The ARM industry is complex, and it's often difficult to keep up with industry-shaking cases, emerging technologies, and regulatory entities throwing the occasional wrench into the machinery. Despite the challenge, staying on top of the newest cases, laws, and trends is essential to succeeding in the current debt collection landscape.
Read the Whole Story »
When the CFPB introduced Reg F in late 2020, a lot of attention focused on the change in collector-debtor communication practices. A less discussed, but equally significant change is the increased oversight responsibilities creditors have when outsourcing collections. With the CFPB’s announcement about extending its supervisory authority to non-bank financial institutions, vendor management and auditing is increasingly becoming a priority for originators and lenders. As a result, for collection agencies, robust compliance management and reporting capabilities now represent a competitive advantage when marketing their services to creditors.
Read the Whole Story »