Showing 10 posts in Regulatory Compliance.
3 Key Takeaways and Collection Agency Industry Insights from the NACARA Conference
Last week, the North American Collection Agency Regulatory Association (NACARA) hosted its annual conference at the California Department of Financial Protection and Innovation’s Sacramento office. The event served as a platform for state regulators and collection agency representatives to discuss the latest challenges and emerging trends affecting the industry. More ›
Stay Informed and Protected: Subscribe to Our New Privacy, Cyber, & AI Decoded Alerts
In today's age of complex data privacy and AI regulations, staying informed and in compliance is more crucial than ever.
That is why our Privacy, Security, and AI practice created Privacy, Cyber & AI Decoded, a new publication that delivers important insights on data privacy, cybersecurity, and AI compliance when your organization needs them most.
Subscribe to our Privacy, Cyber & AI Decoded alerts to receive these timely insights right in your inbox. More ›
The Texas Supreme Court Has Spoken: Mortgage Servicers May Rewind and Restart the Statute of Limitations Clock Within the Same Letter
Last week, the Texas Supreme Court answered the Fifth Circuit’s certified question as to whether simultaneous rescission and reacceleration can reset the limitations period under Texas Law by holding that “a rescission that complies with the statute [Tex. Civil Practice and Remedies Code Section 16.038] resets limitations even if it is combined with a notice of reacceleration.” Moore v. Wells Fargo Bank, N.A., No. 23-0525, 2024 Tex. LEXIS 156, at *2 (Feb. 23, 2024). More ›
New York State DFS Issues Proposed Amendments to its Debt Collection Rules for Third-Party Debt Collectors and Debt Buyers
On October 29, 2021, the New York State Department of Financial Services (DFS) posted proposed amendments to its debt collection rules for Third-Party Debt Collectors and Debt Buyers (under 23 New York Codes, Rules, and Regulations Part 1) that could significantly change procedures for communicating with consumers. More ›
Cybersecurity Compliance Emphasized at MBA's Legal Issues and Regulatory Compliance Conference
In a Privacy & Cyber Bytes Alert, we review takeaways from the recently concluded Mortgage Bankers Association's Conference on Legal Issues and Regulatory Compliance. Lenders and servicers with consumer-facing platforms that collect personal information need to initiate cybersecurity compliance efforts immediately.
Read the full alert which includes our list of best practices.
CFPB Highlights COVID-19-Fueled Regulatory Risks for Examined Industries in Special Edition of Supervisory Highlights
In its recent Special Edition of Supervisory Highlights on COVID-19 Prioritized Assessments, the Consumer Financial Protection Bureau (CFPB) summarized challenges and risks with respect to several industries it had informally examined since the start of the pandemic. Beginning in May 2020, the Bureau rescheduled about half of its planned examinations and instead conducted "prioritized assessments" in response to the pandemic. These assessments included seeking information on how institutions were responding and communicating with consumers, and also examining how institutions were confronting and adapting compliance in response to the pandemic. More ›
Validating Cyber Compliance in Light of the First DFS Enforcement Action
We recently reported on the New York State Department of Financial Services' (DFS) first enforcement action under its 2017 cybersecurity regulation ("Part 500"), which prescribes how financial services companies licensed to operate in New York should construct their cybersecurity programs. DFS' statement of charges provides important insight into the agency's priorities and expectations when assessing how a company has addressed and mitigated a data exposure, and offers a roadmap for how other regulators might interpret similar data security laws being implemented across the country. Given increasing regulatory scrutiny and the fact that inappropriate cybersecurity procedures and practices could result in significant financial liabilities, companies should proactively re-assess where they stand in relation to applicable cyber mandates.
We highlight here some key takeaways from the recent DFS enforcement action that entities subject to Part 500 should carefully consider when validating their current state of compliance. More ›
Another Cybersecurity Wake Up Call: Connecticut Insurance Department Issues Guidance on Cyber Law Set to go Into Effect
Covered entities received two cybersecurity wake up calls from insurance regulators this month. As we have reported, the New York State Department of Financial Services (DFS) issued its long-awaited first cyber enforcement action pursuant to its groundbreaking and first-in-nation cybersecurity regulation. In addition, the Connecticut Insurance Department issued a Bulletin to all licensees, providing guidance for compliance with the Connecticut Insurance Data Security Law (the Act), which goes into effect on October 1, 2020. The Act was modeled after the National Association of Insurance Commissioners Model Cybersecurity Law, which itself was modeled after the DFS cybersecurity regulation. More ›
Long-Awaited DFS Cyber Enforcement Action Sees Charges Filed Against Title Insurer For Exposing Millions of Documents Containing Consumer Personal Information
After several years of anticipation, the New York State Department of Financial Services (DFS) has filed its first enforcement action under the agency's groundbreaking and first-in-the-nation 2017 cybersecurity regulation (Part 500 of Title 23 of the New York Codes, Rules, and Regulations), which prescribes how financial services companies licensed to operate in New York should construct their cybersecurity programs. This action is a wakeup call to covered entities to fully implement the directives of Part 500. More ›
CFPB Issues New Mortgage Servicer Guidelines for Transferring Loans to a New Servicer
The Consumer Financial Protection Bureau (CFPB) recently published compliance guidance—effective immediately—on the handling of information and documents during the transfer of a mortgage loan to a new servicer. Following related guidance issued in 2014 on these mortgage servicer transfers, CFPB supervisory examiners have continued to document weaknesses in servicer compliance management systems and violations of Regulation X, including inadequate policies and procedures for transferring loan information and documents in a timely and accurate manner that ensures uninterrupted continuation of required servicing functions. More ›
Topics
- ACA
- ACA International
- Amicus Brief
- Anti-Discrimination Policy
- Appellate Decisions
- Appointment Power
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- Arbitration Rule
