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

CFPB Report Finds Only Small Fractions of Activated Guard and Reserve Servicemembers Receive SCRA Interest Rate Reductions

On December 7, the Consumer Financial Protection Bureau (CFPB) released a report entitled Protecting Those Who Protect Us. The report sought to quantify, for the first time, the use of the Servicemembers Civil Relief Act (SCRA) interest rate reduction benefit. According to the CFPB’s research, between 2007 and 2018, fewer than 10% of eligible auto loans and 6% of personal loans received a reduced interest rate. Additionally, members of the reserve component also infrequently benefit from interest rate reductions for credit cards and mortgage loans.

Read the Whole Story »


How an Empathy-First Collections Strategy Can Improve Your KPIs

When companies focus too much on collections and not enough on their customers' situation, it inevitably leads to friction. You don't have to choose between empathy and results. 


In this new whitepaper from Allsec Technologies, find out how a leading credit card issuer implemented an empathy-driven, ROI-boosting collection strategy through segmentation analytics, which helped them minimize friction, and reduce accounts on the ‘Do Not Call’ list, customer delinquencies, and roll rates.


Get the full story here.
ADVERTISEMENT
Advertisement

insideARM is grateful to our 2024 Strategic Supporters:

NCB Crown Asset Management Spring Oaks Capital

Credit Eco to Go: Can we Achieve Consistency to the Complex? [Podcast]

The ecosystem is a circular environment. There is no beginning or end. In financial services, decisions made in the origination process will impact the life of the transaction, especially if the loans are sold to the secondary market. Though the secondary market is nothing new (just look at the mortgage industry), the unsecured debt market is subject to significant scrutiny and a patchwork of laws and regulations that are inconsistent from state to state.

Read the Whole Story »


CFPB Publishes Notice of Proposed Rulemaking Signaling Intent to Create Registry of Repeat Offenders

As a further reflection of its recent emphasis on “repeat offenders,” on December 12, the Consumer Financial Protection Bureau (CFPB) published a proposed rule with request for public comment that would require certain nonbank covered entities (with exclusions for insured depository institutions and credit unions) that are under certain final public orders issued by a federal, state, or local agency in connection with the offering or provision of a consumer financial product or service to report the existence of such orders to a CFPB registry. The CFPB would then include all final public written orders and judgments (including consent and stipulated orders and judgments) issued by the CFPB or any government agency for violation of certain consumer protection laws on an online registry. Additionally, larger companies subject to the CFPB’s supervisory authority would be required to designate an individual to attest to whether the firm is adhering to registered law enforcement orders. The CFPB states that it is proposing the rule pursuant to its authority under the Consumer Financial Protection Act of 2010.

Read the Whole Story »


ADVERTISEMENT
Advertisement

CRC to NYC: Direct Consent to Text Requirements Harm Consumers

Earlier this year, the New York City Department of Consumer and Worker Protection (DCWP) proposed to amend its rules relating to debt collectors. Part of the lengthy proposed amendment sought to prohibit debt collectors from sending text messages without specific consent from the consumer. In other words, debt collectors would be required to communicate with consumers only via letter or telephone until a consumer provided direct consent to receive text messages.

Read the Whole Story »


ConServe Cares Program Supports Open Door Mission

ROCHESTER, N.Y. -- Continental Service Group, Inc., d/b/a ConServe, is a devoted community partner and helps to make the world a better place.  Through the organization’s ongoing philanthropy program, ConServe Cares, the ConServe team supports and funds the efforts of numerous agencies that strive to make a difference.  As a result of the employees’ compassion and generosity, countless lives have been touched and enriched.

Read the Whole Story »


How a Compassionate Collections Strategy Can Make Your Business Better

People don’t end up in debt on purpose. Sometimes, the only thing standing between consumers curing their account with you is unemployment. If you could help your customers get jobs, wouldn’t you? Check out this interview with Chad Silverstein, founder of [re]start, who started a company that does exactly that. Listen to the interview (and demo!) here, or read the full text of the interview below.

Read the Whole Story »


ADVERTISEMENT
Advertisement