As an employee of a major credit issuer, I led collection teams responsible for recovering debts for the Bank. The Bank maintained that these teams were not classified as debt collectors under the FDCPA. However, our collection strategy adhered to FDCPA guidelines to ensure fair treatment of consumers. At the time, I believed that transitioning to full compliance with the FDCPA, if required, would be relatively straightforward for our organization.
A new law giving people more control over their personal information online took effect in Nebraska Wednesday.
The Nebraska Data Privacy Act allows consumers to access, correct or delete the data companies collect about them. It also enables people to opt out of their data being sold to other companies or third parties.
Managing a team of 10 people can feel like herding cats—so imagine the complexity of overseeing more than 400 repossession agents. Ensuring compliance, efficiency, and accountability at this scale requires more than just good intentions. It demands strategic oversight, the right tools, and full collaboration between creditors, national forwarders, and agents.
The focus on data privacy started to quickly shift beyond compliance in recent years and is expected to move even faster in the near future. Not surprisingly, the Thomson Reuters Risk & Compliance Survey Report found that 82% of respondents cited data and cybersecurity concerns as their organization’s greatest risk. However, the majority of organizations noticed a recent shift: that their organization has been moving from compliance as a “check the box” task to a strategic function.
This article presents key findings from 2024 reports on data breaches. Breaches are taking longer to resolve and are becoming more costly for organizations. With recovery times extending and costs increasing, businesses face growing challenges in managing the aftermath.
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