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Why Consumer Experience and Compliance Will Be Critical to Downturn Survival

With a potential recession on the way, now is the right time to retool your recovery and debt collection strategy, says Jake Cahan, CEO of January. In this Q&A with iA Strategy & Tech, Cahan argues that creditors will need to make a philosophical shift - away from incremental dollars and towards compassionate customer care -  if they want their brand and business to get through an impending recession successfully.

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New: The Evolution of the Maturing POS/BNPL Consumer

Buy Now, Pay Later (BNPL) and point-of-sale (POS) financing is expected to top 40% annual growth by 2030. Want to understand the POS/BNPL consumer better? In this new, comprehensive study from TransUnion, find out:

  • How and why consumers are using POS/BNPL products

  • How the demographics, risk levels and access to credit of these consumers have changed

  • The short- and long-term benefits lenders can gain from these POS financing insights

Get the new, free study right here.

insideARM is grateful to our 2022 Strategic Supporters:

NCB Crown Asset Management Spring Oaks Capital TransUnion Provana

Washington Court Sides with Hunstein Copycat; Rejects Main Industry Defenses

Last week a federal judge in the Eastern District of Washington allowed Hunstein copycat case to continue and rejected the primary Hunstein defenses we've seen thus far from the ARM industry.

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Credit Eco to Go: The Problem Solving Game of Digital Communications [Podcast]

Text and email are not digital versions of a letter or a telephone call. There has to be a strategy that includes consumer consent but also a willingness by that same consumer to continue the conversation.

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Court Grants Partial Summary Judgment in FCRA Case Based on Statute of Limitations

In Fowler v. Preferred Collection & Mgmt. Servs., No. 8:21-cv-1038-WFJ-AAS (M.D. Fla. May 16, 2022), the court granted in part and denied in part the defendant’s motion for summary judgment as to claims asserted against it under Section 1681s-2(b) of the Fair Credit Reporting Act (FCRA). In doing so, the court weighed in on whether a consumer who lodged a dispute outside of the statute of limitations period can assert claims based on subsequent, similar disputes within the limitations period.

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CFPB States That it Did Not Scrap No-Action Letter and Compliance Assistance Sandbox Programs in Connection with its Overhaul of its Office of Innovation and Operation Catalyst

On May 25, 2022, my colleagues, Mike Gordon, John Culhane and Ron Vaske published a blog which reported on a press release issued by the CFPB on the prior day entitled “CFPB Launches New Effort to Promote Competition and Innovation in Consumer Finance.”  The blog stated:

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CFPB Critical of Deleting Tradelines

On May 2, 2022, the CFPB issued its Supervisory Highlights for spring 2022 (the “spring 2022 Report”), which highlights legal violations identified by the CFPB’s examinations between July 2021 and December 2021. The findings in the spring 2022 Report cover the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. The spring 2022 Report also summarizes recent developments in the CFPB’s supervision program and remedial actions.

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The Vendor Management Masterclass Part III

22 June 2022 at 02:00 p.m.

Customer behavior and spending is changing. 

The CFPB is hyper-interested in data collection, use, and privacy. 

We're likely on the edge of a credit downturn, which will result in higher delinquency and charge off rates.

New (and old!) agency partners and technology companies are promising to solve your problems. How can you be sure your vendors are compliant, efficient, and that you’re getting what you paid for?

Event Details »