Welcome to the Research Assistant Weekly Newsletter - a subscriber-only resource for insight into emerging compliance challenges, details on peer calls, and links to new Research Assistant reports, documents, tools, and more.

Sponsored by TCN and Finvi

During this week’s Research Assistant Peer Call, we discussed how the FTC Safeguards Rule mandates companies to report certain data breaches, including cybersecurity incidents, to the FTC. The intent is to “protect the security and confidentiality of those consumers’ nonpublic information.” The changes took effect on May 13th, 2024. Our group emphasized the importance of updating your policies and procedures to ensure compliance.  

The FTC rule applies specifically to financial institutions, which encompass a wide range of entities, including collection agencies. Under the new requirements, these institutions must notify the FTC as soon as possible and no later than 30 days after discovering a security breach that involves the information of at least 500 consumers. The notification must include detailed information about the breach, the types of information involved, and the measures taken to mitigate the impact and prevent future incidents. 

For those seeking to enhance their compliance efforts, it is crucial to familiarize yourself with the specifics of the Revised Safeguards Rule. This includes understanding the expanded definition of financial institutions, the detailed requirements for information security programs, and the specific breach notification protocols. By staying informed and proactive, companies can better protect consumer data and avoid potential penalties for non-compliance. You can read about the Revised Safeguard Rule to learn more about how to step up your compliance efforts. 

Documents and Crowdsourced Materials: 

• Member Questions: Litigation Update, Email Timing, Appearance Counsel Validation Notices, CFPB Disputes, and Payment Plans 

Top Reads: 

• BNPL Accounts = Credit Cards Says CFPB 
• Breaking: SCOTUS says CFPB Funding is Constitutional; CFPB Provides Comments 
• insideARM Weekly Recap- Week of May 13th, 2024 

Upcoming Webinars/ Other Announcements: 

• There Will Be No RA Peer Call on Monday, 27th Due to Memorial Day  
• RA Compliance Corner: Internal Controls- When and How to Effectively Use Them June 12, 2024, at 2:00 ET Register for the webinar here!
• Please make a note of our updated email addresses: 
  Sara Woggerman, sara_consultant@roundtables.us 
  Missy Meggison, mmeggison@roundtables.us
• Have topics you want to discuss during the peer call? Please send them to: Sara_Consultant@roundtables.us by Thursday to ensure it makes it on our agenda!