Author name: Valerie Moss

CFPB Issues SSO Rules for Open Banking

The Consumer Financial Protection Bureau (CFPB) finalized in part its proposed rule on consumer financial data rights under Section 1033 of the Consumer Financial Protection Act (aka Title X of the Dodd-Frank Act of 2010). This final rule establishes minimum attributes a standard-setting organization (SSO) must possess to receive CFPB recognition and to issue consensus …

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OFAC to Require Use of Electronic Reporting System

On May 10, 2024, the Office of Foreign Assets Control (OFAC) published an interim final rule (IFR) to amend its “Reporting Procedures and Penalties Regulations.” The IFR would generally require filers to use the electronic OFAC Reporting System (ORS) for submission of initial reports of blocked property, Annual Reports of Blocked Property, and reports of …

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Disaster Preparedness: Can Your Credit Union Weather the Next Big Storm?

“Spring has sprung” and so has the likelihood of experiencing severe weather events. Just a quick look at weather.gov as I was writing this blog post revealed the risk of severe thunderstorms and flash flooding throughout one region of the U.S., the possibility of tornadoes in several states, and an elevated risk of wildfires in …

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TCPA Consent Revocation Rules

On March 5, 2024, the Federal Communications Commission (FCC) published a final rule in the Federal Register to “clarify and strengthen” a consumer’s right to revoke consent to receive robocalls and robotexts under the Telephone Consumer Protection Act (TCPA). The rule reflects several changes requested by America’s Credit Unions during its engagement with the FCC …

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TCPA One-to-One Consent Rule, Effective January 2025

This past December, the Federal Communications Commission (FCC) adopted rules intended to close the so-called “lead generator loophole” in the Telephone Consumer Protection Act (TCPA). According to the FCC, “lead-generated communications are a large percentage of unwanted calls and texts” received by consumers. To close this “loophole,” the FCC amended the definition of “prior express …

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