Holding debt collectors responsible for false statements
Federal laws, enforced by the Consumer Financial Protection Bureau (CFPB), require fair treatment. The Fair Debt Collection Practices Act prohibits debt collectors from making false statements. In the Carrasquillo v. CICA Collection Agency case, the CFPB opposes a debt collector’s ignorance claim, emphasizing the need for accuracy and consumer empowerment. Read more here.
Watch: Prepaid Card Programs – Third-Party Vendor Reporting Standards
Prepaid card issuers are obligated to ensure that their third-party vendors adhere to specific reporting standards, emphasizing transparency and regulatory compliance. This measure aims to mitigate risks, prevent fraud, and maintain a trustworthy ecosystem within the prepaid card industry. Watch our video here.
Meet Bates at the 2024 NMLS Conference and Training for State Licensing Support
Meet Bates Compliance Director Matt Summers at the NMLS 2024 Annual Conference & Training in San Antonio, TX, from February 13 to February 16, 2024. This event, both virtual and in-person, brings together regulators, industry professionals, and NMLS education providers to discuss regulatory compliance issues, offering attendees the chance to network, participate in breakout sessions, and explore Bates Group’s comprehensive services. Learn more here.
Superintendent Adrienne A. Harris announces a $30 million settlement with Industrial and Commercial Bank of China Ltd. for multiple compliance failures
The New York State Department of Financial Services announced a $30 million settlement with Industrial and Commercial Bank of China Ltd. (ICBC) over multiple Bank Secrecy Act/Anti-Money Laundering compliance issues, including backdating documents and unlawful disclosure of supervisory information. ICBC must pay the penalty and implement a plan to enhance compliance measures. Read the full story here.
