Compliance with the Gramm-Leach-Bliley Act, and Regulation P that enforces it, has always been a source of confusion for debt collectors. How can I follow these rules without getting into trouble with FDCPA? How does this impact my relationship with the debtor? Do these rules even apply to me?
The answer is YES. Now that the CFPB has included GLBA and Regulation P in its debt collection examination manual, collectors can expect the Bureau to ask about privacy policies and practices – even if your agency has never sent a privacy notice.
The situation for debt buyers is even more urgent. Taking title of an account means taking responsibility for sending the right privacy disclosures; no one else can do it for you!
From collectors to buyers to creditors, all participants in the debt collection industry need to be aware of their Regulation P compliance responsibilities. The push to protect consumer privacy is a top priority for the CFPB, and they plan to scrutinize everyone’s role in it.
That’s why we’ve compiled the latest legal thinking and real-world compliance tools into our latest Compliance Overview: GLBA/Regulation P. Learn how your company’s relationship with consumers impacts your compliance obligations – before the CFPB has to tell you! (pg. 5) Use our model privacy notice outline to draft disclosures that may protect you from legal scrutiny (pg. 10). Understand what the CFPB looks for in an examination before an agent knocks on your company’s door (pg. 15).
You also get:
- User-friendly compliance tips sourced from industry experts
- Overview and analysis of court cases dealing with the conflict between GLBA and FDCPA
- Guidelines for how to identify and protect the right personal information for your customers