- Article III Standing
- ATDS
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- California Consumer Financial Protection Law
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- California Department of Financial Protection and Innovation
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- Connecticut
- Connecticut Insurance Department
- Constitutional Claims
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- Consumer Financial Protection Act
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- Coronavirus
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- Corporate Compliance
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- COVID-19
- CPRA
- Craigslist
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- cyber regulation
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- D.C. Circuit Court of Appeals
- Damages
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- Debt Buyers
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- Debtor
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- Default Notice
- Department of Education
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- Department of Financial Services
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- DFS
- DFS Part 500
- Digital Financial Asset Law
- Disclosure
- Discovery Rule
- District of Columbia
- Document Retention
- Dodd-Frank
- Dodd-Frank Wall Street Reform and Consumer Protection Act
- Due Process Clause
- ECOA
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- Education
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- Eighth Amendment
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- Eleventh Amendment
- Eleventh Circuit Court of Appeals
- Employee Benefits
- Employer Participation Student Loan Assistance Act
- Equal Opportunity Act
- European General Data Privacy Regulation
- Eviction
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- Executive Order
- Exempt Status
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- FACTA
- Fair and Accurate Credit Transactions Act
- Fair Credit Billing Act
- Fair Credit Reporting Act
- Fair Debt Collection Practices Act
- Fair Employment and Housing Act
- Fair Lending
- Fair Market Value
- Fairness in Class Action Litigation Act of 2017
- FCBA
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- Federal
- Federal Arbitration Act
- Federal Communications Commission
- Federal Housing Administration
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- Federal Rules of Civil Procedure
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- Federal Trade Commission
- FHA
- Fifth Amendment
- Fifth Circuit Court of Appeals
- Final Rule
- Financial CHOICE Act
- Financial Registration
- Financial Regulatory
- Financial Risk
- FinTech
- First Amendment
- First Circuit Court of Appeals
- Florida
- Florida Supreme Court
- For-Profit Student Loans
- Forbearance
- Forbearance Agreement
- Foreclosure
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- Fourteenth Amendment
- Fourth Circuit Court of Appeals
- FTC
- Furnishers
- GDPR
- hacking
- Hardship Declaration
- HealthTech
- Hearsay
- HMDA
- Hobbs Act
- HUD
- Human Intervention Test
- Hunstein
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- Illinois
- Illinois Consumer Fraud and Deceptive Business Practices Act
- Illinois Predatory Loan Prevention Act
- Illinois Student Loan Bill of Rights
- Illinois Supreme Court
- Investigation
- IRS
- Judicial Estoppel
- Kathleen Kraninger
- Kentucky
- kickbacks
- Lack of Standing
- Landlord and Tenant
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- Loan Discharge
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- Louisiana
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- Marijuana
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- Maryland
- Massachusetts
- Massachusetts Appeals Court
- Massachusetts Consumer Protection Act
- Massachusetts Land Court
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- Material Misrepresentation
- Materiality Requirement
- Medical Debts
- Medical Expenses
- Medical Marijuana
- Minnesota
- Monetary Damages
- Mortgage
- Mortgage Acceleration
- Mortgage Debt
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- Mortgage Loans
- Mortgage Servicers
- Mortgage Servicing
- Motion to Dismiss
- MSA
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- Nevada
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- New York
- New York Court of Appeals
- New York Department of Financial Services
- New York Legislation
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- Ninth Circuit Court of Appeals
- NMLS
- North Carolina
- North Carolina Consumer Finance Act
- North Dakota
- Notice of Proposed Rule Making
- NPRM
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- Obama Administration
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- Origination
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- Part 500
- Pennsylvania
- Personal Jurisdiction
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- PPP
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- Preemption
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- Private Colleges and Universities
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- Proposed Legislation
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- Redlining
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- Regulation
- Regulation X
- Regulatory
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- Remote Working
- Residential Foreclosure
- RESPA
- Reverse Mortgage
- Revocation Claims
- Revocation of Election to Accelerate
- Rhode Island
- Rhode Island Supreme Court
- Richard Cordray
- RICO
- Right of Redemption
- Right to Cure
- Right to Cure Notice
- Right to Reinstate
- Risk Management
- Robocalls
- Rohit Chopra
- S.A.F.E. Mortgage Licensing Act
- Safe-Harbor Provision
- Sanitary Codes
- SCOTUS
- Second Circuit Court of Appeals
- Securities & Exchange Commission
- Separation of Powers
- Settlement Conference
- Seventh Circuit Court of Appeals
- Sixth Circuit Court of Appeals
- Social Media
- Standard of Proof
- Statute of Limitations
- Statutory Damages
- Statutory Interpretation
- Stimulus
- Student Loans
- Students
- Supreme Court of the United States
- Tax
- Tax Implications
- Tax Lien
- TCPA
- Telephone Consumer Protection Act
- Texas
- Texting
- Third Circuit Court of Appeals
- TILA
- Trump
- Trump Administration
- Truth in Lending Act
- U.S. Constitution
- U.S. Department of Housing and Urban Development
- UCC
- UDAAP
- Unauthorized Use
- Undue Hardship
- Unfair and Deceptive Practices
- Unfair Competition
- Uniform Commercial Code
- United States Treasury
- Unsolicited Advertisement
- Usury Laws
- Utah
- Video Conferencing
- Virginia
- Virtual Currency Business Act (VCBA)
- Voluntary Discontinuance
- Voluntary Dismissal
- Washington D.C.
- Wisconsin
- Wisconsin Consumer Act