Insights
Field Reports From the Regulatory Frontline
Operations playbooks, regulatory updates, and field reports from the team.
Browse the archive
Browse the full archive
Compliance 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, [...]
Navigating 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 [...]
January 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 [...]
New Jersey: New Data Privacy Law
New Jersey enacts new Data Protection Act, effective Jan 16, 2025, setting comprehensive consumer data privacy standards for businesses.
12 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.
Addressing the Wire Transfer Scam Threat
Business Email Compromise Schemes Threaten Funds Transfers As updated statistics from the FBI's Internet Crime Complaint Center show, business email compromise (BEC) schemes increasingly put funds transfers at risk. Between June 2016 and December 2021, reported exposed dollar loss associated with BEC schemes was greater than $43 billion. Now more than ever organizations and individuals [...]
Massachusetts Joins Nevada in Suspending Debt Collection Activities
Massachusetts Attorney General Maura Healey filed an emergency addendum that prohibited calls from debt collectors for ninety (90) days following the effective date of the regulation or until the State of Emergency Period expires, whichever occurs first. Massachusetts joins Nevada in temporarily suspending debt collection activity.
What Does it Mean to be Compliant in Today's ARM Industry?
Back in 1964, the Supreme Court heard arguments in the case of Jacobellis v. Ohio. The case, which centered around the First Amendment, involved the manager of a theater in Cleveland Heights, Ohio, who wanted to show a film, "The Lovers." The state of Ohio had deemed the film to be obscene and Nico Jacobellis [...]
Updates to Colorado's Fair Debt Collection Practices Act
On April 3 the Colorado General Assembly held a hearing and updates are coming to Colorado's Fair Debt Collection Practices Act. Here's what you need to know: Colorado is proposing to do away with its Collection Agency Board, replacing it with a set of requirements for a single administrator. A recommendation was made to Continue [...]
4 Steps for Collectors to Remain Compliant
The debt collections industry is increasingly regulated. Collectors have the task of representing many different people and must ensure that all actions are compliant. One important area of compliance is consumer communication. Collectors have to be trained on how to avoid violating the 30-day validation period when the communicate with the consumer. It's important to remember [...]
Collecting Without a License? Penalties Can Be Painful!
Last November, the Federal Trade Commission and other law enforcement authorities around the country announced Operation Collection Protection - the first coordinated federal-state initiative to target deceptive and abusive debt collection practices. This concerted and cooperative effort has focused more attention on licensing requirements for collection companies. As a part of this announcement, the FTC [...]
How to Ensure Your Collection Notices are Safe and Compliant
Collection notices communicate important information to your customers about their debt. It's a basic and standard tool in the credit and collection industry, but comes with a few challenges. It's critical that collection agencies make sure they are communicating properly with consumers, and watch out for letters that may not be compliant with the Fair [...]
Nothing matches those filters yet.
Clear the filters above, or get in touch and we will point you to what you need.
Talk to usExplore More From Our Team
Insights
Found This Useful? Let's Get You Set Up.
Start an application and an expert will tailor the next steps to your situation.
Every article here is written and reviewed by our own licensing and compliance team. Read their backgrounds on theauthors page.
Keep exploring
More from our resource library
- AnswersDirect answers to licensing questions
- ResourcesGuides and explainers from our compliance team
- Best-of guidesRanked picks and comparisons by category
- ComparisonsSide-by-side license and provider breakdowns
- ResearchOriginal data reports and analyses
- WhitepapersIn-depth downloadable guides
- Regulatory updatesRule changes our team is tracking
- Monthly newsletterOne email a month on the rules that moved
- AI reference profileStructured company facts for AI assistants