In May, we reported that the Federal Communications Commission (Commission) had adopted a Notice of Apparent Liability (NAL) against a voice service provider, Lingo Telecom, LLC (Lingo), for transmitting illegally spoofed, deep fake robocalls by failing to both properly authenticate those calls under the Commission’s STIR/SHAKEN requirements and meet the Commission’s “Know Your Customer” obligations. The NAL was based on a February 2024 cease-and-desist letter ordering Lingo to take action to stop carrying suspicious robocalling traffic.
The Consumer Financial Protection Bureau (CFPB) has released detailed compliance guides for its new rule that establishes a registry of nonbank entities subject to enforcement actions. This significant regulation, which takes effect on September 16, 2024, mandates that nonbank entities, including debt collectors, register with the CFPB if they have been subject to enforcement actions by local, state, or federal courts or agencies.
In a significant move to enhance consumer privacy and promote transparency in digital practices, the New York State Attorney General recently published two critical guides: “Website Privacy Controls: A Guide for Business” and “A Consumer Guide to Web Tracking.”
As Yogi Berra said, “It’s déjà vu all over again.” If the idea of the global average costs of data breaches rising year over year feels like more of the same, that’s because it is. Data protection solutions get better, but so do threat actors. The other broken record is the underuse or misuse of technologies that can help safeguard data, such as artificial intelligence and automation.
Many FinTechs partner with credit unions (CUs) and other financial institutions (FIs) to provide the innovative products and services that today’s digital-first consumers expect. In fact, almost all view CUs as collaborators more than competitors. To be successful partners, FinTechs need to align their innovation roadmaps with CUs’ innovation agendas.
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