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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CFPB Reminds Financial Institutions to Retain Records of Affirmative Consent for Overdraft Opt-in

On September 17, 2024, the CFPB issued Consumer Financial Protection Circular 2024-05 on improper overdraft practices. The circular reminded financial institutions of their obligation to retain records that prove the consumer consented to the institution’s payment of ATM and one-time debit card transactions.

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Finvi Announces Partnership with Divinity Software as Velosidy™ Integrations Build

BURLINGTON, Mass. -- Finvi, the leading provider of enterprise technologies that streamline and accelerate revenue recovery for clients across the accounts receivable management (ARM) industry, today announced a new partnership with Divinity Software, which specializes in providing state-of-the-art software solutions that empower businesses to streamline customer engagement and optimize financial performance with their easy-to-use portal.

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New York Federal Court Certifies TCPA Class Where Phone Numbers Were Obtained Through a Third-Party Website

In Aley v. Lightfire Partners, LLC, a U.S. District Court in the Northern District of New York certified a Telephone Consumer Protection Act (TCPA) class action for all persons whose telephone numbers were on the National Do Not Call Registry (DNC) but who received more than one telemarketing call from the defendant based on alleged consent given to a third-party website.

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Hudson Cook Enforcement Alert: Nonbank Student Loan Servicer Agrees to a CFPB-Imposed Ban and to Pay $120 Million

The Consumer Financial Protection Bureau ("CFPB") filed a proposed stipulated final judgment and order against a nonbank student loan servicer over alleged violations of the Consumer Financial Protection Act ("CFPA"), the Fair Credit Reporting Act ("FCRA"), and the Fair Debt Collection Practices Act ("FDCPA"). The settlement includes a ban from acquiring or servicing certain direct federal student loans and requires payment of $120 million.

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Featured Resources and Webinars

from insideARM.com

» ARM Tech Trends: Addressing Common Customer Queries

» Predictive, Collaborative, and Intelligent Contact Data

» The New Reality of Collections Staffing

» Multi-Channel AI: Improve Contacts & Increase Revenue Compliantly

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