5 lessons to learn from software vendor data breach

According to a June 12 settlement announced by the Federal Trade Commission, back in 2015 an employee of Iowa-based LightYear Dealer Technologies, the parent company of DealerBuilt, plugged in a storage device to the company’s backup network in order to increase storage capacity.  However, the employee failed to ensure that the device was securely configured, thereby […]

• Drew Patty
• August 9, 2019
• Auto Finance Excellence, Compliance & Regulation

FTC unwanted call website signals heightened scrutiny

The Federal Trade Commission’s recently launched interactive website showing do-not-call (DNC) and robocall data signals a “significantly increased focus” on autodialer and customer phone call consent issues, McGlinchey Stafford attorney Robert Savoie said, noting that the scrutiny is likely to lead to increased investigations. However, there might be a silver lining, Savoie said. “Given that […]

• Bianca Chan
• July 31, 2019
• Innovation & Technology, Risk Management

CFPB, FTC fine Equifax $700M for data breach

Equifax has been ordered to shell out $700 million in fines and financial relief after 147 million consumer identities were compromised in a data breach nearly two years ago. A global settlement was announced today in a proposal filed by the Consumer Financial Protection Bureau, Federal Trade Commission, and 48 states, the District of Columbia […]

• Nicole Casperson
• July 22, 2019
• Risk Management

FTC to Give Compliance Update at Auto Finance Risk Summit

Kenneth Abbe, enforcement attorney in the Federal Trade Commission‘s Western region, has joined the speaker faculty at the Auto Finance Risk Summit to share strategies for lenders to improve regulatory risk management.  Abbe will take the stage on May 15 at 4:30 p.m. PT for a panel discussion entitled “Regulators’ Roundtable,” which will offer alerts […]

• Nicole Casperson
• March 25, 2019
• Compliance & Regulation, Risk Management

State Regulators Step Up to Post-Cordray Era Challenge

Much has been reported on changes at the Consumer Financial Protection Bureau after new leadership took the helm a little over a year ago. We have watched the evolution of the agency’s enforcement posture, the repeal of its 2013 indirect auto fair lending bulletin, and an overhaul to its rulemaking agenda. The auto finance industry is not the […]

• Kelly Lipinski
• March 19, 2019
• Auto Finance Excellence, Compliance & Regulation, Features

Proposed FTC Amendments May Impede Lenders’ Use of Aggregators

Proposed Federal Trade Commission amendments to a rule governing consumer data protection “could significantly affect the activities and contracting process” between lenders and lead aggregators, said Quyen Truong, a partner at Stroock & Stroock & Lavan. If the amendments are implemented, lenders will need to ensure that aggregators — which fall into the category of […]

• Bianca Chan
• March 18, 2019
• Compliance & Regulation, Risk Management, Update

FTC Shares Tips on Data Security [VIDEO]

Following Facebook’s sharing of user’s personal data and the Equifax data breach exposing consumer information of more than half the country, the Federal Trade Commission is upping its examinations of proper data handling. Jim Elliott, the FTC’s assistant regional director for the Southwest region, gave a detailed presentation to attendees of the Auto Finance Performance […]

• William Hoffman
• June 7, 2018
• Innovation & Technology, Videos

FTC to Prioritize Deceptive Debt Collection in 2018

Last year, the Federal Trade Commission made a point to focus on deceptive debt collection tactics across all financial products and in 2018 the agency intends to keep up the pressure, Jim Elliott, assistant regional director for the FTC’s Southwest region, said during a presentation at the Auto Finance Performance and Compliance Summit. “We’ll continue […]

• William Hoffman
• May 15, 2018
• Compliance & Regulation