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.

On Tuesday, we brought you an article explaining a data standardization rule proposed by several federal agencies. Nine agencies were involved in the proposal, including the CFPB and OCC. The rule is intended to establish standards to promote the ability of each of the agencies to exchange and use the data that the other agencies collect. If your organization submits (or might submit) data to any of the agencies involved in the rule making, this is something to follow. Comments will be permitted up to 60 days after the proposal is published in the Federal Register.

On Wednesday, we published a run-down of the White House’s announcement about Consumer Experience Initiatives, that are intended to address everyday hassles and reduce unnecessary burdens in consumers’ lives by regulating certain business practices. The CFPB and FTC are named explicitly as agencies that can take action. Notably, the announcement specifically referenced the CFPB’s interest in issuing a rule regarding chatbots. As the ARM industry adopts technology to allow for self-service, it’s important to test how enhancements actually work for consumers. Keeping tabs on the CFPB and FTC expectations should allow your organization to self-audit the consumer experience to the appropriate standard.   

On Thursday, we brought you news about the CFPB’s comment to the Treasury about uses, opportunities, and risks of artificial intelligence (AI) and the CFPB’s blog post regarding a rise in credit card delinquencies since the Covid-19 pandemic. The CFPB doesn’t operate in a vacuum; those issuing or collecting credit cards should take note that the CFPB is scrutinizing pandemic-era credit. As for the AI piece, even though its AI comments were directed to the Treasury, ARM entities can get insight into the CFPB’s stance on AI products by reviewing the CFPB’s comment.

As always, we thank you for reading the weekly recap to stay on top of this ever-changing industry! For a breakdown of the week of August 12, 2024, click here. 

Have a question about how your company should react to the news above? We have a group for that! The weekly peer call hosted by insideARM’s Research Assistant is the perfect place to ask a question and get advice from industry colleagues who are facing the same challenges you are. Not sure if it is for you? Try it on for size with our 1-month free trial. Click here to learn more!