The California Department of Financial Protection and Innovation (DFPI) announced today a consent order with San Francisco-based, Patelco Credit Union (Patelco) for cybersecurity violations. The consent order, which includes a $100,000 penalty, follows an investigation prompted by a June 2024 ransomware attack affecting Patelco’s approximately 500,000 members.
After two and a half years, Coinbase, Inc. (Coinbase) and other crypto market participants may finally get an answer for why the Securities and Exchange Commission (SEC) has declined to promulgate rules clarifying how and when federal securities laws apply to digital assets like cryptocurrencies.
It’s unlikely anyone has, but that doesn’t diminish the importance of those conversations. Every call from a collector holds a critical opportunity to understand the customer’s situation and balance two essential goals: customer satisfaction and dollars collected.
Third-party collectors represent more than just themselves—they are an extension of the creditor. Yet, in many cases, customers may not even realize they’re speaking with someone other than the original creditor, despite the disclosure of the company name.
The Fifth Circuit Court of Appeals has struck down the FTC’s controversial CARS Rule, saying that the commission violated its own procedural rules by failing to issue an Advance Notice of Proposed Rulemaking (“ANPRM”) before publishing the rule.
On January 31, 2025, President Trump designated Secretary of the Treasury Scott Bessent as Acting Director of the Consumer Financial Protection Bureau (CFPB).
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