10/26/2022 12:30 P.M.
2 minute read
The Consumer Financial Protection Bureau’s advisory opinion discussing Fair Credit Reporting Act requirements related to procedures for ensuring the prevention of false information in credit reports is now in effect.
According to the advisory opinion published in the Federal Register Oct. 26, “a consumer reporting agency that does not implement reasonable internal controls to prevent the inclusion of facially false data, including logically inconsistent information, in consumer reports it prepares is not using reasonable procedures to assure maximum possible accuracy under section 607(b) of the FCRA.”
For example, the bureau explains that “junk data” left on many foster children’s credit reports can have a detrimental effect on their ability to enter into future contracts for credit.
“When a credit report accuses someone of defaulting on a loan before they were born, this is nonsensical, junk data that should have never shown up in the first place,” CFPB Director Rohit Chopra said in a news release. “Consumer reporting companies have a clear obligation to use better procedures to screen for and eliminate conflicting information, or information that cannot be true.”
The advisory opinion is one in a series of actions by the CFPB to ensure CRAs comply with consumer financial protection laws, according to the news release.
“Consumer complaints submitted to the CFPB continue to reflect significant concern about inaccuracies in consumer reports,” according to the CFPB. “Complaints about ‘incorrect information on your report’ have represented the largest share of credit or consumer reporting complaints submitted to the CFPB for at least the last six years, and the CFPB receives more complaints about credit reporting than any other subject.”
Access the advisory opinion here.
Whether finding solutions to problems or creating new regulatory measures, the CFPB’s actions need to be based on current data and results from working with all stakeholders.
Related Content from ACA International:
CFPB Interpretive Rule Issued for Financial Firms’ Digital Marketers
House Subcommittee in Congress Calls for Investigation into the Three Major Credit Reporting Agencies
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Former Alaska couple ordered to pay $1.47 million for fraud against Yakutat elder
A former Alaska couple has been ordered to pay nearly one and a half million dollars for taking money from a Yakutat elder. The couple took hundreds of thousands of dollars and used it to retire early and buy a home in Texas.
Ogle died in 2020 while the case was still pending. Her heirs are expected to get about a $1 million of the judgment.
A decade ago, former Tanana superintendent of schools Carla Sigler and her husband, Vernon James Sigler, approached a friend with a big ask: The couple wanted a quarter of a million dollars to put towards Carla’s retirement.
Their friend, 86-year-old Yakutat elder Neva Ogle, agreed to lend the Siglers the money. They were all living in Yakutat at the time and knew each other well. In a handshake deal, Ogle wrote the couple a check.
The Siglers started repaying Ogle $1,000 a month. A year or so later, Ogle approached them in an attempt to get the money back. But they asked for more. They told Ogle that the quarter million wasn’t enough and that they needed another $50,000. The Siglers later cashed a check for $450,000 that they said in court was a gift.
But Ogle hadn’t written it. The state later presented evidence that it was Carla Sigler who wrote the check even though Ogle signed it.
That’s according to Beth Goldstein, an attorney with the state’s Office of Public Advocacy.
“So when it comes down to it, what we learned throughout this lawsuit was that these individuals, the Siglers … they took 63% of all of the assets that Neva had on hand, not counting her house,” Goldstein said.
Shortly after receiving the second check, the Siglers moved from Yakutat to Bosque County, Texas, where they purchased a five-bedroom house with a swimming pool — all with Ogle’s money.
Carla Sigler was elected Bosque County Treasurer in 2016. She was removed from office this year after a jury found she hadn’t completed the required continuing education for her position, according to the Clifton Record, a newspaper in Bosque County.
Goldstein says the couple had made Ogle many promises.
“They would pay her back when they sold the auto business,” Goldstein said. “They’d pay her back when they sold — they had a house in Fairbanks, they had a house in Yakutat. Neva received no funds from any of the sales of these things.”
When Ogle was 88 — about a year later — she went to the local police in Yakutat, who recorded her. She told officers that the checks were loans that she wanted to get paid back. She wanted her heirs to have something when she was gone.
Goldstein says this police recording was vital to the case.
“The Yakutat Police Department was instrumental in finding this recording,” she said. “And even though none of the officers were currently with the department anymore, they did come back and testify for us. And they were fantastic.”
