Do Banks Have To Ensure That Vendors Comply With Privacy And Security Laws?
Banks are expected to ensure that vendors comply with privacy and security laws. The Consumer Financial Protection Bureau expects supervised banks & non-banks to have an effective process for managing the risks of service provider relationships.
Do Real Estate Settlement Companies Have To Protect Personal Information?
Yes, they do! The Gramm-Leach-Bliley Act (GLB) requires all financial institutions to adopt policies and procedures to protect nonpublic personal information. In addition, Federal and state laws require compliancy from Real Estate Settlement companies.
Do Title Companies Have Fewer Obligations Than Title And Settlement?
There is no free pass for Title companies, when it comes to privacy and data security laws. Under federal law, they are treated exactly the same as Title & Settlement companies with identical obligations to comply with privacy and data security laws.
What Is The Value Proposition In Staff Training?
Experts and regulators recommend training as a crucial step in avoiding data breaches. In less than 30 minutes of employee training you will significantly reduce liability risks by allowing you to demonstrate legal and regulatory compliance.
Why Do I need A Compliance Management System?
Data security compliance is the lender’s No. 1 concern. Regulators are holding lenders strictly responsible for the compliance of their vendors. Striving to meet these compliance mandates, our industry is adopting ALTA’s Best Practice initiatives.
Compliance Implementation Has Never Been Easier
The compliance management platform by Real Estate Data Shield provides settlement service providers with data security solutions. It is designed for everyone who is striving to sustain a competitive advantage by making compliance a core competency.