CFPB Issues Semi-Annual Regulatory Agenda; Registry of Supervised Non-Banks to Be Finalized This Month

The CFPB soon plans to issue a final rule that would require certain supervised nonbank entities to register with it and provide information about their use of certain terms and conditions in standard-form contracts for consumer financial products or services that seek to waive or limit consumer rights or legal protections (“Covered Terms”).

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[Webinar] Legal Hot Topics in the ARM Industry 

You need to know the latest, most important legal news to stay ahead and protect your business, but how do you know where to focus? Start here. Get an hour of helpful legal guidance on today's most important challenges from three seasoned attorneys during Legal Hot Topics tomorrow July 18, at 2pm ET. Register now. 

New Jersey Legislature Passes Medical Debt Relief Act

Both houses of the New Jersey Legislature recently passed Assembly Bill No. 3861 (AB 3861), known as the Louisa Carman Medical Debt Relief Act. The legislation’s stated aims are to prevent undue financial hardship and protect patients from aggressive debt collection practices. Medical debt in general and how and whether it can be included in consumer reports has been a hot topic at the state and federal level. We have written on recent developments regarding medical debt here, here, here, and here.

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insideARM Weekly Recap – Week of July 8th, 2024

insideARM is here to help you keep up with the fast-paced ARM industry. This often requires keeping a finger on the pulse of the regulatory bodies, providing advice for more efficient collections, and reporting on state-level legislation. Last week was a perfect example of this as we brought you the most recent focus from the CFPB, guidance for an effective settlement program, and a recent amendment to data breach notification laws in Pennsylvania. Keep reading for the highlights from these stories and why our editorial team thinks they are important!

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Pennsylvania Amends Data Breach Notification Law

Pennsylvania Gov. Josh Shapiro recently approved Senate Bill 824, which amends Pennsylvania’s data breach notification law, 73 Pa. Stat. Ann. § 2301, et seq.

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Build a Collections Repayment Program Strategy to Break Free from Broken Promises

Repayment programs are crucial in collections, but many fail. Here are the essential elements for a successful repayment program strategy and tips to enhance collections conversations to ensure the right program is chosen and completed.

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CFPB Releases Supervisory Highlights Focusing on Debt Collection and Loan Servicing Practices

On July 2, the Consumer Financial Protection Bureau (CFPB or Bureau) published the summer edition of its Supervisory Highlights, focusing on examinations of auto and student loan servicing companies and debt collectors that were completed between April 1, 2023 and December 31, 2023. The report also highlights consumer complaints about medical payment products and identifies concerns with financial institutions freezing deposit accounts.

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