OCC TO LEAN ON BANKS REGARDING TCPA COMPLIANCE!: Primary Regulator Changes TCPA Examination Criteria for Major Banks And the Czar is About to be Even Busier

2 Comments

So more big TCPA news.

The Office of the Comptroller of Currency issued an alert to the Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies last week advising of new examination rules in connection with the TCPA–and they are very interesting.

The OCC is the PRIMARY regulator of all major banks and finance companies. Traditionally the OCC has done very little in connection with the TCPA–leaving that to the FCC and CFPB.

But with this week’s announcement the OCC has plunged headlong into regulating the major bank’s TCPA practices, which will undoubtedly make Troutman Amin, LLP even more highly sought after in the banking sector than it already is!

Indeed, this news breaks just as Queenie is about to take the stage at Card Con 2023 to address major credit issuers–most of whom are backed by major banks impacted by this ruling.

The revised interagency examination procedures will reflect TRACED Act amendments and will also address:

• provisions governing how customers can revoke consent under the TCPA.

• special exemptions from the customer consent provisions of the TCPA for banks using automated communications to notify customers of potential account fraud.

• safe harbors for callers that check a reassigned number database maintained by the Federal Communications Commission.

That last one is a doozy. As I reported a few weeks ago, there is currently no law mandating the use of the RND.

Although Congress hasn’t moved on this it looks like the OCC may have heard the Czar loud and clear and is now looking to examine banks on whether or not the RND is being used. (If you folks need connections reach out and I am happy to make some introductions!)

THE SOLUTION: Here Is How We Can Fix the Robocall Problem–and the Entire U.S. Telecom Meltdown–Once and For All

This really is massive news for regulated institutions. More information is available from Candace B. Matzenauer, Director for Consumer Compliance Policy, at (202) 649-5470.

This is OCC Bulletin 2023-35 (Nov. 1, 2023).

For those of you attending CardCon in Nashville today–be sure to say hello!

For now though if you haven’t signed up to attend the summit next month you are REALLY missing out. The banking and finance sectors–in particular–need to be paying attention and in attendance. Let’s hope they heed the call!

Register now!

Fun!

 

Categories:

Published by Eric J. Troutman

The Czar of TCPAWorld Eric Troutman is one of the country’s prominent class action defense lawyers and is nationally recognized in Telephone Consumer Protection Act (TCPA) litigation and compliance. He has served as lead defense counsel in more than 70 national TCPA class actions and has litigated nearly a thousand individual TCPA cases in his role as national strategic litigation counsel for major banks and finance companies. He also helps industry participants build TCPA-compliant processes, policies, and systems. Eric has built a national litigation practice based upon deep experience, rigorous analysis and extraordinary responsiveness. Eric and his team feel equally at home litigating multibillion dollar telecommunications class actions in federal court as they do developing and executing national litigation strategies for institutions facing an onslaught of individual TCPA matters. They thrive in each of these roles – delivering consistently excellent results – while never losing sight of the client experience. While many firms now tout TCPA expertise, Eric has been there from the beginning. He built one of the country’s first TCPA-only defense teams and began serving as national TCPA counsel for his clients nearly a decade ago. This perspective allows him to swiftly develop the right litigation strategies for dealing with recurring problems, without wasting time on tactics that are bound to fail. Eric’s rich historical perspective and encyclopedic knowledge of the TCPA landscape also make him an invaluable resource to institutional compliance teams struggling to comply with the shifting regulatory landscape. No task is too small – or too big. Indeed, Eric and his team have helped build TCPA-compliant systems and processes for some of the largest and most complex corporate entities in the country. He commonly works with in-house compliance counsel to build and implement enterprise and business-line specific TCPA solutions, performs TCPA audits and drafts and reviews proposed TCPA policies and procedures. He and his team also have the technical expertise necessary to assist call centers seeking to develop TCPA-resistant call path architecture or to modify existing telephony and software integration to better insulate from potential TCPA exposure. Eric has built a reputation for thought leadership. An avid blogger and speaker, he has been at the forefront of the industry’s effort to push for clarity and a return to sanity for the TCPA for years. He was selected to advocate for the financial services industry on important TCPA issues before the Federal Communications Commission and co-authored the nation’s only comprehensive practice guide on TCPA defense. In his spare time, Eric leads defense teams representing banks and other financial services companies in consumer finance litigation matters. He has experience representing clients in UCC, TILA, RESPA FCRA, CCRA, CLRA, FDCPA, RFDCPA and FCCPA claims, as well as in fraud and bank operations issues.

2 Comments

  1. An additional requirement I noticed was that the opt out had to be processed immediately.

    Reply
  2. Pingback: Goldilocks' Comments and Global Economic News Thursday Evening 11-9-23 - Dinar Opinions

Leave a Reply