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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ConServe Cares Program: Action for a Better Community

ROCHESTER, N.Y. -- Continental Service Group, LLC d/b/a ConServe, in conjunction with the company’s “Matching Gift Program”, donated its July ConServe Cares proceeds to Action for a Better Community. The ConServe team supports and funds the efforts of numerous local non-profit agencies that strive to make a difference. As a result of the employees’ compassion and generosity,.countless lives have been touched and enriched in our community.

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insideARM Weekly Recap - Week of August 12th, 2024

The world of debt collection is never at a loss for updates, but separating the important stuff from the background noise isn't always easy. At insideARM, our goal is to help you answer those questions. We wade through the constant onslaught of updates and bring you the need-to-know highlights. Every Monday, we bring you a recap to help you stay informed and let you know why that piece of news is important.

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IC System Announces Nate Welbig as Vice President of Operations

ST. PAUL, Minn.-- IC System is proud to announce the promotion of Nate Welbig to Vice President of Operations and member of the Executive Team.

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