News when it comes to collections never stops moving and it can seem impossible to absorb it all. Our weekly recap of top stories will give you the news we found most interesting last week and more importantly- why it’s relevant to the industry. Last week we covered updates to California’s privacy law, a piece on enhancing employee safety, and an article regarding state and federal focus on elder financial exploitation.
On Tuesday, we brought you a breakdown from Orrick regarding proposed updates to California’s Consumer Privacy Act (CCPA). The proposal (effective 1/1/25), will amend the definitions of “personal information” and “sensitive personal information” as well as update a business’s obligations to honor consumers’ opt-out requests. State privacy laws are a continuously increasing area of the law and California leads the pack. Everyone should be paying attention to California’s proposal whether you do business in California or not- other states will surely follow.
On Wednesday, we published an article from John Rossman of Rossman Attorney Group with tips for ensuring employee safety. The recent high-profile killing of an insurance company executive in Manhattan highlighted the critical need for all customer service companies to prioritize threat assessment and employee safety. There’s never a bad time to re-review your company’s safety policies, and this article can serve as a basis for your next review.
On Thursday we included Troutman Pepper’s breakdown of a joint statement issued by six federal agencies (FRB, CFPB, FDIC, FinCEN, NCUA, and the OCC) and state financial regulators intended to provide covered financial institutions with strategies to prevent and respond to elder financial exploitation. The line between treating the elderly (a protected class) differently, and preventing elder financial abuse isn’t always clear. This easy-to-follow breakdown can be bumped up against your policies, procedures, and controls, to help keep your organization on the right track.
Have a question about how your company should react to the news above? We have a group for that! The weekly peer call hosted by insideARM’s Research Assistant is the perfect place to ask a question and get advice from industry colleagues who are facing the same challenges you are. Not sure if it is for you? Try it on for size with our 1-month free trial. Click here to learn more!
