On August 16, the Consumer Financial Protection Bureau (CFPB) filed a proposed settlement to resolve a lawsuit against a debt collection firm, Fair Collections & Outsourcing (FCO), and its owner, Michael Sobota, stemming from FCO’s alleged failure to implement proper policies and procedures, in addition to related Fair Credit Reporting Act (FCRA) and Fair Debt
On August 31, the New York Department of Financial Services (DFS) issued an industry letter to all supervised mortgage lending institutions and their affiliates on preventing sexual orientation discrimination in mortgage lending. New York’s Fair Lending Law prohibits discrimination in, among other things, the granting, withholding, extending, or renewing, or in the fixing of the
On August 11, the Consumer Financial Protection Bureau (CFPB) published a notice and request for comment in the Federal Register on its information collection initiative, “Electronic Disclosure on Mobile Devices.” The CFPB issued the request for comment in advance of seeking formal approval for the initiative from the Office of Management and Budget (OMB).
The
On August 11, the Federal Financial Institutions Examination Council (FFIEC) issued guidance, titled “Authentication and Access to Financial Institution Services and Systems,” which provides financial institutions with examples of effective authentication and access risk management principles and practices for customers (both business and consumer), employees, and third parties accessing digital banking services and