FTC Announces Virtual Open Meeting on November 14: Public Invited to Participate and Discuss Key Consumer Protection Initiatives 

Federal Trade Commission (FTC) Chair Lina M. Khan has announced a virtual open meeting scheduled for Thursday, November 14, 2024, at 11 a.m. ET. The event will kick off with an opportunity for members of the public to share feedback and address the Commission, with each speaker allotted two minutes to comment on the FTC’s work or raise relevant issues.  The tentative agenda for the November 14 meeting includes:  Older […]

Update on NY Debt Collection Rule Amendments: New Implementation Date of April 1, 2025 

The Department of Consumer and Worker Protection (DCWP) has announced updates to its debt collection regulations, aiming to enhance consumer protections and better align with current practices in the industry. Originally set to take effect on December 1, 2024, these regulations will now be implemented on April 1, 2025. This delay allows additional time for debt collectors to adjust their operations in response to the feedback provided by industry stakeholders.  […]

CFPB Orders VyStar Credit Union, Formerly JAX Navy Federal Credit Union, to Compensate Consumers After Online Banking Debacle

In a recent enforcement action, the Consumer Financial Protection Bureau (CFPB) has held VyStar Credit Union—formerly known as JAX Navy Federal Credit Union—accountable for a disastrous online banking transition that harmed its members. In May 2022, VyStar launched a new virtual banking system that was fraught with technical issues, leaving thousands of members unable to access basic banking services for weeks. Some features remained unavailable for over six months, resulting […]

A Hybrid Approach to Third Party Collection Vendor Audits

As we get accustomed to the idea of a hybrid workforce, I’m reminded that a hybrid approach to third party auditing can also be appropriate, allowing organizations to maintain effective oversight while optimizing time, resources and the depth of inspection based on the vendor’s risk level and function. While consistency and objectivity are of utmost important, the hybrid approach can be more adaptable to various risks and business needs. Creating […]

Understanding Employer Obligations: How the FCRA Regulates Background Checks and Algorithmic Scores in Employment Decisions 

Employers increasingly rely on third-party background checks, algorithmic assessments, and consumer reports when making decisions about hiring, promotions, and evaluating current employees. This reliance raises a critical question: Can an employer utilize these reports without following the Fair Credit Reporting Act (FCRA) guidelines? According to the Consumer Financial Protection Bureau (CFPB), the answer is no. The FCRA, originally established to regulate credit reporting, also extends protections to employees, ensuring that […]

Exploring Cybersecurity Trends and Innovation at the Flyover Fintech Conference 

On October 21, financial technology experts gathered at the Nebraska Innovation Campus in Lincoln, Nebraska, for the second annual Flyover Fintech conference. Hosted by U.S. Representative Mike Flood, R-Neb., the event spotlighted cutting-edge trends in cybersecurity, AI, and digital assets, with panels exploring innovations in Nebraska’s economy and housing sectors. Here’s a look into the key takeaways from the cybersecurity discussions at the conference.  Addressing Cybersecurity Risks in a Rapidly […]

A New Era for Personal Financial Data Rights: Insights from CFPB’s Rohit Chopra

Recently, at the Federal Reserve Bank of Philadelphia, CFPB Director Rohit Chopra delivered important remarks about the newly finalized Personal Financial Data Rights rule. This landmark regulation is a significant development for consumers, promoting freedom, decentralization, and competition within our financial system.  Acknowledging the Past and Present  Chopra opened by expressing gratitude to the Federal Reserve Bank of Philadelphia and its President, Patrick Harker, for their commitment to the region […]

New Legislation Could Help Consumers Build Credit Through Medical Debt Payments 

A new bill introduced on Capitol Hill seeks to change how medical debt is reflected on credit reports, offering consumers the opportunity to improve their credit scores by including positive medical debt payments.  Currently, medical debt can negatively impact credit scores, but paying off this debt doesn’t contribute to improving them. In response, U.S. Representatives Don Bacon and Marie Gluesenkamp Perez have introduced the bipartisan Reporting Medical Debt Payments as […]

FTC’s New Rule Makes Subscription Cancellations Easier for Consumers 

The Federal Trade Commission (FTC) has introduced a new “click-to-cancel” rule designed to simplify the process of canceling subscriptions and recurring payments. Under this rule, businesses must provide consumers with a cancellation process as straightforward as the one used for signing up. The rule, which aims to protect consumers from deceptive practices, will take effect 180 days after its publication in the Federal Register.  FTC Chair Lina M. Khan emphasized […]

CFPB’s Oversight of the Auto-Finance Market: Key Findings 

The latest edition of the Consumer Financial Protection Bureau’s (CFPB) Supervisory Highlights focuses on issues within the auto-finance market, emphasizing efforts to address deceptive practices, improper repossessions, and violations of consumer protection laws. Auto loans are crucial for millions of American families, with debt in this sector reaching $1.616 trillion as of mid-2024, second only to mortgage debt. The CFPB’s report examines auto-finance companies’ practices and their impact on consumers, […]