LAS VEGAS — Many of the conversations in and around the hallways, coffee shops, lunch line, bars, coffee station, and everywhere else that the 1,600 attendees could find a spot to talk on the first day of sessions at RMAI’s annual conference boiled down to six letters and a question: AI, the CFPB, and how are consumers still able to pay their debts?
Trying to keep up with what’s been going on at the Bureau, and speculating as to what is going to happen next was a very common topic, but panelists and speakers were quick to point out that the Trump administration’s pull back at the CFPB will not necessarily ease the compliance burden for companies in the credit and collection industry. In fact, they echoed, it might make it worse.
“There is still the TCPA and GLBA” that companies have to worry about, noted Laura White, the Chief Risk Officer and Chief Compliance Officer at InDebted during a session yesterday morning. Anne Thomas, the Chief Compliance Officer at Cavalry Portfolio Services asked the audience whether they thought that Letitia James, the Attorney General of New York, was “just going to sit on the sidelines,” as an illustration of how states are expected to ramp up their supervisory and enforcement activities.
While the mess at the CFPB sorts itself out, another popular topic was the emergence and opportunities and risks that artificial intelligence presents companies in this industry. RMAI has two highly anticipated sessions on AI today, which many hope will provide some clarity. One chief compliance officer asked yesterday if anyone has a definition for what AI actually is, because without that, companies can’t fully understand and mitigate the risks associated with the technology. Attendees were asking each other how they are deploying AI inside their offices and sharing the gains — improved efficiency and reduced costs — that have resulted from making investments in the technology.
Most of the attendees at the event appeared to be in high spirits, coming off great years in 2024 thanks to higher placement volumes and strong performance from consumers. While the saying may go that the best time to be a collector is at the end of a recession, because placement volumes will have been high during the recession and an improving economy provides consumers with the means to repay their debts, 2025 may be the best time to be a member of the credit and collection industry. Across most asset classes and types of collection activity, consumer payment trends are higher than many would have expected, given that the price of eggs has become such a hot-button issue across the country.
