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

This week we kicked off our monthly workshop on Cyber Incident Response Plans. The peer group collaborated on the different sections that should be included and began brainstorming on how these response plans may differ depending on the size and complexity of an organization. 

Below is a snapshot of our working outline. Next month we’ll begin digging into each of these sections as a group and flush out what should be included under each section. 

• Identify and Confirm the Incident

• Disconnect from any impacted systems.

• Incident Response Team (IRT)

• Internal team notification and channel(s) of communication.

• Roles and Responsibilities

• Each person on the IRT will have specific responsibilities for each phase throughout the incident.

• Incident response framework

• Timeline of events, reporting, and controlled responses.

• Notification and Communication

• Understanding who needs to be notified and when.

• Frontline staff, what scripting needs to be implemented for employees that interact directly with consumers?

• Authorities, clients, vendors, state regulators, etc

• IRT Preparation and Risk Assessment 

• Before the incident occurs ensure your team has gone through a mock Incident Response at least annually to test your procedures and reinforce roles and responsibilities. 

• Establish new and/or updated procedures based on lessons learned during the mock incident response.

We are so thankful for the collaboration this week and look forward to picking this back up next month on Monday, March 18th.

Documents and Crowdsourced Materials:

• Member Questions: NSF accounts, Nevada Audits, and Out of Statute disclosures!

Top Reads:

• CFPB Bites of the Month – 2023 Annual Review – Debt Collection

• California DFPI Proposes New Regulations Under the Debt Collection Licensing Act

• Fintech Trade Group Sends Letter to Director Chopra Urging CFPB to Develop Regulatory Approach for Earned Wage Access Products

Upcoming Webinars/ Other Announcements:

• Research Assistant Webinar Series Kicks off on March 27th at 2:00 ET! Register here: RA Compliance Corner: How to Effectively Communicate with Executive Leadership

• 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!