On October 28, the Deputy Comptroller for Supervision of Risk Management Darrin Benhart of the Office of the Comptroller of the Currency discussed auto and home equity lending risks and consumer debt sales. A copy of his remarks, which were made before the Financial Services Collections and Credit Risk Conference, can be found here.
IAPP’s Practical Privacy Series 2014 – NYC Edition
On November 5-6, the International Association of Privacy Professionals (IAPP) will host a Practical Privacy Series in New York. According to IAPP, the Series will offer laser-focused education in the hot areas of data privacy that gets straight to the point, giving attendees the knowledge they need right now.
Topics to be covered are:
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FCC Steps into Data Privacy Fray with Action Against Telecommunications Company
The Federal Communications Commission took its first step into the field of data security regulation on October 24 when it hit two telecommunications companies with a $10 million fine for allegedly failing to adequately safeguard customers’ sensitive information.
The two companies – TerraCom, Inc. and YourTel America, Inc. – were fined for allegedly placing the
CBO Releases Cost Estimates for Financial Regulatory Clarity Act
On October 17, the Congressional Budget Office responded to a request from the House Financial Services Committee and issued certain cost estimates associated with the implementation of the proposed “Financial Regulatory Clarity Act of 2014.” Specifically, the CBO estimated that the bill would cost the Consumer Financial Protection Bureau $7 million between 2015 and 2024,
The ACA International’s 2014 Fall Forum & Expo
This year’s ACA International Fall Forum & Expo, to be held in San Francisco on November 5-7, is quickly approaching, and their roster and agenda look outstanding. ACA International describes this year’s event:
ACA brings you four cutting-edge tracks with the latest updates from industry experts. Twenty-eight concurrent sessions from thought-provoking speakers, twenty-five plus innovation
CFPB Finalizes Privacy Policy Disclosure Rule
On October 17, the Consumer Financial Protection Bureau finalized an administrative rule, first proposed in May, that allows qualifying financial institutions to post their privacy policies online in lieu of sending the policies to customers personally. The rule, an amendment to a regulation known as “Regulation P,” 12 C.F.R. Part 1016, applies both to
Fourth Circuit Rules Debt Collector Violated “Call Charged” Section of TCPA for Using an ATDS to Call a Residential Landline
Earlier this month, the Fourth Circuit issued an unpublished opinion holding a debt collector’s autodialed calls to a residential landline with VoIP service violated the Telephone Consumer Protection Act due to the fact that the consumer was charged for each call.
In Lynn v. Monarch Recovery Management, Inc., No. 13-2358, 2014 U.S. App. LEXIS
FDCPA Class Certified in a Seemingly Individualized Dispute over Repayment Options Calculation
In Alexander v. Coast Professional, Inc., No. 12-cv-1461, (E.D. Pa. Sept. 5, 2014), the United States District Court for the Eastern District of Pennsylvania certified a class of Pennsylvania residents with defaulted student loans serviced by Coast Professional. The class action under the FDCPA is based on the allegations that Coast Professional failed to
CFPB Turns Attention to Specialty Consumer Reporting Agencies and Access to Checking Accounts
On October 8, Consumer Financial Protection Bureau Director Richard Cordray delivered prepared remarks on screening policies and practices associated with the opening of checking accounts. These remarks, which focused on the specialty credit reports used by banking institutions to determine a potential customer’s credit risk, may signal the CFPB’s increased interest in access to checking
The Second Circuit’s Ruling in Nigro v. Mercantile Adjustment Bureau Narrows Express Consent Under the TCPA
On October 16, the Second Circuit in Nigro v. Mercantile Adjustment Bureau, LLC, ruled against a debt collector by holding that the agency violated the Telephone Consumer Protection Act when it repeatedly called the plaintiff about his deceased mother-in-law’s debt. Despite the plaintiff providing the number called to the creditor, the Court of Appeals