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Posts tagged with "CFPB"


The Beauty — and Profitability — of Offering a Second Chance to Unbanked and Underbanked Consumers

Would we have the iPhone today if Steve Jobs hadn’t gotten a second chance at running Apple? If Milton Hershey hadn’t gotten a third chance after founding two failed companies, would we have the Hershey’s Kiss? Everyone, at least once in their lives, wishes for a second chance. When people get a second chance, they…

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Perspectives on Privacy … From 20 Years Ago to Today

Twenty years ago, this week Deluxe created the foundation of its privacy program by establishing core privacy principles that would embody the spirit of our commitment to privacy. The evolution of privacy since 1997 made me wonder how to compare our perceptions and perspectives on privacy in today’s market landscape:  THEN and NOW. What’s changed…

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Why the CFPB Thinks Your Data Stinks, and What You Must Do About It

How good is the data your financial institution shares with consumer reporting agencies — the same data other FIs may rely on when deciding whether to approve or decline consumers’ applications for second-chance checking accounts? Not good enough, according to the Consumer Financial Protection Bureau. Earlier in 2016, the CFPB sent out a compliance bulletin…

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Customer Focus is the Key to a Successful, Ethical Sales Culture

Two million bogus accounts, 5,300 fired employees, over half a million faked credit card applications, $185 million in fines from the Consumer Financial Protection Bureau, a $5 million restitution tab, a CEO resignation and projected business losses that total in the hundreds of billions of dollars for years to come — a scandal the scope…

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The Economics of Trickle Down Compliance

In September 2008, the United States was experiencing not only the roll up to a Presidential election but experienced an economic crash now described as The Great Recession, or the Financial Crisis. Media headlines focused on the greed of Wall Street, and the excesses of the big banks that were too big to fail. The…

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Does planning for GDPR trigger a need for CPR in your privacy team?

2016 is a milestone year for data protection with the finalization of the new European Union privacy framework. The online dialog has continued with the milestone of August 1st, when the new Privacy Shield Framework became available for self-certification. For those of you not as familiar with these developments, the Privacy Shield Framework will replace…

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Everything Old is New Again – Updating FCRA Compliance in a CFPB World

Fair Credit Reporting Act Compliance is an “Oldie but a Goodie” in terms of the compliance classroom for consumer protection compliance. While created back in 1970 before most of today’s new loan candidates were likely even born, it was designed to promote accuracy, fairness, and privacy of consumer information contained in the records of consumer…

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