insideARM Weekly Recap – Week of May 20th, 2024

motortion / Adobestock

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!

On Monday, we brought you an FAQ from our Editor and General Counsel, Missy Meggison, on the recent Supreme Court ruling which held the CFPB's funding structure was constitutional. On May 16, 2024, SCOTUS published its opinion, and the industry immediately had a flurry of questions. The article addresses some of the most frequent questions we received, including how the SCOTUS opinion may affect operations, what the opinion means for the Late Fee Rule and other pending litigation, what we can expect from the CFPB going forward, and what the industry can do to prepare for an extremely active CFPB. These FAQs provide a good breakdown of the aftermath of this SCOTUS decision, some advice for how to react to it, and a reminder that you aren’t alone if the ruling left you asking “What now?”

Tuesday, we wanted to highlight some of the benefits of implementing Artificial Intelligence for anyone struggling to jump into the use of AI. The article points out some of the advantages like convenience for consumers, AI’s ability to work after hours, and how AI can actually help with compliance issues. These notes include questions you should be asking if you or your organization are considering implementing AI into any of your processes. When it comes to Artificial Intelligence, the word is out and, while it may face regulatory hurdles in the future, it is unlikely that any amount of regulation will put the toothpaste back in the tube. So, there is no better time than the present to at least investigate how AI could improve your organization’s efficiency.

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