CFPB’s Chopra discusses privacy concerns and floats FCRA proposal

On September 19, CFPB Director Rohit Chopra delivered prepared remarks highlighting national security concerns related to the abuse and misuse of personal data. As previously covered by InfoBytes, Chopra emphasized President Biden’s recent Executive Order, which aims to prevent countries of concern from accessing Americans’ personal data, by highlighting how data brokers who sell sensitive data could be accessed by countries of concern, causing national security risks.

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Creditors are adopting AI; why debt collectors should be, too.

While AI has revolutionized how creditors manage operations, the collections industry has been slow to adopt AI-powered technology. This new white paper, authored by Missy Meggison (General Counsel at Auriemma Roundtables; Editor at insideARM) and sponsored by Skit.ai, clarifies common misconceptions about AI and highlights the significant benefits it can bring to the ARM sector, such as loss reduction, improved decision-making, and enhanced consumer engagement. 

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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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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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Featured Resources and Webinars

from insideARM.com

» Creditors are adopting AI; why debt collectors should be, too.

» ARM Tech Trends: Addressing Common Customer Queries

» Predictive, Collaborative, and Intelligent Contact Data

» The New Reality of Collections Staffing

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