The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and state financial regulators (collectively, the agencies), today issued a statement to provide institutions supervised by the agencies examples of risk management and other practices that can be effective in identifying, preventing, and responding to elder financial exploitation.
Today, the Consumer Financial Protection Bureau (CFPB) took action to permanently ban Student Loan Pro and Judith Noh, its owner, from offering or providing consumer financial products. The CFPB alleges that Student Loan Pro and Noh violated federal law by charging borrowers upfront fees to file paperwork on their behalf to access free debt-relief programs available to consumers with federal student loans.
The federal bank regulatory agencies today announced their third notice requesting comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations at least once every 10 years to identify outdated or otherwise unnecessary regulatory requirements for their supervised institutions.
The Texas Data Privacy and Security Act is a new law that sets rules for how businesses can handle the personal data of Texas residents, requiring the businesses to meet strict compliance standards.
TrueAccord is at the forefront of defending litigation related to digital communications in debt collection and its recent victory in the Southern District of Florida is a resounding victory for digital channels in our industry.
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