True Accord

JUNE 6, 2023

Where data has its own intrinsic value and where data breaches and cyberattacks are a risk for every business, the Safeguards Rule under the Gramm-Leach-Bliley Act (GLBA) provides financial institutions, including those in the accounts receivable management industry, with guidance on how to safeguard customer information.

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True Accord

MAY 19, 2021

Ohad Samet, CEO and cofounder of TrueAccord Group, has been named to the inaugural debt collection advisory committee of the California Department of Financial Protection and Innovation (DFPI). I look forward to working with this group representing diverse stakeholders in the debt collection industry,” said DFPI Commissioner Manuel P.

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Troutman Sanders

SEPTEMBER 17, 2020

On September 15, 2020, after considerable delay and pursuant to a court settlement, the Consumer Financial Protection Bureau (CFPB) released its Outline of Proposals Under Consideration and Alternatives Considered for small business lending data collection rulemaking. Implementing a period for financial institutions to comply.

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Collection Industry News

JUNE 14, 2023

There are several key consumer laws that collectors should be concerned with when engaging in debt collection practices. Fair Debt Collection Practices Act (FDCPA): The FDCPA sets standards for debt collection practices in the United States. appeared first on Collection Industry News.

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PDC Flow

OCTOBER 12, 2021

Before addressing the questions and concerns from attendees, Needleman and Bender discussed their thoughts on both the positive and negative aspects of the Consumer Financial Protection Bureau’s rule and how they may impact debt collection after November 30. This has been a decade or more in the making ,” said Needleman. “

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Troutman Sanders

JUNE 13, 2022

Privacy and Cybersecurity Activities. Federal Activities: On June 9, the Consumer Financial Protection Bureau (CFPB) launched an inquiry into practices and financial products that may leave employees indebted to their employers. Privacy and Cybersecurity Activities: The U.S. State Activities. dollar-backed stablecoins.

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Debt Collection Answers

FEBRUARY 21, 2024

Debt Consolidation Lenders and Marketing Mailers: Debt consolidation lenders, like any other financial institutions, utilize the pre-screening process to identify individuals who may benefit from their services. The post Why Do You Get Debt Consolidation Loan Mailers appeared first on Debt Collection Answers.

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Troutman Sanders

AUGUST 7, 2023

State Activities: On July 31, the California Privacy Protection Agency’s (CPPA) Enforcement Division announced review of data privacy practices by connected vehicle (CV) manufacturers and related CV technologies. For more information, click here. For more information, click here.

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Troutman Sanders

OCTOBER 4, 2021

Privacy and Cybersecurity Activities. Federal Activities: On September 29, the Consumer Financial Protection Bureau (CFPB) released its fifth biennial report to Congress on the consumer credit card market, finding that the market’s growth over the last few years reversed course in 2020. State Activities. Coast Professional, Inc.,

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Troutman Sanders

JULY 7, 2021

Privacy and Cybersecurity Activities. Federal Activities: On July 1, the Consumer Financial Protection Bureau (CFPB or Bureau) released a new complaint bulletin covering several areas of concern on relief provided in response to the COVID-19 pandemic, including the Centers for Disease Control and Prevention (CDC) eviction moratorium.

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Debt Collection Answers

MAY 18, 2023

Dealing with debt collection agencies can be unpleasant, and CCS Offices are no different. It’s common for debt collectors to purchase and sell debts, resulting in the possibility of multiple collection accounts from the same debt appearing on your credit report. Who are CCS Offices?

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Collection Industry News

DECEMBER 7, 2021

The CFPB recently announced its intent to complete a voluntary assessment of its final HMDA rule issued in October 2015 and subsequent amendments (collectively, the HMDA Rule) and requested comment from the public about this plan, as well as information and data that might be useful in conducting the assessment. Source: site.

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Troutman Sanders

NOVEMBER 2, 2020

Privacy and Cybersecurity Activities. It requires federal regulators to exclude PPP loans from asset-size calculations for the purpose of determining capital ratios, deposit insurance premiums, and other asset thresholds at those financial institutions. State Activities. For more information, click here. On October 29, the U.S.

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Troutman Sanders

OCTOBER 27, 2022

Chopra described the impetus for the new rule as part of an intentional shift by the CFPB away from “fine print” privacy notices and toward procompetitive regulation. Limit third-parties’ collection, use, and retention of consumer information to what is reasonably necessary to provide the product or service the consumer has requested.

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Troutman Sanders

JANUARY 18, 2022

As a practical matter, the amendments will likely require many financial institutions to revisit and revise their policies and procedures, including, for example, in the areas of risk assessments, vendor oversight, and incident response plans.

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Troutman Sanders

JUNE 27, 2023

The law requires providers of EWA products to obtain a license from the Nevada Commissioner of Financial Institutions. Specifically, the legislation applies to businesses that deliver money to a person that represents income that the person has earned but has not yet been paid.

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Troutman Sanders

NOVEMBER 15, 2022

The Safeguards Rule requires nonbanking financial institutions to develop, implement, and maintain a comprehensive information security program to keep their customers’ information safe. In the letter, the SBA states: “[S]mall financial institutions will need to modify their methods for evaluating these.

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Troutman Sanders

FEBRUARY 7, 2022

Privacy and Cybersecurity Activities. State Activities: On February 3, the Nevada Financial Institutions Division issued a notice of transition to all Nevada collection agency licensees, stating that “all current collection agency and manager licensees and registrants will be able to begin their required transition to NMLS” on April 1.

