insideARM Weekly Recap - Week of August 5th

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 featured a varied array of news items last week, touching on nascent congressional action, state court developments, and a notice from the CFPB.

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ARM Tech Trends: Addressing Common Customer Queries 

Technology seems to change and advance daily. Yet what doesn’t change are the goals for organizations throughout the ARM industry — making their employees and organization more efficient and productive to increase collections while improving the consumer experience. In this new eBook, Finvi answers the most common questions they hear from customers, providing their unique insights into: 

• How automation can increase productivity and organizational efficiency 
• The prevalence of SaaS in the industry and its benefits 
• The growth of AI and its current usage 

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Credit Control, LLC: Winner - Best Places to Work in Collections Ranked #1 by Our Employees for the Fifth Year in a Row

ST. LOUIS, Mo.-- Credit Control, LLC (“Credit Control”) is proud to announce for the fifth year in a row, our employees have ranked us as winners in the Best Places to Work in Collections program. This is the company’s fifth time participating and the fifth time being recognized as program winners.

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CFPB Circular Warns Against Unlawful NDAs

On July 24, the CFPB issued a circular to law enforcement agencies and regulators clarifying that overly broad confidentiality agreements required by certain employers may violate Section 1057 of the CFPA, which protects whistleblowers. Nondisclosure agreements can violate the CFPA if they discourage employees from reporting suspected financial law violations to governmental authorities or participating in investigations. The Occupational Safety and Health Administration (OSHA) was highlighted as the key entity responsible for addressing retaliation claims under various federal laws, including the CFPA.

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The Devil is in the Details: Technical Violations of State Collection Practices Laws Can Lead to Class Action Liability

If you are reading this article, you are likely aware that a creditor collecting its own debts in its own name is not a "debt collector" under the federal Fair Debt Collection Practices Act ("FDCPA") or its implementing rule, Regulation F ("Reg F"). Of course, the federal Consumer Financial Protection Bureau ("CFPB") and Federal Trade Commission ("FTC") both take the position that creditors ought to comply with most provisions of the FDCPA in order to prevent unfair, deceptive, or (in the case of the CFPB) abusive collection practices.

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Crown Asset Management Supports Charity Golf Tournament

DULUTH, Ga. -- Crown Asset Management, a Georgia-based receivables management firm, proudly supported the Mitsubishi Electric Classic this April. The charity golf tournament took place at TPC Sugarloaf.

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Witnesses Call on Congress to Establish Regulatory Office in Wake of Loper

Congress must adjust to the demise of the Chevron Deference doctrine by drastically improving its regulatory expertise, witnesses told a House Committee on July 23.

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RA Compliance Corner: Managing Your Vendors- Do you really have it all in order?

25 September 2024 at 02:00 p.m.

It's not news that a comprehensive vendor management policy is a must in today’s compliance-centric environment. But are you creating risk for your organization by leaving your vendor management policy on auto pilot? 

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