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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory announcements, recap key enforcement actions, and preview upcoming deadlines and events. We also include links to our articles, blogs, and webinars with more analysis in these areas. We understand that keeping on top of the rapidly evolving regulatory landscape is more important than ever for businesses seeking to offer new and ground-breaking technologies.
Regulatory Announcements
Big Data Carries Big Potential For Insurance Discrimination, Regulators Say
The growth of analytics, artificial intelligence and Big Data capabilities created a monster of sorts with many legal and ethical ramifications in the insurance world.
Regulators and lawmakers have been busy trying to stay one step ahead of potential trouble with the technology. LIMRA hosted a panel discussion on these topics Tuesday titled Regulation of Big Data and Predictive Models at the virtual Life Insurance Conference from LIMRA, LOMA and LL Global.
Vincent Tsang is an actuary with the Illinois Department of Insurance. A member of the National Association of Insurance Commissioners, Tsang explained what is concerning to its working groups.
Why You Need an FCRA Compliance Manual and What It Should Include Published on: 14 April 2021 at 11:00 a.m. ET April 14, 2021, 11 a.m. April 14, 2021, 10:08 a.m. insideARM.com The iA Institute
http://www.insidearm.com/news/00047257-why-you-need-fcra-compliance-manual-and-w/
This article, authored by Joseph Messer, originally appeared on the Messer Strickler, Ltd. Blog and is republished here with permission.
Fair Credit Reporting Act (FCRA) lawsuits have been on the rise. In 2020, FCRA lawsuits increased by 5.3% over 2019, outpacing lawsuits filed under the Fair Debt Collection Practices and the Telephone Consumer Protection Act, which were down -17.6% and -3.3%, respectively.1 This trend will likely continue, and with the Consumer Financial Protection Bureau stepping up enforcement actions it is more important than ever for background screeners to review and improve their FCRA compliance procedures. This should start with a FCRA Compliance
Background Check Class Action Lawsuit for Gig Employer natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.
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Rescission of Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic. The CFPB issued a
Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic (March 26, 2020). That statement is rescinded as of April 1, 2020, and in the rescission document, the CFPB announces its intent to exercise its supervisory and enforcement authority consistent with the Dodd-Frank Act and with the full authority afforded by Congress consistent with the Bureau’s statutory purpose and objectives.
The rescission document notes that the rescinded statement recognized the impact of the COVID-19 pandemic on the operations of many financial institutions, including staffing and related resource challenges. The CFPB states, however, that it has concluded that circumstances have since changed, and that financial institutions and other entities have adjusted their operations, including developing more ro