Third-Party Service Provider

News & Analysis as of

IRS releases updated safe harbors for management contracts in tax-exempt bond-financed projects

On August 22, 2016, the Internal Revenue Service released Revenue Procedure 2016-44. The purpose of this revenue procedure is to provide revised and broader “safe harbors” under which certain private management contracts will...more

Agencies Encourage New Privacy Regulations to Close the mHealth Black Hole and Keep Pace with Evolving Technologies

On July 19, 2016, the ONC submitted a report to Congress which suggests that health privacy regulations soon may be revised to catch up with the universe of mHealth technologies that now use and share personal health data....more

Overdraft Service Program Costs Bank $10M in CFPB Fine

Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast....more

10 Questions to Ask your Law Firm Vendor Management Program (Part 1)

Law firms providing mortgage servicer clients default-related legal services are vendors, and financial services companies need to treat them as such. Not only that, law firms often interact directly and continuously with...more

Avoid Becoming Friends With Your Employees

There are essentially two types of people at any company: management and the employees. I always say that I would never hire an employee because I was one (which will change in a few weeks, stay tuned). One of the biggest...more

Don’t ignore your client’s complaints

In my personal life, I think that many people think I’m a pain in the rear end. As someone who used to be passive-aggressive, I try to tell people what bothers me and what I want, so there is no more guessing on how I feel...more

CFPB Presents New Regulatory Requirements for Third-Party Debt Collectors

On July 28, 2016, the Consumer Financial Protection Bureau (CFPB) released an outline of proposals and alternatives under consideration for regulating debt collection practices. The outline’s release triggers the formation of...more

MAS issues revised Guidelines on Outsourcing

Institutions will need to meet deadlines to conduct a self-assessment of existing outsourcing arrangements, rectify identified deficiencies, and put in place measures to mitigate interim risks where a deficiency is...more

Valve Strikes Back: A Strong Response to Allegations of Skin-Betting “Gambling”

In response to allegations that it has tacitly endorsed gambling via secondary markets, Valve Corporation (“Valve”), the maker of popular e-sports games such as Counter-Strike: Global Offensive (“CSGO”), has launched a...more

CFPB Opts to Split Debt Collection Rulemaking Process

On July 28, 2016, the Consumer Financial Protection Bureau (“CFPB”) released a partial outline of debt collection proposals under consideration (“Proposals”), focusing on the third-party debt collection industry. Despite the...more

SEC Proposes Business Continuity and Transition Plan Requirements for Investment Advisers; Staff Issues Guidance for Registered...

On June 28, 2016, the US Securities and Exchange Commission (SEC) proposed new Rule 206(4)-4 (Proposed Rule) under the Investment Advisers Act of 1940, as amended (Advisers Act) and also proposed amendments to certain...more

CFPB Previews Anticipated Debt Collection Regulations

The long-expected CFPB summary of new rule proposals for third-party debt collectors would have major implications not only for the debt collectors themselves, but also for the banks and other financial institutions doing...more

CFPB Holds Hearing to Present Proposals for Debt Collection Regulation

July 28th, the CFPB held a field hearing in Sacramento, California on debt collection that coincided with its release of an outline of the proposals it is considering in connection with its debt collection rulemaking. In his...more

CFPB Releases Debt Collection Industry Study

On July 28, the CFPB held a field hearing about debt collection in Sacramento, California coinciding with the release of an outline of the proposals it is considering in connection with its debt collection rulemaking....more

CFPB previews debt collection rule in SBREFA outline

The CFPB has moved a step closer to issuing a debt collection rule by releasing an outline of the proposals it is considering in preparation for convening a small business review panel. The Small Business Regulatory...more

CFPB Previews Debt Collection Rule in SBREFA Outline

The Consumer Financial Protection Bureau (CFPB) has moved a step closer to issuing a debt collection rule by releasing an outline of the proposals it is considering in preparation for convening a small business review panel....more

Senators Ask Banking Agencies to Outline FinTech Oversight

On July 21, 2016, Senators Sherrod Brown (D-Ohio) and Jeff Merkley (D-Ore.) sent a letter to the heads of five federal agencies requesting that they outline the steps they are taking to “ensure effective oversight” of the...more

It’s Time. Pick up the Shield.

When the new EU-US Privacy Shield was adopted all the way back on the 12th of July, we were quoted in the media discussing the fact that formal legal challenges to it were inevitable. By the time the dust settled enough to...more

CFPB Issues Sweeping and Unprecedented Rulemaking Proposals Seeking to “Drastically Overhaul Debt Collection Market”; Proposals...

Early in the morning on July 28, 2016, in coordination with the Consumer Financial Protection Bureau’s (the “Bureau”) field hearing on debt collection being held the same day in Sacramento, California, the Bureau released a...more

A Fragile Shield? Managing the Risks of EU-U.S. Data Transfer

Following European Commission adoption of the Privacy Shield on July 12, 2016, and with Privacy Shield self-certification poised to open for business organizations on August 1, 2016 as a replacement for the invalidated...more

WilmerHale Privacy and Cybersecurity Law Blog - Comparison of Requirements Under the Privacy Shield/Safe Harbor Principles

Notice Requirements - The Privacy Shield notice requirements are more specific and detailed than what was required by the Safe Harbor regime. Safe Harbor required a privacy policy to provide information on data...more

Pokemon Go, a Scary Trend for any E-Discovery Practitioner

One word that I never thought would have any cultural relevance ever again, Pokemon. I remember the days when Nintendo was the “it" thing to have and Pokemon was at the forefront of that fad. But that was the 1990s, so when I...more

Three Tips to Verify the Security of Your E-Discovery Software

SOC 2® Type 2 Certification and Zapproved–Building Trust and Confidence that Your Data is Secure - Today in e-discovery, it should be no surprise that cyber security is a rising concern among corporate leaders and that...more

A Side-By-Side Comparison of “Privacy Shield” and the Controller-Processor Model Clauses: The Easiest Way to Understand What...

The EU Data Protection Directive 95/46/EC (the “Directive”) creates the legal framework for the national data-protection laws in each EU member state. The Directive states that personal data may only be transferred to...more

FFIEC Issues New Cybersecurity and Data Privacy Guidelines for Mobile Banking

Mobile banking is a convenient and powerful tool that provides customers with a bevy of cutting-edge services, including mobile check deposits, on-the-go bill pay, and peer-to-peer payments. For financial institutions, this...more

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