insideARM Weekly Recap- Week of May 6th, 2024

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We at insideARM know how difficult it is to sift through every piece of news in the ARM industry to make sure you don’t miss anything significant. That is why we do it every week, so you don’t have to! The news from last week included another state passing a data privacy bill, an overview of the CFPB’s activity for the month of April, and the CFPB’s involvement in state legislatures regarding medical debt. Make your job a little easier, and keep reading for a synopsis of the articles you need to see and why.

On Tuesday, we highlighted an article from Maurice Wutscher that discussed the signing of LB 1074 which makes Nebraska the 16th state to enact a data privacy law. The Nebraska Data Privacy Act, which will go into effect on January 1, 2025, applies to persons that process or sell personal data but, notably, does not apply to small businesses. Overall, the law pulls from both the Texas and California data privacy laws and strikes a nice balance between being reasonable for businesses while protecting consumers. With this being the 9th state to enact a data privacy law in the last year, this is a trend that has no sign of slowing down and those in the ARM indsutry should pay attention to this growing trend.

Wednesday’s news was a breakdown by Hudson Cook of every major action taken by the CFPB in the month of April. Director Rohit Chopra featured heavily last month as he spoke about data protection at a White House event, touched on credit cards at CBA Live, and expressed his support for a proposed bill in California that would prohibit the credit reporting of medical debt (more on that below.) The Bureau also filed several amicus briefs (one we wrote about in greater detail here), continued to fight “junk fees,” and, most notably, updated its procedural rules regarding its supervisory role over non-consenting nonbank entities. The CFPB under this administration is a great barometer for the ARM industry to watch. The more active the CFPB, the more prepared you need to be for regulatory updates and legislation.

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