Article archive
Every published article, newest first. Page 6 of 13.
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 [...]
LicensingWhat Auto Groups Need To Know About Debt Buying
Debt Buying For Auto Groups As a debt buyer looks to start purchasing debt there are several factors to consider. Will the buying entity purchase and outsource? Will the buying entity purchase and collect themselves? Where is the debt? Where are the debtor? What asset class will be purchased? Debt portfolios often contain multiple asset [...]
Licensing6 Key Changes To Nevada's New Collection Agency Licensing Act
Cornerstone unveils a new look and website as the company celebrates its 25-year anniversary
Press ReleasesCornerstone Unveils New Look
Cornerstone unveils a new look and website as the company celebrates its 25-year anniversary
Compliance12 Key Requirements of the FTC's Updated Safeguards Rule
The FTC's updated Safeguards Rule sets 12 specific security requirements for financial institutions under the Gramm-Leach-Bliley Act. Here is what each one asks for and who has to comply.
LicensingARM Deal Activity Slows as Companies Evaluate Their New Normal
By, Michael Lamm, Managing Partner, Corporate Advisory Solutions, LLC In Q3 2022, merger and acquisition deal volume in the Accounts Receivable Management (ARM) vertical experienced one of the slowest quarters since the start of the pandemic in Q1 2020. The industry saw a 50% decrease in Y-o-Y deal volume compared to Q3 2021 and a [...]
LicensingOne Year into Regulation F: Reflecting on Its Impact So Far
We are about one year into the implementation and enaction of Regulation F upon the accounts receivable industry. From the scramble to prepare model validation notice letters by November 30, 2021 to the present, has it played out as you expected? A Brief Background The Consumer Financial Protection Bureau ("CFPB") was established July 21, 2011 [...]
LicensingWhat is to Become of the CFPB? How will the ARM Industry Respond?
It took only three months for the dust to settle after the West Virginia v. Environmental Protection Agency [i] ("EPA") decision by the United States Supreme Court for the Consumer Financial Protection Bureau ("CFPB" or "Bureau") to see two (2) major challenges to its authority. First, on September 28, 2022, the U.S. Chamber of Commerce [...]
InsuranceCFPB's Statement on Data Security Signals new Compliance Concerns
Insufficient data protection or information security can violate the prohibition against unfair acts or practices according to a circular released last week by the federal Consumer Financial Protection Bureau. This position is not new, as the Bureau has been pursuing covered entities for lax data security measures for some years. In 2016 the Bureau brought [...]
LicensingOnly Make Privacy Promises You Can Keep: Data Security and Cyber Readiness - Top Regulatory Priorities
Regulators at the federal and state levels are focused on non-banks' cyber-readiness. In August 2022, the Consumer Financial Protection Bureau (CFPB) released circular 2022-04, confirming that a company's failure to safeguard consumer information, even if unintentional, could count as an unfair act or practice. Here is what the rule signals and how firms can prepare.
LicensingThe Supreme Court Charts a New Course for Regulatory Scrutiny: Is the CFPB Next?
In one of the last decisions issued from its 2021-2022 term, the Supreme Court in West Virginia v. Environmental Protection Agency ("EPA") found that the EPA exceeded its authority under the Clean Air Act with respect to carbon emissions limits for power plants. The Court invoked the "major questions doctrine" ("doctrine") to reach its decision. [...]