insideARM Weekly Recap - Week of August 19th, 2024

It can be easy to lose focus in a seemingly never-ending news cycle. Sometimes, especially in the ARM industry, it can feel like we have to know every nuance about everything that's happening. At insideARM though, we are committed to bringing you only the most relevant news. We're here to help you elevate the need-to-know over the nice-to-know. Every Monday, we bring you a recap to help you stay informed and let you know why the news we selected should be on your radar.

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How Lenders Are Increasing Agent Workload – Without Burnout: Digital Strategies and Agent Stability in Collections  

Despite rising caseloads and communication demands, agent turnover has remained steady in recent years for first-party collections shops. Data from Auriemma Roundtables suggests e-communications and workforce management changes could help explain this decoupling between workload and burnout. In this study, you’ll see how lenders used digital communications and innovative workforce strategies to enhance efficiency and navigate the evolving collections landscape.  

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IC System Appoints Mike Selbitschka as Executive Vice President of Sales

St. Paul, Minn., -- IC System is excited to announce the promotion of Mike Selbitschka to Executive Vice President of Sales. In his new role, Mike will leverage his extensive expertise in the collections industry to drive sales, enhance marketing strategies, and lead client acquisition efforts at IC System.

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Central Portfolio Control Enjoys Time Out on the Water in Support of Heroes

MINNETONKA, Minn. -- Central Portfolio Control, a professional collection agency located near the Twin Cities of Minnesota, recently took a team outing to support Time on the Water, a charity event to thank Military, first responders, and health care professionals for their sacrifices. Time on the Water provides an all-expenses-paid five-day fishing trip to Lake of the Woods near Sioux Narrows, Ontario to support sponsored local heroes.

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CFPB Comments on Treasury RFI Regarding Artificial Intelligence in Finance; Also Says Credit Card Delinquencies can be Credited to Loosened Lending Standards

On August 13, the CFPB submitted a comment to the Treasury’s RFI regarding the uses, opportunities, and risks of artificial intelligence (AI) in the financial services sector (the Treasury’s RFI was covered by InfoBytes here). The CFPB focused on monitoring the market for consumer financial products and services to identify risks and ensure compliance with federal consumer financial protection laws.

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White House Announces New Initiatives Targeting Consumer Experience

This week, the Biden-Harris Administration launched a comprehensive initiative aimed at addressing what it describes as everyday hassles that waste Americans’ time and money. This new government-wide effort, called “Time Is Money,” seeks to regulate various business practices that the administration claims add unnecessary burdens to consumers’ lives. The initiative includes actions from multiple federal agencies, including the Consumer Financial Protection Bureau (CFPB or Bureau) and the Federal Trade Commission (FTC).

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Financial Regulators Propose Standards to Promote Interoperability of Data

On August 2, 2024, the CFPB, the OCC, the Federal Reserve Board, the FDIC, the NCUA, the FHFA, the CFTC, the SEC and the Treasury Department proposed a joint rule intended to establish standards to promote the ability of each of the agencies to exchange and use the data that the other agencies collect (referred to as the “interoperability” of financial data across the agencies).

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ARM Industry Tech Trends 

Adopting new technology can be valuable for organizations but keeping up with the advancements, and the benefits they can offer, is a challenge. In this new eBook, Finvi provides insight into the current tech trends in the ARM industry, like AI and SMS, and answers the most common questions they hear from customers.  

Download now to learn more. 

Featured Resources and Webinars

from insideARM.com

» ARM Tech Trends: Addressing Common Customer Queries

» Predictive, Collaborative, and Intelligent Contact Data

» The New Reality of Collections Staffing

» Multi-Channel AI: Improve Contacts & Increase Revenue Compliantly

» How AI-powered Multichannel Outreach Is Transforming the Collections Industry

» Optimizing your recovery strategy with Collections Triggers℠

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