What is the Truth in Lending Act (Reg Z)?

By |2021-12-03T17:14:04-06:00November 8th, 2021|Business, Compliance, Financing|

Ever wonder why financial paperwork regarding loans, credit cards, lines of credit, and other instruments have disclosures on costs, interest rates, and other important factors to consider? You can thank the Truth in Lending Act (otherwise known as Regulation Z or simply Reg Z) for that. Passed in 1968, the Truth in Lending Act was a set of regulations aimed

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What is the California Consumer Privacy Act (CCPA)?

By |2021-12-03T17:13:39-06:00November 1st, 2021|Business, Compliance, Customer Satisfaction|

With the expansion of the Internet of Things and how much data people share, often unknowingly, to a variety of businesses and devices, new legislation is cropping up to help curb that. Even if the data in question is necessary to perform certain business functions, helping consumers understand and take control of their data-sharing practices is an important facet to

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What is the Red Flags Rule?

By |2021-12-03T17:13:05-06:00October 25th, 2021|Business, Compliance, Customer Satisfaction|

According to the Federal Trade Commission, around nine million Americans have suffered from identity theft every year. Identity theft racks up millions of dollars worth of stolen money, damaged, credit, and costs to businesses who are left paying bills accumulated by the scammers.  In order to better protect people and businesses from identity theft, the Red Flags Rule, along with

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What is the Telephone Consumer Protection Act (TCPA)?

By |2021-12-03T17:12:29-06:00October 18th, 2021|Business, Compliance, Customer Satisfaction|

No one likes being pestered by telemarketing companies or unsolicited texts from random businesses. In fact, it was such a problem that in 1991, Congress passed the Telephone Consumer Protection Act (or TCPA) to cut through all the phone spam. This effectively restricted telemarketing, cutting down on calls as well as using autodialers and prerecorded messages. While the original laws

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What is the Equal Credit Opportunity Act?

By |2021-12-03T17:12:01-06:00October 11th, 2021|Business, Compliance, Financing|

Ever notice signs outside banks and apartment complexes that have a house with an equal sign through it alongside “Equal Housing Lender” in big bold letters? This is but one of a few manifestations of the Equal Credit Opportunity Act (or ECOA), a set of regulations that effectively prohibits credit discrimination on the basis of race, color, religion, national origin,

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What is the Specially Designated Nationals List?

By |2021-12-03T17:11:30-06:00October 4th, 2021|Business, Compliance|

Hopefully, you have never had any run-ins with shady characters, but that’s where the Specially Designated Nationals (or SDN) List comes into play. The SDN List is a database published and maintained by the Office of Foreign Asset Controls (or OFAC). This list contains the names of foreign nationals and groups that are marked as dangerous, including those involved in

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What is the Used Car Rule?

By |2021-12-03T17:09:56-06:00September 27th, 2021|Business, Compliance|

Used cars can be a thrifty purchase for people who need vehicles yet don’t want (or can’t afford) to buy a new one. But used cars might have problems by virtue of their wear and tear over the years -- though some dealerships might not be too keen on disclosing those issues. Luckily for consumers, the Used Car Rule --

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What is the Magnuson-Moss Warranty Act?

By |2021-12-03T17:10:17-06:00September 20th, 2021|Business, Compliance|

U.S. lawmakers introduced the Magnuson-Moss Warranty Act in 1975 in order to protect consumers from vague, misleading, or otherwise fraudulent warranties. Though this law does not require every product to have a warranty, those that do must be in compliance with this law. Otherwise known as the “federal lemon law,” the Magnuson-Moss Warranty Act has three main requirements: When a

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What is the Gramm-Leach-Bliley Act (GLBA)?

By |2021-12-03T17:08:07-06:00September 13th, 2021|Business, Compliance|

Especially if you own a car, equipment, or vehicle dealership, the Gramm-Leach-Bliley Act is something you should be familiar with. The GLBA (or otherwise known as the Financial Services Modernization Act of 1999) was meant to redefine the framework of the financial services industry, allowing banking, securities, and insurance companies to consolidate and merge into singular entities.  While this allowed

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What is the CAN-SPAM Act?

By |2021-12-03T17:08:53-06:00September 6th, 2021|Business, Compliance, Customer Satisfaction|

Nobody likes the modern inconvenience we’ve grown to know as spam. You know, those annoying emails with random advertisements and potentially hazardous links. Just as most people have grown to hate telemarketing and unsolicited visits to their doorstep by companies who just want to sell them things, unwanted emails are no different. In fact, spam had become such a problem

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