The Consumer Financial Protection Bureau (CFPB) today proposed a rule to rein in data brokers that sell Americans' sensitive personal and financial information. The proposed rule would limit the sale of personal identifiers like Social Security Numbers and phone numbers collected by certain companies and make sure that people’s financial data such as income is only shared for legitimate purposes, like facilitating a mortgage approval, and not sold to scammers targeting those in financial distress.
The Telephone Consumer Protection Act (TCPA) can be a difficult and complex area of law to litigate. In recent years, the plaintiffs’ bar has upped that difficulty and complexity by targeting products designed to help with TCPA compliance — namely, products designed to confirm whether consumers provided TCPA-compliant consent. One such product is TCPA Guardian offered by Jornaya.
The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of November 1, 2024, through November 30, 2024. Under the CRA, the OCC assesses an institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such institution.
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in October 2024. There are no administrative hearings scheduled for December 2024. The FDIC issued five orders. The administrative enforcement actions in those orders consisted of one consent order, one order terminating consent order, two orders to pay civil money penalties (CMPs), and one combined order of prohibition and order for restitution.
As a creditor managing third-party collection vendors, ensuring their compliance and effectiveness is critical to protecting your brand, customers, and bottom line. But have you considered the risks posed by their vendors? These subcontractors, known as fourth parties, often play integral roles in service delivery but can introduce significant risks that ripple through your operations.
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