Impact of The GLBA on Collection Agencies
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. Each violation can result in fines up to $100,000 and may extend to criminal penalties, including jail time.
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