True Accord

JUNE 29, 2023

The GLBA Data Protection Law The Gramm-Leach-Bliley Act, or GLBA, is a federal regulation to control how financial institutions collect, store, and transmit consumer information. And on the flip-side, the study showed nearly 9 out of 10 consumers report strong data privacy practices positively impact their relationship with a company.

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Collection Industry News

MARCH 23, 2021

Consumer privacy proposals pending in state legislatures are likely to get a boost from the passage of Virginia’s Consumer Data Protection Act earlier this month. The growing number of states seriously considering privacy legislation is likely to push the federal government to take action, attorneys say. “My Source: site. on March 10.

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Troutman Sanders

OCTOBER 31, 2023

The Safeguards Rule requires nonbanking financial institutions to develop, implement, and maintain a comprehensive information security program to keep their customers’ information safe.

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Troutman Sanders

JANUARY 22, 2024

Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a report entitled Identity-Related Suspicious Activity: 2021 Threats and Trends highlighting threat patterns and trend information derived from financial institutions’ Bank Secrecy Act (BSA) filings for the calendar year 2021.

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Troutman Sanders

NOVEMBER 16, 2023

Join Troutman Pepper Partner Chris Willis as he discusses the New York Department of Financial Services’ (NYDFS) latest updates to its cybersecurity regulations with Troutman Pepper Privacy + Cyber Partner Kim Phan. The finalized draft of these changes was released on November 1, following a year of public comment.

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Troutman Sanders

JUNE 30, 2022

Kim Phan, a partner in the firm’s Privacy + Cybersecurity Practice Group, counsels fintech companies in federal and state privacy and data security statutes and regulations throughout product development, marketing, and implementation.

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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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Nexa Collect

JUNE 24, 2023

Since collection agencies fall under GLBA laws, they are subjected to the same strict laws as large financial institutions like banks. This includes ensuring that there is no background noise or interruptions that could compromise the professionalism or privacy of calls. Access Control : Implement strict access controls.

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Troutman Sanders

AUGUST 23, 2021

Ron will participate in a panel discussion entitled “Financial Privacy and Data Security,” during which the presenters will discuss key restrictions on the use and disclosure of consumer financial information, including the Gramm-Leach-Bliley Act’s privacy provisions and the Affiliate Marketing Rule.

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Public Citizen

MARCH 25, 2022

The Home Mortgage Disclosure Act Modified Loan Application Register data for 2021 are now available on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,316 HMDA filers. The published data contain loan-level information filed by financial institutions, modified to protect consumer privacy.

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Consumer Finance

MARCH 31, 2021

Today, the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2020 were published on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,400 HMDA filers.

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Troutman Sanders

NOVEMBER 28, 2023

Primarily achieved through the use of “tumblers,” “privacy wallets,” and other mixing services, virtual currency mixing involves a process of pooling virtual currency from numerous sources and then distributing the mixed virtual currency either to the original source or another destination.

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Troutman Sanders

MAY 11, 2023

Chris and Kim explore the uptick in enforcement actions over the last year, the claims made in these cases, the SEC-imposed requirements and penalties on these companies, what we can expect going forward from the financial services regulators, and what financial institutions should do now to get ahead of these types of enforcement actions.

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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. It can be helpful to be aware of such tactics.

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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. For more information, click here.

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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. Subcommittee members U.S.

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Troutman Sanders

AUGUST 25, 2022

As a partner in the firm’s Privacy + Cyber Practice Group, Kim Phan assists financial institutions with e-commerce, social media, and mobile app development and compliance, including adapting an augmented reality mobile game for a retail client, conducting online behavioral advertising assessments of websites to update and enhance website privacy policies, (..)

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PDC Flow

OCTOBER 12, 2021

Joann Needleman leads the firm's financial services regulatory and compliance practice and advises banks, financial institutions, and financial service entities on regulatory compliance matters. Joann Needleman. Member, Clark Hill PLC.

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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.

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Troutman Sanders

FEBRUARY 14, 2022

Another noteworthy proposal is the establishment of a limited-duration pilot program that would allow financial institutions to share a suspicious activity report (SAR) with the institution’s foreign branches, subsidiaries, and affiliates. Guidance from FinCEN also encourages institutions to share information with each other.

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Troutman Sanders

MARCH 31, 2022

dollar, or “e-cash,” which is intended to “replicate and preserve the privacy, anonymity-respecting, and minimal transactional data-generating properties of physical currency instruments such as coins and notes to the greatest extent technically and practically possible,” all without requiring a bank account.

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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

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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Troutman Sanders

DECEMBER 10, 2021

Zinsner has handled every type of litigation impacting financial institutions, including lender liability, Uniform Commercial Code, bank operations, consumer finance, fiduciary matters, and state consumer protection statutes.

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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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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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Collection Industry News

DECEMBER 7, 2021

The CFPB “views the assessment as an opportunity to evaluate whether prior HMDA rulemakings have improved upon the data collected, reduced unnecessary burden on financial institutions, and streamlined and modernized the manner in which financial institutions collect and report HMDA data.”.

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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

SEPTEMBER 17, 2020

Implementing a period for financial institutions to comply. The CFPB is beginning the process of writing regulations to implement Section 1071. In May 2019, several community groups and small business owners in California filed an action in federal court against the CFPB to force it to issue regulations under Section 1071.

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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.

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True Accord

MAY 19, 2021

Similar to other facets of consumer protection like privacy regulation, I expect that the rules coming out of the DFPI may end up impacting consumers nationwide.”. TrueAccord empowers many of the estimated 77 million consumers who are in debt every year to get on a path to better financial health.

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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

AUGUST 17, 2022

To ensure a program is comprehensive, most financial institutions build their security programs around recognized industry frameworks ( e.g., ISO 27001, NIST Cybersecurity Framework, Center Internet Security (CIS) 18, and others). and international privacy laws, SEC, and other laws.

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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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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

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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Troutman Sanders

NOVEMBER 30, 2020

Privacy and Cybersecurity Activities. On November 19, Governor Michelle Bowman, Board of Governors of the Federal Reserve System, delivered a speech at the 2020 Financial Stability Conference hosted by the Federal Reserve Bank of Cleveland and the Office of Financial Research. State Activities. Treasury Secretary Steven T.

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