This month we have updates on flood insurance, the California Privacy Protection Agency’s newest draft rules, cybersecurity regulation in an influential state, and everything the Consumer Protection Financial Board (CFPB) is up to—including an update on the ongoing battle over its constitutionality. Let’s dig in!
Flood insurance is one of the trickiest areas of compliance and one of the leading sources of enforcement actions. Make sure you update policies and train staff so they that as of December 21, 2022, HUD will allow private flood insurance policies to cover FHA-insured mortgages. It also addressed requirements for condos, manufactured homes, and reverse mortgages.
The effective day is less than one month away (January 1, 2023), but California is still adjusting its CPRA rules. A new draft says that will the state will be lenient in its enforcement as long as there is a good faith effort to comply. It also more clearly defined what it means when a consumer requests to opt out of data sale and sharing.
The New York Department of Financial Services proposed an update to its 2017 cybersecurity regulation to ensure evolving cybersecurity threats are identified and mitigated with the most effective controls. New York’s regulatory model was the inspiration for many state and federal models so this could have a long-term impact on companies even if they don’t do business in the state.