insideARM Weekly Recap - Week of September 30th, 2024

We know that ARM industry professionals are pressed for time. This is why the editorial team at insideARM sifts through all the news and highlights only the most important stories each week. Read on for a breakdown of these stories and why we think you need to know about them.

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As a Research Assistant member, you’ll get the insight you’re looking for all curated by our team of compliance experts. Features include weekly roundtables with your peers, a weekly newsletter, and a library of up-to-date tools including CMS-enhancing guides, policy templates, policy builder tools, reports, and a state law quick reference matrix that lets you track Statutes-of-Limitation by judgment duration, lien and garnishment, and statutory references, by state and by product type. Learn More.

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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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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