Updating Your Compliance Management System to Align with the CFPB
Chief Marketing Officer
Priorities for the CFPB have shifted in 2021. Cases and regulatory updates such as Facebook vs. Duguid updates to June 30th STIR/SHAKEN deadline, and Reg F updates to around dialing strategies, such as 7 calls in 7 days, to name a few.
In this webinar, our panel discusses the essential points to make sure your compliance solutions align with the CFPB, TCPA, and your compliance management system.
What can I be doing to maintain compliance policies?
The most important thing to do is make sure your organization and compliance management systems are in sync. With a robust compliance management system, collaboration, visibility, and reporting can happen all in one place.
New compliance updates can simplify changes as they come. The current directors from the CFPB, TCPA, and FCC have been very thoughtful in implementing new laws.
Check out this Guide to TCPA Compliance for recent updates and strategies.
FTC Issues $20 Million Fine to Vivint
Vivint is a national smart home automation and security company with over 1.5 million customers. The FTC issued a whopping $20 million fine for deceptive credit and financing practices earlier this year.
Vivint engaged in some identity deception of its own. For example, when a prospective customer couldn’t qualify for financing, the FTC says Vivint’s sales representatives found another person with a similar name and then qualified the customer using that person’s credit report. The complaint charges that Vivint violated the Fair Credit Reporting Act, the FTC Act, and the Red Flags Rule.
What About Medical Debt?
Normal collection activities seem unfair when it comes to medical debt. Medical debt in bulk is involuntary. No one wants to have to take on debt for medical emergencies. A new uniform law called the Medical Debt Act proposed by Maxine Waters will help protect specific debts. Agencies and other groups should be preparing for this new law. These laws are also to help protect different ethnicities and demographics.
Watch the entire webinar to get a better understanding of a few of the questions above and to learn more about what collection agencies are doing to keep their compliance management systems current.
Request a demo to learn about how TCN can help you keep your organization compliant with all the changes.