The police told Ogle to get something in writing. So she went to the couple — who happened to be in Yakutat at the time — and Carla Sigler drafted an agreement, which Ogle signed. That was April of 2014. The agreement had no minimum payments and forgave the debt upon death.
“And it was completely in Carla’s favor, completely contrary to what we heard Neva wanted in the tape,” Goldstein said.
Months later, when the couple moved to Texas, Ogle went to an attorney and filed a lawsuit. She’d been forced to sell her home and move into an assisted living facility after she had spent much of her remaining savings on living expenses.
The State of Alaska got involved when, in 2016, a bank notified them that Ogle was giving money to a scammer. State attorneys filed for a conservatorship to, if nothing else, stop the bleeding.
Shortly afterward, the state found out about her private lawsuit and offered to step in as the plaintiff.
Hispanic Heritage Month Celebrated at Stony Brook: "Unidos Inclusivity for a Stronger Nation" SBU News
celebrating Hispanic and Latino Americans and their contributions to the United States in all major fields, including higher education. The university will showcase the talents and topics relevant to community leaders, faculty, staff and students around significant themes in Latinx culture. This is the 33rd annual celebration and this year’s theme is “Unidos: Inclusivity for a Stronger Nation/Unidos: Inclusividad para una nación más fuerte.”
Each year, Americans observe National Hispanic Heritage Month by celebrating the histories, cultures and contributions of American citizens whose ancestors came from Spain, Mexico, the Caribbean and Central and South America.
“Our Latino and Latinx students, faculty and staff are essential to Stony Brook’s research and education mission,” said Stony Brook University President Maurie McInnis. “We are fortunate to have a thriving and dynamic Latino and Latinx community at Stony Brook, which enriches every aspect of our campus community.”
The events, scheduled from October 5 – November 1, 2022 will feature a mixture of community activities that include celebrations, performances, panel discussions, culinary experiences, a faculty/staff mixer as well as entertainment:
The 33rd Annual Hispanic Heritage Month Opening Ceremony will feature guest speaker, DR. Miguel and will include student performers, food and festivities.
Deep in the Colombian mountains, the Madrigal family possesses an extraordinary secret. Each member of the family is able to perform magic except 15-year-old Mirabel, who does not seem to possess any unusual abilities and seeks her place in the world. This presentation is a collaboration with the Staller Center for the Arts and the Hispanic Heritage Month Committee.
University Libraries will host this panel discussion around the exhibit Deported: A Family Divided. This exhibit is the second installation of an exhibition that chronicles the life of the Quintana-Salazar family as they navigate deportation policies and their impact on the family.
share his Dominican heritage and cuisine with the Stony Brook community at these events:
Locations: Roth Food Court and East Side Dining. (Students interested in participating in the competition must sign up: contact Angela Agnello.
In addition, the Faculty Student Association (FSA) is offering an extensive selection of special menus, Global Nights, international breakfasts and guest chefs for Hispanic Heritage Month. Students can go to
the Fsa for more information on these programs and meals.
The Latin American and Caribbean Studies (LACS) presents this community talk about the cultural differences between the terms ‘Latinx,’ ‘Latine’ and ‘Hispanic’ in American culture.
The Union Universitaria Latinoamericana (UUL) will host a Faculty and Staff networking and support mixer.
Location: United Nationalities in Transcending Ideologies (UNITI) Cultural Center Conference Room in the Student Union. Open to the Stony Brook University community.
The closing ceremony will provide recognition for students, faculty and staff who have made significant contributions to the Latino community at Stony Brook and feature a traditional dinner and fundraising raffle. Guest speaker to be announced.
Stony Brook University — New York’s flagship university and No. 1 public university — is going far beyond the expectations of today’s public universities. It is part of the State University of New York (SUNY) system. With nearly 26,000 students, more than 2,800 faculty members, more than 200,000 alumni, a premier academic health center and 18 NCAA Division I athletic programs, Stony Brook is a research-intensive distinguished center of innovation dedicated to addressing the world’s biggest challenges. The university embraces its mission to provide.
comprehensive undergraduate, graduate and professional education of the highest quality, and is ranked among the top 35 public universities by Forbes and one of the top 100 universities in the nation by the U.S. News & World Report Best Colleges listing. Fostering a commitment to academic research and intellectual endeavors, Stony Brook’s membership in the Association of American Universities (AAU) places it among the top 65 research institutions in North America. The university’s distinguished faculty have earned esteemed awards such as the Nobel Prize.
