There is never a shortage of news in the ARM space, but how do you determine what is worth knowing? That’s where we come in! Our editorial team brings you only the most important news each week. Last week in the ARM industry was a true mixed bag with news from the Colorado legislature, a warning shot from the CFPB, and some inter-industry data to help forecast the remainder of the year. For highlights of these stories and why we at insideARM felt you needed to hear about them, read on!
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In the evolving landscape of collections and loss mitigation, understanding the operational challenges and emerging trends is crucial for developing effective strategies. So, we pulsed the industry to shed light on these aspects, offering valuable insights for industry professionals.
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Over the course of the last year, the Consumer Financial Protection Bureau (CFPB or Bureau) has increased its scrutiny of medical financing products, such as medical credit cards and installment loans. In July 2023, the CFPB and other federal agencies launched an inquiry into medical payment products, discussed here. Last week, when the CFPB announced its proposed rule to ban the reporting of medical debt on consumer reports, discussed here, it stated it was considering action related to medical financing products. Then this week, the CFPB published a blog examining how financial institutions market their products to healthcare providers in an effort to ensure “consumers aren’t pushed into medical payment products.” The CFPB’s ongoing discourse on this topic signals a potential regulatory crackdown may be coming.
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