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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-03-08T22:40:00
Two workforce regulators pledged to share information regarding instances of improper employer use of surveillance tools and the sale of employees’ personal information.
The Consumer Financial Protection Bureau (CFPB) and National Labor Relations Board (NLRB) adopted a memorandum of understanding to share information that will “help to identify and end financial practices that harm workers and to enhance the enforcement of federal consumer financial protection and labor laws and regulations,” the agencies announced Tuesday in a press release.
Surveillance tools used to track worker productivity, including those that use artificial intelligence, can continue to track employees outside of working hours. The CFPB and NLRB said they are concerned that “companies that own the surveillance tools might sell worker data to financial institutions, insurers, and other employers. Certain actions by these surveillance companies may be violating the Fair Credit Reporting Act along with other consumer financial protection laws.”
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News and analysis for the well-informed compliance or audit exec.
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2023-06-28T16:01:00Z By Jeff Dale
The Consumer Financial Protection Bureau ordered ACI Worldwide to pay a $25 million fine for improper data handling that led to approximately $2.3 billion in erroneous mortgage payment transactions.
2023-06-07T19:00:00Z By Jeff Dale
The Consumer Financial Protection Bureau flagged risks regarding expanded use of chatbots by financial institutions, specifically for customer service purposes.
2023-03-16T17:06:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau is asking companies that “track and collect information on people’s personal lives” to provide information to the agency as it considers rulemaking under the Fair Credit Reporting Act.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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