Britta Hedlund, LA Progressive
The Federal Communications Commission (FCC) recently took significant steps to protect consumers in the digital communications and marketing landscapes, closing the so-called “lead generator loophole” for telemarketing calls and texts. Simply put, before companies can contact potential customers, they’ll need explicit permission from consumers in what is being called the Telephone Consumer Protection Act (TCPA) 1:1 rule.
FormFree president Eric Lapin says the changes are a win-win for consumers and innovative leaders. The company has long been a staunch advocate for consumer rights and privacy. It hails the FCC’s latest development as pivotal in empowering individuals and safeguarding their personal information.
“As champions of consumer privacy and compliance, FormFree remains dedicated to upholding the highest standards of transparency and consent in all our interactions,” said Lapin. “The new TCPA guidelines underscore the importance of putting consumers first, and we remain steadfast in our commitment to empowering individuals while delivering innovative lending solutions.”
FormFree is ahead of the curve when it comes to implementing these practices, as they already utilize innovative technologies that align with the proposed rule. This proactive stance not only keeps them compliant with potential regulations but also demonstrates their commitment to respecting consumers’ preferences and privacy.
FormFree has been a leader in the financial technology industry since 2007. Its innovative Passport Wallet app transforms how everyday people access loans, marking a significant step towards a more transparent and inclusive economic future.
The pioneering technology company has over 220 years of combined experience in housing finance, data research, and FinTech.
FormFree is dedicated to democratizing access to credit and building a more inclusive financial landscape. Educating consumers is a pivotal mission for the company, and its steadfast commitment lies in keeping the public informed about any industry changes.
Navigating the New TCPA Regulations: What Consumers Need to Know for 2024
In January 2024, the FCC strengthened the Telephone Consumer Protection Act (TCPA) by closing the “lead generator loophole” for telemarketing calls and texts. In the lending industry, this change requires consumers to provide direct consent to individual lenders for each contact, preventing horizontal permissions transfer between lenders without explicit approval. These measures empower consumers to control their availability for phone calls and decide when to consent to pre-recorded, auto-dialed, and text messages.
The new 1:1 TCPA guidelines mandate a “one-to-one” consent model, meaning that consumers must explicitly grant consent to each individual lender or marketer before they can be contacted. This represents a significant departure from previous practices where consumers’ personal information could be sold and shared among multiple entities without their direct consent.
These guidelines aim to enhance consumer control over their personal information and reduce unwanted solicitations, ensuring greater transparency and accountability in communication practices.
The changes are already happening, with some starting on March 26, 2024, and the requirement for companies to get a consumer’s direct permission kicking in on January 27, 2025.
FormFree Takes A Proactive Approach To Safeguarding Consumers’ Private Information
The exciting news for FormFree customers is that the company is already ahead of the game and has long put barriers in place to give consumers control of their personal and financial data.
The company’s innovative, forward-thinking technologies were designed with consumer privacy and empowerment in mind, and FormFree is already compliant with the FCC’s ruling. The company stands at the forefront of compliance. It proactively implements measures to give customers the confidence they need to make their own decisions while protecting their privacy.
“Our mission is not just to comply with regulations but to lead the charge in empowering individuals to take ownership of their financial journey,” Lapin said. “With every innovation, we reaffirm our dedication to putting consumers first, ensuring their trust and security in an increasingly digital world.”
As featured in LA Progressive.