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In the Media

Navigating Data Privacy Compliance

Read Time: 1 min

“With the proliferation of technology and how much data is collected on us, every day, by our interactions with websites, with our cell phones, with apps, with all of these other things, and with significant data breaches over the last couple of years, we’ve seen a strong movement towards strengthening some privacy laws in the U.S., both from the federal and the state side. What are your requirements to secure and keep safe the information that is in your possession?”

– Aaron Kouhoupt

The landscape of data privacy is changing on the heels of the Federal Trade Commission’s (FTC) amendments to the Gramm-Leach Bliley Act (GLBA) and as states enact their own data privacy laws in an effort to fill gaps not covered by federal laws. 

The FTC amended the GLBA and its Safeguards Rule — which went into effect in January — to update rules regarding the protection of consumer information. The amendments focus on how lenders secure consumer financial information and change how they approach compliance with the GLBA. Lenders have until Jan. 2023 to update their compliance procedures. 

Aaron Kouhoupt and Paul Lysobey (Cleveland) sat down with Auto Finance News to discuss the landscape of data privacy and what lenders need to know to comply with the changes. 

This podcast first appeared in Auto Finance News and is republished with permission. McGlinchey is pleased to serve as the official Compliance partner of Auto Finance Excellence, providing insights and thought leadership through webinars, podcasts, and monthly columns.

Insights

Deep Dive into Consumer Finance

GLBA or FCRA? Data Sharing Between Affiliates and Non-Affiliates

March 17, 2023

When an entity shares data outside of its organization, the following questions often arise: Does the FCRA or GLBA (or both) apply to the specific type of data sharing? And how do these laws impact my company’s financial privacy notice? The answer to these questions comes down to the relationship between the Gramm-Leach-Bliley Act (GLBA,More

Alert

California Issues Cosigner Notice Translations

December 15, 2022

The California Department of Financial Protection and Innovation (DFPI) has released the Translated Notice to Cosigner on its website, in anticipation of a January 1, 2023 effective date for its cosigner notice amendment.

Alert

California Amends Cosigner Notice for Consumer Credit Contracts

November 1, 2022

On August 15, 2022, the California governor signed SB 633, which expands the obligation of creditors to provide a cosigner notice when obtaining more than one person’s signature on a consumer credit contract. For purposes of this law, a consumer credit contract includes, among other things, retail installment contracts, loans, or other extensions of credit.

Deep Dive into Consumer Finance

Understanding DeFi: Words Have Meaning, But What Do They Mean?

September 8, 2022

Perhaps the most challenging (and intimidating) part of Decentralized Finance is understanding all the terms and industry jargon—many of which are new and technical while others are as old as time but commonly misunderstood.

Deep Dive into Consumer Finance

Introduction: A Deep Dive into DeFi Decentralized Finance

August 9, 2022

The world of decentralized finance, blockchains, virtual and cryptocurrency have grown exponentially in recent years. Many financial institutions are looking to enter or expand their operations in the digital economy, but the regulatory environment gives many pause.

Published Article

Congress Introduces the American Data Privacy and Protection Act

July 12, 2022

On June 23, 2022, Representatives Pallone, Rodgers, Schakowsky, and Bilirakis introduced the American Data Privacy and Protection Act, HR 8152. This Act represents an effort to create a comprehensive federal privacy law. Information that could be linked to a person or a device would be covered, and the Act would provide extra protections for sensitive covered data. The Act would not cover publicly available data or de-identified data.

Alert

CFPB Takes Adverse Action Against Machine Learning

June 3, 2022

The Consumer Financial Protection Bureau (CFPB) has given special consideration to data, algorithms, and machine learning for years. In 2017, as part of a field hearing on alternative data, the CFPB issued a request for information in part to explore “whether reliance on some types of alternative data could result in discrimination, whether inadvertent or otherwise, against certain consumers.”

Alert

Practical Tips for Launching a Consumer Finance Product in the U.S.

June 1, 2022

Whether you are an existing domestic company expanding to offer a consumer finance product or service, a new domestic company looking to enter the space as a start-up, or a foreign company looking to expand into the U.S. market, there are a number of important considerations facing your business during the planning phase. Below is a list of some of the factors your business should think about while developing your product offering.