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With identity theft a widespread issue in the financial services industry, banks and ARM companies are under increased pressure to ensure consumers’ sensitive identification, contact, and financial information is kept safe. In fact, a number of recent state and federal laws and regulations codify certain requirements for handling financial data.
Firms in the ARM industry must adhere to a host of standards, including the Payment Card Industry Data Security Standard (PCI DSS), the financial privacy and safeguards rules in the Gramm–Leach–Bliley Act (GLBA), the FTC’s Red Flags Rule for identity theft, information security standard ISO 27002, HIPAA and the HITECH Act for the healthcare sector, and the Federal Information Security Management Act of 2002 (FISMA) for those collecting on government contracts. Auditing standard SAS 70 is also required for many in the financial services industry that use outside vendors such as debt collection agencies.
The Federal Trade Commission and the Consumer Financial Protection Bureau will co-host a roundtable on June 6, 2013, to examine the flow of consumer data throughout the debt collection process. The roundtable’s official title is “Life of a Debt: Data Integrity in Debt Collection.”
Over one-third of all debt collection complaints filed with the Federal Trade Commission (FTC) focus on so-called “repeat calls.” With most collections efforts requiring repeat outreach to the same contacts, it becomes imperative that organizations strategically manage the number of outreach attempts to debtors.
The biggest CFPB news of interest to the debt collection industry from the last two weeks includes a CFPB announcement that it plans to amass records on the financial behavior of more than 10 million Americans, and an address by Deputy Director Steve Antonakes to the American Bankers Association about rulemaking, supervision, and examination.
Bob Burnside, President of Stellar Recovery, Inc., announces the successful completion of SSAE 16 Type II in the first quarter of 2013. Stellar Recovery achieved this certification for the second year in a row.
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray was on Capitol Hill Monday testifying before the Senate Committee on Banking, Housing, and Urban Affairs. The hearing was to discuss the CFPB’s semi-annual oversight report to Congress. While debt collection was noted in Cordray’s opening remarks, the majority of time was spent following up on a recent news report about the CFPB’s Big Data collection efforts.
IO will provide Encore with Data Center as a Service (DCaaS) which leverages IO’s proprietary technology – IO.Anywhere®, the first-ever standard unit of data center product integrated with the IO.OS® operating system.
We at SoundBite applaud and endorse the UK’s Information Commissioner’s Office (ICO) advice and guidance about data protection and freedom of information.
FBCS, Inc. is excited to announce their membership with Agility Recovery Services, a leader in business continuity and recovery activities.
RevSpring names Analiese Fusner, Esq., CHC, as Chief Compliance Officer and General Counsel to ensure ongoing compliance with legal and regulatory requirements.
Every collection agency owner’s nightmare: A federal grand jury returned indictments for a former debt collection agency employee and her accomplice in a scheme that saw her steal personal information on debtors to defraud the U.S. government, according to the Justice Department.