DATA BREACH RESPONSE
Remediation is an increasingly familiar word to banks and other financial institutions. Whether self-initiated or formally required by regulators through a memorandum of understanding, a consent order, or a settlement, companies are forced to analyze historical customer data and remediate any harm.
Some companies try to manage their own remediations; others engage massive consulting firms for expensive guidance. Both approaches present their own challenges. For companies looking for a third option, Rust offers a right-sized, right-priced remediation solution.
- In an ongoing multiyear program, one client has been able to efficiently offload to Rust the administrative burden of $134 million in checks disbursed.
- To remediate a SCRA compliance concern, Rust helped our client develop and execute an efficient and effective project plan in which nearly 70% of eligible borrowers have submitted releases and received payments, helping to lessen the risks of litigation and regulatory action.
- To compensate homeowners financially injured due to foreclosure process deficiencies, Rust has mailed roughly 4.2 million checks totaling approximately $3.6 billion.
- Rust administered the largest residential fair lending settlement in U.S. Justice Department history. Valued at $335 million, it concerned an allegedly widespread pattern of discrimination against qualified African-American and Hispanic mortgage borrowers.
Senior Vice President