We are living during an unprecedented time in our country’s history. First, the Coronavirus forced many ARM businesses and certain clients to cease collection activities in specific regions and most were forced to quickly adopt a work-from-home solution without any planning. Unemployment rates have reached levels we have not seen since the Great Depression of the early 1900s. ARM companies have been forced to lay off or furlough staff and reduce operating expenses to remain in business. These significant events alone are severely impactful. Compounding the pressures placed upon ARM professionals is the looming CFPB final rule on debt collection, the potential impact of the HEROES Act on collection activities, and the costs involved in moving toward artificial intelligence/machine learning.
I do not pretend to fully understand the complexities we are experiencing both economically and socially. I gain perspective the old-fashioned way. I pick up the phone and talk to people directly. There is one thing I am certain about. Positive change will not happen by itself. We must work together to make positive change happen.
To read more of Mike Ginsberg's letter to the ARM industry click here.