Prudent regulation is needed in helping to define the risks and rewards in emerging partnerships between financial institutions and banks — but current regulatory efforts may be too vague, critics charged at a Congressional hearing held Friday (July 12). A “field hearing” held by the House Financial Services Subcommittee on Financial Institutions and Monetary Policy — “field” hearings take place outside of Washington, D.C., and in this case was held in Kentucky — included testimony from banking and FinTech executives who noted that the partnerships have the potential to transform financial services and boost financial inclusion.
As we predicted here, the Consumer Financial Protection Bureau (CFPB or Bureau) last week proposed new and, in some cases, streamlined rules governing what mortgage servicers must do after a borrower becomes delinquent. The proposed rules incorporate some pandemic-era practices, such as allowing servicers to offer assistance without a comprehensive review of the borrower’s financial situation.
On July 5, the California Privacy Protection Agency (CPPA) published a Notice of Proposed Rulemaking regarding Data Broker Registration pursuant to Senate Bill 362 (the Delete Act). The Delete Act requires the CPPA to establish an accessible deletion mechanism. This mechanism allows a consumer, through a single verifiable consumer request, to request that every data broker delete any personal information related to that consumer held by the data broker or associated service provider or contractor.
he Federal Communication Commission is moving forward with its plan to ban AI robocalls. Commissioners voted unanimously on Wednesday in favor of a Declaratory Ruling that was proposed in late January. Under the measure, the FCC deems robocalls made using AI-generated voices to be "artificial" voices per the Telephone Consumer Protection Act (TCPA). That makes the practice illegal. The ruling takes effect immediately.
Everyone who has worked in collection operations knows what it is like to create workarounds for processes. Often, these processes are designed by corporate teams without a true understanding of operational realities. Cutting corners on lengthy scripts or using alternate approaches is common to save time or simplify execution. However, processes are designed to ensure compliance with policies and requirements. So, is your workaround still compliant?
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