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June

4
2024
Compliance

Why it’s not rude to ignore “hi, how are you?” text messages from strangers

A text message from an unknown number that simply says: hi, how are you? seems harmless. Your first instinct might be to respond to see if it’s someone you know. Or maybe tell them they made a mistake.

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June

3
2024
Compliance

Colorado Privacy Act Amended To Include Biometric Data Provisions

On May 31, 2024, Colorado Governor Jared Polis signed HB 1130 into law. This legislation amends the Colorado Privacy Act to add specific requirements for the processing of an individual’s biometric data. This law does not have a private right of action.

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June

3
2024
Industry News

Education Secretary Announces Plans to ‘Modernize’ Federal Student Aid

U.S. Secretary of Education Miguel Cardona is seeking to ensure the Department of Education’s Federal Student Aid (FSA) office “works better and addresses ongoing management and operational challenges,” according to a blog post from the department.

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June

3
2024
Industry News

Sound Credit Union Auto Loan Payoff Sweepstakes

TACOMA, Wash., May 31, 2024--(BUSINESS WIRE)--Sound Credit Union (Sound) is thrilled to introduce an exciting opportunity for its members. Starting May 1, all Sound members who open or refinance an auto loan with the credit union will automatically be entered into a special drawing. One lucky winner will have their auto loan balance paid off by Sound, up to $40,000.

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June

3
2024
Industry News

Surprise! CFPB Claims That Buy Now, Pay Later Providers Are “Card Issuers” Under Reg Z

To the likely surprise of providers of buy now, pay later (“BNPL”) financing, last week the Consumer Financial Protection Bureau (“CFPB”) issued an interpretive rule stating that BNPL products are actually “credit cards” under the Truth in Lending Act (TILA) and BNPL providers are “card issuers” and therefore “creditors” under, and subject to, Regulation Z.

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