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Kayla Todd
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Gramm-Leach-Bliley Act (GLBA): Explanation of Compliance
Published June 14th, 2022 by Kayla Todd
Introduction The GLBA applies to any financial institution, meaning any business that is “significantly engaged” in financial activities. Section 4(k) of the Bank Holding Company Act describes what is considered a “financial activity.” Even if a business isn’t considered a financial institution, the Act placed limits on the use of nonpublic personal
Fair Credit Reporting Act (FCRA): Explanation of Compliance
Published June 14th, 2022 by Kayla Todd
Introduction The goal of this article is to give readers an explanation of the Fair Credit Reporting Act (FCRA) requirements. The FCRA is a regulation created with the goal of placing controls on the fairness and accuracy of credit reporting. Initially, the regulation pertained mainly to Consumer Reporting Agencies (CRAs), but it has since been expa
Fair Debt Collection Practices Act (FDCPA): Explanation of Compliance
Published June 14th, 2022 by Kayla Todd
Complexity: Audience: Upper Management, Accounting, Administrators, Compliance Introduction The Fair Debt Collection Practice Act (FDCPA), or Regulation F, is a federal regulation intended to protect consumers from abusive practices by debt collectors and to ensure there are rules in place to promote consistency for debt collection practices.
Credit Card Accountability Responsibility and Disclosure (CARD) Act: Explanation of Compliance
Published June 14th, 2022 by Kayla Todd
Introduction The CARD Act is an amendment to the Truth in Lending Act (TILA) that is meant to add additional protections for consumers regarding open end lines of credit. The Act limits certain actions that creditors can take, and requires a number of disclosures to ensure that information is shared with consumers. In this article, we will be coveri
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