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CFPB States That it Did Not Scrap No-Action Letter and Compliance Assistance Sandbox Programs in Connection with its Overhaul of its Office of Innovation and Operation Catalyst

On May 25, 2022, my colleagues, Mike Gordon, John Culhane and Ron Vaske published a blog which reported on a press release issued by the CFPB on the prior day entitled “CFPB Launches New Effort to Promote Competition and Innovation in Consumer Finance.”  The blog stated:

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New: The Evolution of the Maturing POS/BNPL Consumer

Buy Now, Pay Later (BNPL) and point-of-sale (POS) financing is expected to top 40% annual growth by 2030. Want to understand the POS/BNPL consumer better? In this new, comprehensive study from TransUnion, find out:

  • How and why consumers are using POS/BNPL products

  • How the demographics, risk levels and access to credit of these consumers have changed

  • The short- and long-term benefits lenders can gain from these POS financing insights

Get the new, free study right here.
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insideARM is grateful to our 2022 Strategic Supporters:

NCB Crown Asset Management Spring Oaks Capital TransUnion Provana

CFPB Critical of Deleting Tradelines

On May 2, 2022, the CFPB issued its Supervisory Highlights for spring 2022 (the “spring 2022 Report”), which highlights legal violations identified by the CFPB’s examinations between July 2021 and December 2021. The findings in the spring 2022 Report cover the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. The spring 2022 Report also summarizes recent developments in the CFPB’s supervision program and remedial actions.

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California DFPI Proposes Extensive Rules Relating to Companies’ Responses to Consumer Complaints

On May 20, California’s Department of Financial Protection and Innovation (DFPI or Department) announced that it had filed a Notice of Proposed Rulemaking with the Office of Administrative Law, inviting public comments on the proposed rulemaking. The purpose of the proposed regulations is to implement, interpret, clarify, and make specific, certain sections of the California Consumer Financial Protection Law (CCFPL) that impose requirements on covered companies to respond to consumer complaints and report information about those complaints and responses to the DFPI.

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Thriving in a Highly Regulated Environment

Medical debt collection has become a trending topic among state legislatures and federal regulators alike.  New legislation and regulations are systematically eroding asset value for healthcare providers. In the past year, we have seen California, Maryland, Nevada, and New Mexico enact new laws. Colorado and New York appear to be on the path to do so as well. To add insult to injury, the Consumer Financial Protection Bureau (CFPB) continues to aggressively focus on medical debt as well.

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Executive Q&A: A Conversation with Steve Akers, CSO/CTO of TECH LOCK Inc.

PCI DSS 4.0 will replace the current operating version on March 31, 2024, and while most of the changes are a simple codification of best practices, it’s important for organizations to have important conversations about those changes internally and with their service providers now.

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Spring 2022 with the Crown Asset Management Team

DULUTH, Ga. -- Crown Asset Management, LLC, a receivables purchasing and management firm, welcomed Spring with team-building events and employee recognitions. The growing team is grateful for the ongoing teamwork, leadership, and learning that’s been taking place and is pausing to appreciate employee engagement with a few highlights and notable mentions.

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Best Practices for Creditors: Managing Third-Party Collection Agencies

21 June 2022 at 02:00 p.m.

For creditors outsourcing to third-party collection agencies, there are a lot of moving parts to keep track of. Not only do you need to ensure your agencies are following your work standards, but you must also ensure they are complying with the myriad of consumer financial protection regulations. With the increased focus on collection activities, you must be proactively involved in managing your agencies. 

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