Third-Party Service Provider

News & Analysis as of

Data Privacy Considerations for Starting or Evaluating a Bounty Program

Data security officers typically look for security risks by monitoring reports from automated security systems, listening to employees’ reports of security issues, and/or auditing IT systems. There is a great deal of debate,...more

The DOL Script

I had a client who had been undergoing a Department of Labor (DOL) audit. Their mistake? Years ago, a former participant asked for a distribution from this trustee directed profit sharing plan (so no 401(k)) and my client...more

Recommendations for Evaluating Your Organization’s Use of Social Media

The majority of organizations utilize social media to market their products and services, interact with consumers, and manage their brand identity. Many mobile applications and websites even permit users to sign-in with their...more

ERISA Preemption: Don't Tread on my Uniform System of Plan Administration

On March 1 the U.S. Supreme Court again reinforced the broad preemptive scope of the Employee Retirement Income Security Act of 1974, 29 U.S.C.A. §1001. In Gobeille v. Liberty Mutual Insurance Co., 136 S. Ct. 936, the court...more

Just Say Sorry

I worked for someone once who I thought was the biggest pain in the rear end and I think when I got older and started my own business, I finally understood where he was coming from. When I work on my own and something...more

How to Evaluate a Credit Monitoring Service

Organizations are not, generally, required to offer services to consumers whose information was involved in a breach. Nonetheless, many organizations choose to offer credit reports (i.e., a list of the open credit accounts...more

IP Addresses as Personal Data – Website Providers To Come Under Even More Scrutiny With EU Data Privacy Law

Website providers that collect dynamic Internet Protocol addresses (“IP address”) from website visitors may soon be subject to even more scrutiny from data protection authorities in the EU. Last week, Europe’s Advocate...more

You can say no

I always believe that regardless of whether it’s business or in regular day-to-day life, that you can’t be everything for everybody. Being honest with that is only half the battle. A lot of times, I met folks who are...more

Avoid the proverbial “Shrugging of the Shoulders”

One of my pet peeves out there is when you give a list of complaints to a business or an organization and they give the proverbial “shrug of the shoulders”. The “proverbial shrug” is basically the business or the organization...more

FFIEC Updates IT Examination Handbook

On April 29, the FFIEC updated its IT Examination Handbook, revising its Retail Payment Systems booklet to include an Appendix E, Mobile Financial Services. The Retail Payment Systems booklet consists of guidance intended to...more

FTC Settles with Texas Payment Solutions Company to Resolve “Phone Bill Cramming” Allegations

On May 4, the FTC announced a $5.2 million proposed settlement with a Texas-based payment solutions company to resolve allegations that the company, in violation of a 1999 settlement order with the FTC, permitted third...more

You Might Be Gold, But They May Not See It

Aside from my children and my wife, my favorite person of all-time was my grandmother Rose. She was the most selfless person I ever met, who was full of life, and love for family. When my grandmother decided she would move...more

Too often, they get it when it’s too late

I talk to a lot of advisors and I have many advisor clients around the country and one of the things that I keep on hearing is that even with fee disclosure regulations almost 4 years later, it is still difficult to get...more

5 Simple Ways to Boost Your E&C Program

In my recently published eBook, I outline 25 Simple Yet Overlooked Ways to Boost Your Ethics & Compliance Program. Below are five of the tips that are included—download the full eBook today to see the rest....more

Mobile Financial Services Addressed in FFIEC Examination Handbook

The federal body tasked with creating standards for the uniform regulation of financial institutions has released new information to assist examiners in evaluating mobile services offered by financial institutions and their...more

Advisors Advantage - May 2016

The Struggles Of Being A Retirement Plan Provider And How To Manage It. What you have to deal with. Any good retirement plan financial advisor will tell you that relationships in the retirement plan business mean...more

Mobile App Providers Encouraged to Obtain User Consent Before Sharing Video Viewing Information with Any Third Party After Gannett...

If you offer a mobile application that allows consumers to watch videos of any kind, and if you share that video-viewing information with an analytics firm, take careful note: On April 29, in Yershov v. Gannett Satellite...more

First Circuit Opens New World of Potential Liability for Video Producers

You may be too young for this to have been a big thing to you, but almost 30 years ago, D.C. Circuit Judge Robert Bork was nominated to the Supreme Court, and Washington, D.C. went into a tizzy. Coming as it did just a year...more

User of Free App May Be “Consumer” under the Video Privacy Protection Act

This past week, the First Circuit issued a notable opinion concerning the contours of liability under the Video Privacy Protection Act (VPPA) – a decision that stirs up further uncertainty as to where to draw the line...more

Final DOL Fiduciary Rule – Q&As for Employers and Plan Sponsors on Investment Education

On April 6, 2015, the U.S. Department of Labor (Department) issued its final rule defining who is a fiduciary of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA) as a result of giving...more

Raleigh Orthopedic Clinic settles with OCR for $750,000 for lack of business associate agreement

Consistent with the settlement the OCR agreed to with North Memorial Health Care of Minnesota, the Office for Civil Rights has settled its investigation of Raleigh Orthopaedic Clinic, P.A. (Raleigh Orthopaedic) for $750,000....more

Will SEC Heed its Own Compliance Outsourcing Advice?

The SEC’s Office of Compliance Inspections and Examinations (OCIE) recently issued a compliance alert warning financial advisers about the dangers of outsourcing compliance functions to third-party providers. The alert, which...more

Are Changes in Store for the Stored Communications Act?

Last week saw action on two fronts regarding the Stored Communications Act (SCA) – the US federal statute regulating government searches of online accounts in criminal investigations. In Congress, a proposal to reform the SCA...more

Not a Check-the-Box Exercise: Failure to Have Signed BAA Results in Substantial Fine

A group practice that was the victim of a silver-harvesting scam has agreed to pay the U.S. Department of Health and Human Services (“HHS”) $750,000 to settle charges that it released protected health information (“PHI”) of...more

The Vendor Governance Wake-Up Call

The “Panama Papers” leak and other breaches at major law firms in the past year bear out the findings from the American Bar Association’s 2015 Legal Technology Survey Report. Earlier this month, 11.5 million documents were...more

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