Pulitzer Prize, Indianapolis Prize for animal conservation, Abel Prize and the inaugural Breakthrough Prize in Mathematics. Stony Brook has the responsibility of co-managing Brookhaven National Laboratory for the U.S.
Department of Energy — one of only eight universities with a role in running a national laboratory. Providing economic growth for neighboring communities and the wider geographic region, the university totals an impressive $7.23 billion in increased economic
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Accenture Song MD on helping brands become ‘life-centric
Pritesh Gadhia is Managing Director, UK and Ireland, at Accenture Song (formerly Accenture Interactive). We asked him about his role, his opinions on the metaverse and the future of brand marketing.
There is no typical day! I’m fortunate to be working in a sector that is going through significant and necessary change. Each day, where possible, I try to find a balance between focusing on the great work we do for clients, our amazing people, and of course a little time for myself.
We’re very lucky to have great clients who have a real desire to drive growth, but the world around us is changing so fast, so we need to keep really close to them to help them stay relevant. This takes a lot of energy from our team – so we spend a lot of time looking after our talent to make sure they have the right opportunities, space to grow and are working in an environment where they feel seen, safe, and connected.
On a more personal level, I start each day by enjoying a gentle walk with my dog, stopping off at my favourite coffee shop before settling down to my desk at home or at the office. I try to balance my week with time at clients and with my team – whether that’s in person or virtual.
The biggest challenge really is the speed of change needed to stay relevant. Incredibly, 90% of C-suite executives are saying that customers and employees are changing faster than they can change their business. This shift has been driven by two years of major disruption, which has spurred people on to re-think their relationships with work, technology, and the planet. Companies have no option but to design new ways of doing business.
Brands need to be ready for the era of questions! What I mean by this is that there’s a new expectation from consumers to ask, and have questions answered, at the touch of a button or through a brief exchange with a voice assistant.
The fact that it’s so easy and immediate means people are asking more and more questions. For brands, the range of customer questions and the number of channels for asking them is growing constantly. How to answer them is a future source of competitive advantage, so we expect to see significant innovation in this space.
Our Technology Vision report showed plenty of optimism, with 71% of global execs saying it will have a positive impact on their business. I’m genuinely excited about the possibilities of the metaverse and how it could transform some of our client organisations – but brands need to approach it with some caution.
Businesses must use the opportunity to ensure that it is developed with responsibility at its core. From ownership of data to inclusion and diversity, to sustainability and through to security and personal safety, this work must begin now.
I’m closely watching how brands are experimenting with the use of digital twins. We’ve traditionally thought of digital twins as replicas of machines (e.g. duplicates of airline engines to know what maintenance is required). But in the metaverse we could see an acceleration of this whole idea that we can have twins of things. So, we could build digital twins of our homes to monitor the flow of products and services, and when we came to sell our house there would be a digitally secured record of our house’s system. That could create some amazing commercial opportunities.
We’ve seen brands launching new experiences across virtual and physical environments, one particularly interesting example is Gucci creating The Gucci Garden Experience to sell virtual products, resulting in the sale of a virtual-only digital twin of a Gucci purse which went for a higher price than its real-world counterpart!
Accenture has always had a longstanding culture of change – but the coming months and years will see an acceleration of this. From idea, to build, to operating with strategic managed services, we are going to help our clients to access ideas, talent, and results faster than ever before.
With everything going on in the world right now, we want to help more businesses go from being “customer-centric” to “life-centric”. Brands need to appreciate that customers’ lives are more complicated and changeable than ever before, and make sure they understand the external forces influencing their decision making. Ultimately, we believe life-centric brands will respond faster to consumer behaviour changes and lead the market.
Mark Zablan is the CEO of Emplifi, a unified platform for social marketing, social commerce and customer care. We asked him about the role of data and automation in CX, as well as what makes for a successful rebrand (following the merger of Astute and Socialbakers – to become Emplifi – last year). What are.
Dominic Dunne, commercial lead at Clear Channel, which runs programmatic out-of-home buying platform, LaunchPAD, outlines what ecommerce marketers need to know about this fast-growing channel.
From order picking to last mile delivery, grocery retailers and FMCG brands are increasingly looking for ways to improve speed and efficiency in omnichannel fulfilment. With rising consumer expectations, the goal is to give customers what they want, exactly when they want it, even amid wider challenges in the supply chain. A large number of .
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