Article archive
Every published article, newest first. Page 5 of 13.
ComplianceCFPB Releases Supervisory Highlights Focusing on Debt Collection and Loan Servicing Practices
The CFPB's latest Supervisory Highlights flags problems in auto and student loan servicing, debt collection, and medical payment products. Here is what examiners found and how firms responded.
LicensingTrends and Challenges in the Debt Buying Industry
The debt buying industry keeps the financial system liquid by helping lenders recover unpaid debts. As the sector changes, it faces several trends and challenges. This article covers what debt collectors, debt buyers, accounts receivables management professionals, directors of risk, and compliance directors need to know.
ComplianceRhode Island Introduces Comprehensive Data Privacy Law with Key Exemptions
On June 28, Rhode Island became the nineteenth state to enact a comprehensive consumer data privacy law. The Rhode Island Data Transparency and Privacy Protection Act (Senate Bill 2500) takes effect on January 1, 2026. Here is who it covers, its key exemptions, and what businesses must do to comply.
LicensingMinnesota Debt Collection Reforms
Minnesota Governor recently signed into law Senate Bill 4097 introducing a series of reforms for Debt Collection relating to collection agency licensing, coerced debt, medical debt limitations, property exemptions, and wage garnishment. The provisions that were passed into law affecting the receivables industry are summarized as follows: Waiver of Collection Agency License Requirement The Commissioner [...]
ComplianceCFPB Issues Interpretive Rule on Buy Now Pay Later Services
In an era where the convenience of digital transactions intersects with the needs of immediate gratification, the rise of buy now pay later (BNPL) services has reshaped the financial landscape. These services, offering an alternative to traditional credit card usage, promise a simplified purchasing process with deferred payments. BNPL firms have seen a rapid increase [...]
ComplianceNew Minnesota Data Privacy Law: What You Need to Know
Minnesota has taken major steps to protect consumer rights and secure the handling of personal data. New privacy legislation puts a spotlight on the duties of financial services businesses, lenders, and debt collectors. It underscores how important compliance with these new Minnesota laws has become and sets a benchmark for protecting sensitive data.
ComplianceUS Supreme Court Upholds CFPB Funding: Key Consequences
In a landmark ruling, the US Supreme Court upheld the legal foundation and funding of the Consumer Financial Protection Bureau (CFPB). It was a decisive moment for regulatory oversight in the financial sector. The decision shapes the immediate landscape and sets a precedent for the independence of similar federal agencies.
ComplianceCompliance Corner: Updates to FTC's Safeguards Rule
The FTC has now updated its Safeguards Rule to add breach notification requirements. It plans to host a new public database of instances in which consumers' nonpublic information has been subjected to unauthorized access. Effective May 13, 2024 Key features Financial institutions subject to the FTC's jurisdiction, which include mortgage lenders, payday lenders, collection agencies, [...]
ComplianceNavigating the New FTC Safeguards Rule: Essential Compliance Tips
The Federal Trade Commission (FTC) Safeguards Rule, a mandate under the Gramm-Leach-Bliley Act, plays a crucial role in ensuring that financial services, including those beyond traditional banking sectors like debt collection, uphold stringent data security measures to protect customer information from data breaches. This regulation necessitates a comprehensive approach to safeguard consumer data, stretching its [...]
Debt Collection & BuyingData Privacy Laws: Implications for Fintech and Debt Collection
As the digital landscape continues to evolve, data protection laws have become the foundation in fortifying consumer privacy and reshaping how businesses manage and protect personal information. The enactment and subsequent amendments of the California Consumer Privacy Act (CCPA) signify a pivotal shift towards more rigorous consumer protection in the digital age. This legislation, emblematic [...]
InsuranceProtecting Your Business: Cyber Insurance, Fatigue, and Tailored Solutions
Cyber insurance has become an essential form of protection in today's digital landscape. With the rapid increase in cyberattacks and the evolving nature of cybersecurity threats, it is crucial for businesses to have comprehensive coverage that can mitigate the potential risks. In this article, we will explore the importance of cyber insurance, the risks of [...]
LicensingMoney Service Business: A Spring Cleaning Checklist
A cease and desist order was recently issued against a major money service business (MSB), a sign of heightened regulatory scrutiny. MSBs face strict state and federal requirements. A thorough spring cleaning of systems and procedures helps every part of the business meet industry best practices.
LendingOpen Banking and Its Transformative Effects on Fintech in the US
Open banking in the US is close to clearing a major regulatory hurdle. It could reshape fintech by letting banks and third-party providers share data securely, with consumer consent at its core. The shift promises a wider range of financial services, better insights and analytics, and cheaper, simpler customer experiences.
ComplianceJanuary a Record-Breaking Surge in Consumer Complaints and Suits
In January 2024, there was an unprecedented spike in consumer complaints and lawsuits lodged with the CFPB. Everything from Fair Debt Collection Practices Act (FDCPA) and Telephone Consumer Protection Act (TCPA) lawsuits to Fair Credit Reporting Act (FCRA) suits saw a double-digit surge, both on a month-to-month and year-over-year basis. A Closer Look at the [...]
LicensingEnhanced Consumer Protection for Medical Debt
The early weeks of 2024 point to a busy year for state consumer protection laws, especially around medical debt. A growing list of states is moving to ease its impact on consumers.
InsuranceCyber Insurance: Protecting your Business from Rising Digital Threats
In the last year, cyber criminals delivered a wave of cyber-attacks that were highly coordinated and far more advanced than ever before. Simple endpoint attacks became complex, multi-stage operations. Ransomware attacks hit small businesses and huge corporations in equal measure. It was a year of massive data leaks, expensive ransomware payouts, and a larger, more [...]
LicensingUnderstanding Surety Bonds in the Financial Services Industry
Surety bonds are a fundamental tool used within the financial services industry for licensing and permitting processes. This article delves into the concept of surety bonds, how they differ from insurance, and their significance in obtaining licensing. An Overview of Surety Bonds A surety bond is a risk management tool, a contractual agreement involving three [...]
ComplianceNew Jersey: New Data Privacy Law
New Jersey enacts new Data Protection Act, effective Jan 16, 2025, setting comprehensive consumer data privacy standards for businesses.
LicensingWisconsin: Financial Services Proposed Legislation
Explore Wisconsin's proposed financial reforms with SB 668, AB 948, & SB 859, set to revamp licensing and regulations for service providers.
Cyber SecurityArtificial Intelligence in Lending
Artificial intelligence is reshaping financial services, and lenders are adopting it for credit scoring, loan approval, fraud detection, and collection management. Those gains come with real compliance questions around data privacy, bias, and transparency. Here is how AI is changing lending and what licensed lenders should weigh.
LicensingPrivate Education Debt New York
Cornerstone unveils a new look and website as the company celebrates its 25-year anniversary
LicensingWisconsin Earned Wage Access Services
Cornerstone unveils a new look and website as the company celebrates its 25-year anniversary
LicensingThe Evolving Landscape of Debt Buying Licensing
The Debt Buyer's Guide to Navigating the Licensing Labyrinth It has been said, "there is no cookie cutter definition of a debt buyer." The concept of a debt buyer is a complex one, with an ever-widening spectrum of potential licenses and regulations that apply to this role. Over the recent years, the definition of a [...]
LicensingNMLS Renewal Season: Tips and Best Practices
Best Practices When Dealing With The NMLS Renewal season is upon us. As the year comes to a close, it's important to ensure that all licenses managed on the Nationwide Multistate Licensing System & Registry (NMLS) are renewed within the designated timeframe. To navigate the renewal process smoothly, keep the following tips in mind: Know [...]