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CFPB Issues Record $19 Million Penalty for Credit Reporting Violations: Three Steps Your Company Must Take to Comply with the Law

On July 26, 2022, the CFPB issued a record penalty of more than $19 million against a creditor/furnisher of consumer information to the credit bureaus, alleging that the creditor failed to remedy harmful inaccuracy issues that persisted for several years[1]. The CFPB had previously issued a penalty of nearly $2 million against a debt collector that also allegedly failed to report accurate consumer information to the credit reporting agencies[2]. These two actions by the CFPB that resulted in millions of dollars in penalties provide specific guidance on steps that every company reporting consumer information to the credit reporting agencies must take to avoid.

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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.

insideARM is grateful to our 2022 Strategic Supporters:

NCB Crown Asset Management Spring Oaks Capital TransUnion Provana

Crown Asset Management Celebrates Service Awards with Picnic & Ceremony

DULUTH, GA - Crown Asset Management, LLC, a receivables management and purchasing firm near Atlanta, took some time out this summer for a company picnic and service awards ceremony to celebrate the talent and tenure of numerous dedicated employees. The team continues to show up and step up every day to help grow the business and enhance the culture with professionalism and can-do attitudes.

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Fair Lending 101 for Debt Collectors [Podcast]

Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues, Stefanie Jackman and Sarah Reise, as they discuss the intersection of fair lending with collections. They cover which types of processes relevant to third party debt collection could be subject to a fair lending review, the difference between disparate treatment and disparate impact, how the CFPB may review collection-related decisions, what a basic fair lending analysis may look like for collectors, the processes that are likely to be targeted for a fair lending review, and what collectors can do now to update their compliance management system and assess their operations to try and identify and mitigate potential fair lending issues.

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CFPB Encourages States to Police Credit Reporting; Targets Medical Debt, Tenant Screenings

In case you missed it, in a June 28, 2022, press release, the  Consumer Financial Protection Bureau (CFPB) announced it issued an interpretive rule (Rule) clarifying that states can police credit reporting markets. Within the Rule, the CFPB specifically encouraged states to target medical debt and tenant screenings.

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Where Proficiency Meets Efficiency: Credit Bureau Disputes Case Management Systems

Dispute volumes continue to exhaust dispute processing operations. Even highly proficient teams can be more efficient with a Disputes Case Management System (DCMS). Read on for the top four advantages of migrating to a DCMS.

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CFPB Issues Advisory Opinion on FCRA Permissible Purpose Requirement

In a new advisory opinion, the CFPB addresses the Fair Credit Reporting Act’s permissible purpose requirement as it applies to both consumer reporting agencies and users of consumer reports.

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WCF 2022

5 December 2022 at 08:00 a.m.

Sharpen your leadership skills, expand your professional network and help improve your workplace culture when you attend Women in Consumer Finance 2022, December 5-7, 2022 at the Renaissance Esmeralda in Palm Springs. 

Registration is now open!

Event Details »

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