CFPB Non-Bank Registry rule: another layer of unnecessary oversight

ARM industry members who are operating under enforcement orders from the CFPB or any other federal or state agency are facing submitting company information as well as copies of the orders on the CFPB’s Nonbank Registry. Large-market participants get to go first and may register starting October 16, assuming that the registration website is available by that date. In the meantime, because the CFPB has published its Nonbank Registration Filing Instructions Guide, anyone who is bound by the rule can prepare for their submission by compiling the information necessary for registration as a user on the Registry site, and for the actual registration of their Order(s). This 71-page behemoth work instruction seeks to help registrants to register their company accurately and completely, and then to properly identify, classify, and upload their relevant orders.

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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.  

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CFPB Launches Public Comment Process for Open Banking Standard Setter Recognition

On September 24, the Consumer Financial Protection Bureau (CFPB or Bureau) announced a significant development in its efforts to implement open banking rules in the United States. The Bureau has initiated a public comment process for the first application from an organization seeking recognition as an open banking standard-setter.

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Shareholders Sharpen Focus on AI-Related Securities Disclosures

As Alston & Bird’s Securities Litigation Group reported, the number of securities class actions based on AI-related allegations is rising.  With six new filings in the first half of 2024 and at least five more identified by the authors since, a new trend of AI lawsuits has emerged. This trajectory is likely to continue alongside increased AI-related research and development spending in the coming years.

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Tracey Montoya Joins Spring Oaks Capital as Director of Acquisitions

CHESAPEAKE, Va. -- Spring Oaks Capital, LLC is pleased to announce the hiring of Tracey Montoya as Director of Acquisitions. Tracey will be based in Naples, Florida and report directly to President & CEO Tim Stapleford.

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insideARM Weekly Recap - Week of September 23rd, 2024

News in the ARM industry moves at lightning speed; determining what's important and what’s just noise can be challenging. This is why the editorial team at insideARM sifts through all the news and brings you the need-to-know highlights. We hope you're ready to dive into this week's key updates, starting with a major CFPB settlement and critical rulings on TCPA and overdraft practices.

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ConServe Welcomes Matthew Rehnelt as the New Director of Business Development

ROCHESTER, N.Y. -- Continental Service Group, LLC d/b/a ConServe, a prominent leader in the collections industry, is excited to announce the addition of Matthew Rehnelt to their Sales Department as the Director of Business Development.

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