On November 1, 2023, the Office of the Comptroller of the Currency (OCC) took steps to address recent updates to the federal Telephone Consumer Protection Act (TCPA) by publishing a revised interagency examination procedure. The updates not only create changes for financial institutions but also display a potential shift in TCPA enforcement, indicated through the revised procedures.
The official announcement reminds us that although TCPA compliance has not been a new requirement for financial institutions, the implications of these revised procedures suggest that the OCC may potentially be taking a more active role in enforcing the TCPA. This follows a larger nationwide crackdown on TCPA violations announced earlier by the Federal Trade Commission.
The implications of the OCC’s action are vast and will have a direct impact on global corporations, notable financial institutions and major law firms who must consider and adapt to these changes. As the OCC steps up its enforcement, it is critical that these entities ensure their compliance with the revised aspects of the TCPA, to avoid possibly substantial sanctions that may arise from the nationwide crackdown.
The TCPA, which was enacted to curb intrusive telemarketing and protect consumer privacy, has seen an increase in enforcement actions in the past few years. With this move by the OCC to publish revised procedures, it stands to reason that this trend of increased enforcement will continue in the coming years. Thus, all impacted parties must remain up-to-date with the latest updates and modifications linked to this federal act.
Signed into law in 1991, the TCPA restricts telemarketing calls and the use of automatic dialing systems, prerecorded voice messages, SMS text messages, and fax machines. It also specifies several rules for telemarketing calls, including the requirement of caller identification. Compliance to these rules is mandatory for entities that engage in telemarketing, making it more important than ever to fully understand the changes brought on by the OCC’s revised procedures.
As ever, adherence to mandatory federal regulations such as the TCPA and the nuances therein is crucial. Drawing on detailed analysis and up-to-date information can help companies to comply effectively and avoid any potential legal complications. For law firms, providing that information to clients could be of paramount importance now that the OCC appears set to enhance its enforcement of the TCPA.