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Troutman Sanders

AUGUST 23, 2023

She has defended several of the nation’s largest and most influential financial institutions in individual and class action litigation involving the Telephone Consumer Protection Act (TCPA), Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), and other consumer privacy statutes.

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Troutman Sanders

AUGUST 2, 2022

But the American Bankers Association and Bank Policy Institute say the amendment as applied to financial institutions would duplicate existing regulations under the Dodd-Frank Act, while also requiring the turnover of a substantial amount of cybersecurity-related data that could prove dangerous in the wrong hands.

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Nexa Collect

NOVEMBER 26, 2022

As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. This means all collection agencies must secure consumer data nearly the same way as banks. Failure to comply with GLBA can have severe consequences for the collection agency, especially the owners and/or the CEO.

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Troutman Sanders

APRIL 5, 2021

Privacy and Cybersecurity Activities. The seven rescissions provide guidance to financial institutions on complying with their legal and regulatory obligations. The published data contain loan-level information filed by financial institutions, modified to protect privacy. State Activities.

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Fico Collections

DECEMBER 17, 2020

My colleague Doug Clare aptly points out in his 2021 predictions blog that the best way for financial institutions to keep ahead of rapidly emerging fraud patterns is to keep their guard up. Consumers Will Wake Up to Data Privacy. Luckily, as Doug explains, the digital transformation work banks are doing will make this easier.

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Troutman Sanders

OCTOBER 20, 2023

She has defended several of the nation’s largest and most influential financial institutions in individual and class action litigation involving the Telephone Consumer Protection Act (TCPA), Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), and other consumer privacy statutes.

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Troutman Sanders

APRIL 19, 2021

Privacy and Cybersecurity Activities. Federal Activities: On April 19, the Consumer Financial Protection Bureau (CFPB) announced that the 30-day comment period on the CFPB’s proposal to delay the effective date of Regulation F, its Debt Collection Rule, is open. State Activities. On April 13, U.S.

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Consumer Financial Services Law

MAY 30, 2017

By Vanessa Garrido The CFPB has issued a Request for Information (RFI) to collect data that will shed light on how small businesses engage with financial institutions, with a particular focus on women-owned and minority-owned small businesses. Of the estimated 27.6 million are women-owned.

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Troutman Sanders

SEPTEMBER 21, 2020

Privacy and Cybersecurity Activities. Data collected shows that U.S. families were faring better financially in July than in April, but many still faced uncertainty regarding layoffs and prospects for returning to work. Gimenez stressed that the app collects “no personal information, no GPS or location information[.]”

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Troutman Sanders

FEBRUARY 16, 2022

Privacy and Cybersecurity Activities. The blog post indicated that the CFPB is carefully reviewing the findings of the Identifying Bias and Barriers, Promoting Equity: An Analysis of the USPAP Standards and Appraiser Qualifications Criteria report funded by the Federal Financial Institutions Examination Council’s Appraisal Subcommittee.

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Troutman Sanders

SEPTEMBER 7, 2021

Privacy and Cybersecurity Activities. Department of the Treasury’s Community Development Financial Institutions Fund announced $5 billion in new markets tax credits that it hopes will spur investment and economic growth in low-income urban and rural communities nationwide. State Activities. For more information, click here.

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Troutman Sanders

OCTOBER 25, 2023

Third parties would not be allowed to collect, use, or retain data for secondary uses, such as advertising or marketing purposes. Third parties, even if not financial institutions, would be required to establish data security programs that comply with the Gramm-Leach-Bliley Act Safeguards Rule. Tiered compliance dates.

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Troutman Sanders

OCTOBER 19, 2021

Privacy and Cybersecurity Activities. On October 15, the Department of Education announced that it has awarded contracts to six different companies that will be responsible for servicing and collecting federal student loans. State Activities. For more information, click here. For more information, click here.

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Troutman Sanders

SEPTEMBER 29, 2020

Privacy and Cybersecurity Activities. On September 16, the Department of Veterans Affairs (VA) announced that individuals affected by natural disasters — such as the wildfires in California and Oregon or hurricanes in the Southeast — can receive a 90-day suspension of debt collection efforts to give them time to get back on their feet.

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Fico Collections

DECEMBER 23, 2020

In the wake of such radical changes, as we look to the year ahead, the challenge for global banks and financial institutions at large has never been greater. Here is how we predict banks will endeavor to enhance their financial crimes controls in 2021: 1. Machine Learning Will Play a Great Role in Fighting Money Laundering.

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Troutman Sanders

OCTOBER 26, 2020

Privacy and Cybersecurity Activities. Federal Activities: On October 23, the Financial Action Task Force concluded its 32nd plenary meeting and continued to focus on the impact of the COVID-19 pandemic on detecting and countering fraud, including attempts to defraud government-backed stimulus programs. State Activities.

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Collection Industry News

NOVEMBER 22, 2023

The rule proposed today would ensure that these nonbank financial companies – specifically those larger companies handling more than 5 million transactions per year – adhere to the same rules as large banks, credit unions, and other financial institutions already supervised by the CFPB.

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Burr Forman

AUGUST 24, 2020

As a member of the Financial Services Litigation Practice Group, Rachel Friedman specializes in defending financial institutions from alleged violations of state and federal consumer protection laws at both the trial and appellate levels. She earned her CIPP/US certification to become a Certified Privacy Professional.

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Troutman Sanders

MARCH 22, 2021

Privacy and Cybersecurity Activities. The Bureau is concerned that some of those desperately needed funds will not reach consumers, and will instead be intercepted by financial institutions or debt collectors to cover overdraft fees, past-due debts, or other liabilities. State Activities. For more information, click here.

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