insideARM Weekly Recap – Week of May 20th, 2024

The ARM Industry is hard enough to keep up with during a normal week; last week (and with the CFPB in rare form) it was basically a full-time job in and of itself. That is why we on the editorial team at insideARM pride ourselves on finding only the most important news to share with our readers. Last week included two pieces on the CFPB’s recent actions, some tips on implementing AI, and a legislative update out of Minnesota. Read on and catch up on the news from last week and why we think you needed to see it!

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Delinquency rates and charge-offs are rising. AI can help. 

As delinquencies and charge-offs rise, offering consumers the option to communicate via their preferred channels - voice, email, chat, and text - is crucial. In this new white paper from Skit.ai, you'll learn:  

• What industry leaders who have been using Conversational AI are saying  
• What the latest regulatory updates mean for Conversational AI users  
• How AI can help you reduce delinquencies and charge-offs and collect faster  
• The benefits of adopting AI now vs. later  

Download now. 

ConServe Cares Program: Rochester Education Foundation

ROCHESTER, N.Y. -- Continental Service Group, LLC d/b/a ConServe, in conjunction with the company’s “Matching Gift Program”, donated its April ConServe Cares proceeds to the Rochester Education Foundation (REF). Since 2005, REF has been working to fulfill their mission of providing programs and resources to improve learning and success for Rochester city students.

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Controversial Minnesota Debt Fairness Act Signed into Law

This February the Minnesota Legislature looked poised to strike a major blow to the debt collection industry with its proposed language for the Minnesota Debt Fairness Act. As we reported, the original bill included a drastic reduction in the statute of limitations for consumer debt and judgments on consumer debt, a prohibition on credit reporting medical debt, and changes to attorney’s fees and garnishments. The final version of the bill (see full text here) is set to become law as it was signed by the Minnesota Governor on May 21, 2024. Thankfully it doesn’t include all of what was originally proposed. Below we will break down the major changes enacted by this bill and when they will go into effect.

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BNPL Accounts = Credit Cards Says CFPB

The Consumer Financial Protection Bureau is wasting no time flexing its muscles now that the Supreme Court has confirmed its funding structure is constitutional. Today, the CFPB announced via press release that it was issuing an Interpretive Rule (Rule) to confirm that Buy Now Pay Later (BNPL) lenders are credit card providers. The Rule lists the requirements for BNPL lenders regarding dispute investigations, consumer refunds or cancellation of services, and billing statements.

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Using AI: 3 Operational and Compliance Advantages

Debates about Artificial intelligence, its usefulness, and its drawbacks seem to be taking place everywhere in the collections industry these days. Some debt collectors have gone all in, others have dipped their toes in the proverbial waters, and still others have taken a wait-and-see approach. Here are three Operational and Compliance Advantages to consider if your organization is thinking about AI implementation.

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Universal Fidelity Announces Jessica Hearn as Sole Owner

HOUSTON, TX. -- Universal Fidelity is excited to announce a significant milestone in their journey. They are proud to announce the 100% ownership of Universal Fidelity LP by CEO Jessica Hearn. Universal Fidelity started providing national collection services in 1991 and Jessica began her career in the account receivable industry in 1996 at the company. Jessica has brought a wealth of expertise, having successfully navigated the industry's complexities with a steadfast commitment to excellence.

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RA Compliance Corner: Internal Controls- When and How to Effectively Use Them

12 June 2024 at 02:00 p.m.

Though they may want to, compliance professionals can’t review every request or monitor everything that goes on in their organization. To effectively safeguard their organizations from risks, compliance professionals must establish a robust internal control system. 

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