insideARM Weekly Recap – Week of June 10th, 2024

The debt collection industry is in a constant state of flux. The goal of the insideARM editorial team is to filter out the noise and pick the 3 pieces of news you need to hear each week. Last week we brought you a double helping of the CFPB and a legislative trend that is picking up steam. Continue reading for the highlights from the week of June 10th and why we felt it was important for you to see them.

Read the Whole Story »

How Lenders Are Increasing Agent Workload – Without Burnout: Digital Strategies and Agent Stability in Collections  

Despite rising caseloads and communication demands, agent turnover has remained steady in recent years for first-party collections shops. Data from Auriemma Roundtables suggests e-communications and workforce management changes could help explain this decoupling between workload and burnout. In this study, you’ll see how lenders used digital communications and innovative workforce strategies to enhance efficiency and navigate the evolving collections landscape.   

Download now to learn more.  

ConServe Cares Program: Making a Healthier Community

ROCHESTER, N.Y. -- Continental Service Group, LLC d/b/a ConServe, in conjunction with the company’s “Matching Gift Program”, donated its March ConServe Cares proceeds to Foodlink. The ConServe team supports and funds the efforts of numerous local non-profit agencies that strive to make a difference. Due to the kindness and generosity of their employees, numerous lives in their community have been positively impacted and enriched.

Read the Whole Story »

CFPB Proposed Rule Banning Reporting of Medical Debt

On June 11, the Consumer Financial Protection Bureau (CFPB or Bureau) released a proposed rule amending Regulation V, which implements the Fair Credit Reporting Act (FCRA), concerning medical debt. The proposed rule would remove a regulatory exception that currently allows creditors to obtain and use information on medical debts for credit eligibility determinations. Additionally, the proposed rule would generally prohibit consumer reporting agencies (CRAs) from furnishing consumer reports containing medical debt information to creditors. Comments on the proposed rule are being accepted until August 12, 2024. The Bureau aims to finalize the rule by early 2025.

Read the Whole Story »

Minnesota Becomes 18th State to Enact Comprehensive Consumer Data Privacy Law

Minnesota Gov. Tim Walz recently signed into law HF 4757, the Minnesota Consumer Data Privacy Act, making Minnesota the 18th state to enact a comprehensive consumer data privacy law. The Act will go into effect July 31, 2025.

Read the Whole Story »

CFPB Issues UDAAP Guidance On Contracts for Consumer Financial Products and Services

On June 4, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a Consumer Financial Protection Circular 2024-03 (“Circular”) warning that the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services may violate the prohibition on deceptive acts or practices in the Consumer Financial Protection Act (“CFPA”). In a related press release, CFPB Director Rohit Chopra said, “Federal and state laws ban a host of coercive contract clauses that censor and restrict individual freedoms and rights. The CFPB will take action against companies and individuals that deceptively slip these terms into their fine print.”

Read the Whole Story »

insideARM Weekly Recap – Week of June 3rd, 2024

Here at insideARM we aim to do the hard work for you! Scouring the internet for ARM Industry news and narrowing it down to the 3 biggest stories. The first week of June brought us a breakdown of the CFPB’s activity in May, the most recent CFPB action, and some credit card data from the Federal Reserve. So, sit back, relax, and read on for our recap of last week’s news and why you need to know about it!

Read the Whole Story »

Generative AI Is More Powerful Than We Realize

With the recent launch of OpenAI’s “omni” model, we are now deep in the era of Generative AI. The capabilities of artificial intelligence have been greatly expanded, with large language models performing a variety of complex tasks such as code writing, art creation, quality assurance, and even fraud detection. As society adapts to these changes, the collections industry must also embrace Generative AI and explore its vast potential to solve common challenges. Read more.

Featured Resources and Webinars

from insideARM.com

» ARM Tech Trends: Addressing Common Customer Queries

» Help Wanted: Predictive, Collaborative, and Intelligent Contact Data

» The New Reality of Collections Staffing

» How AI-powered Multichannel Outreach Is Transforming the Collections Industry

View all Free Reports and Webinars