. The final rule is not the end of the process. Tom encourages the industry to continually engage with the Bureau to ensure that the regulations fulfill its promise of protecting consumers while at the same time ensuring that the industry can comply.

Read the Whole Story »


New Whitepaper: How to Automate After-Call Wrap-up and Boost Agent Productivity

Your agents spend on average 25% of their day taking notes. That's $10,000 per agent, per year. Find out how machine learning can automate after-call wrap-up, free your agents from note-taking duty, and radically increase productivity in "Accelerating Agent Productivity," a new whitepaper from Prodigal. Learn more.
ADVERTISEMENT
Advertisement

insideARM is grateful to our 2024 Strategic Supporters:

NCB Crown Asset Management Spring Oaks Capital

Banding Together to File an Amicus Brief in the Wake of The 11th Circuit Court of Appeals Decision

LITTLE CANADA, Minn. -- Following the 11th Circuit’s decision in Hunstein v. Preferred Collection and Management Services, Inc., a group of accounts receivable management (ARM) vendors quickly convened and formed a Print & Mail Coalition (the “Coalition”) to ensure alignment and a unified response to this significant industry ruling. This is the first time that these individual firms have joined together, acting not as individual firms or competitors, but as a powerful, collective force to promote a positive result for the overall ARM industry. The Coalition is currently working together to analyze the case, digest its potential impact, and determine effective strategies to help all clients adapt their business practices, as needed.

Read the Whole Story »


CA DFPI Announces Members of New Debt Collection Advisory Committee

SACRAMENTO, Calif. -- The California Department of Financial Protection and Innovation (DFPI) today announced the formal creation of its inaugural debt collection advisory committee, a seven-member board that will provide critical feedback to the Department as it stands up its debt collection licensing program. The diverse group includes a consumer advocate and representatives from the debt collection, debt-buying, third-party collection, and collection law industries.

Read the Whole Story »


ADVERTISEMENT
Advertisement

CFPB Issues Interim Rule Applicable to FDCPA Debt Collectors Seeking to Evict Tenants For Non-Payment of Rent

The CFPB has issued an interim final rule that requires “debt collectors” as defined under the FDCPA who seek to evict tenants for non-payment of rent to provide written notice to tenants of their rights under the Centers for Disease Control and Prevention (CDC) Order that establishes an eviction moratorium.  The interim rule also prohibits FDCPA debt collectors from misrepresenting tenants’ eligibility for protection from eviction under the moratorium.  The rule becomes effective on May 3, 2021 and comments on the rule must be submitted by May 7, 2021.

Read the Whole Story »


Jeremy Nixon Joins Maxwell & Graves Solutions

New Jersey -- Maxwell and Graves Solutions, LLC (M&G), a consulting firm with expertise in collections and servicing in the financial lending space, announced the addition of industry veteran Jeremy Nixon as a Senior Consultant.

Read the Whole Story »


Debt Collector Wins on Bona Fide Error Defense Where Dispute Letter Too Vague

Here’s a bit of good news in an otherwise chaotic week for the accounts receivable industry: On April 13, 2021, in the case of Anderson v. I.C. System, Inc., 3:20-cv-00263 (W.D. Wis. April 13, 2021), a district court granted summary judgment in a debt collector’s favor on a bona fide error defense. Before you say, ‘this is just a district court case, why should I care in light of all of the other things-which-will-not-be-named going on this week?’… a positive case is a positive case, and this particular case covers a situation likely familiar to any entity which is credit reporting.

Read the Whole Story »


ADVERTISEMENT
Advertisement

When Each Contact Counts: Meeting the CFPB 7x7 with Intelligent Contact Data

12 May 2021 at 01:00 p.m.

The new CFPB Regulation F sets limits on the number of debt collection contact attempts and communications to seven times per each particular debt per week. More than ever, every contact must count.

Event Details »