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Supremes Require Actual Harm to Pursue FCRA Claims

In a carefully drawn 6-2 decision authored by Justice Samuel Alito, the Supreme Court of the United States has today ruled in Spokeo, Inc. v. Robins that a plaintiff must show an injury in fact before pursuing a claim for...more

No More Mandatory Arbitration for Consumer Financial Products?

CFPB Proposal Would Effectively Eliminate Most Pre-Dispute Consumer Arbitrations - To no one's surprise, the Consumer Financial Protection Bureau (CFPB) proposed rules on May 5, 2016 that will effectively, if promulgated...more

Industry Weighs In on Data Security, Cybersecurity Legislation

Industry Weighs In on Data Security, Cybersecurity Legislation: Why it matters - Members of the financial industry were able to share their positions and voice concerns at a recent hearing held by the House...more

Privacy Bills Abound in Congress

Why it matters - From the President to Senators to Representatives, everyone in Washington, D.C. appears to be focused on privacy-related issues. Continuing his focus on cybersecurity, President Barack Obama signed an...more

The Next Big Thing: Enforcing Terms of Service in an Internet of Things World

While a universally accepted definition of the Internet of Things (IoT) does not yet exist, the phrase has been coined to refer to the ability of everyday objects to connect to the Internet and to send and receive data. Thus,...more

SEC’s Risk Alert Offers Observations on Cybersecurity

Why it matters - Joining a growing chorus of regulators, the Securities and Exchange Commission (SEC) released two publications addressing cybersecurity: a Risk Alert based on observations from the Office of Compliance...more

3/5/2015

Financial Industry Backs Cybersecurity, Data Breach Notification Legislation

Why it matters - The financial industry has thrown its support behind data breach notification legislation as well as passage of a law that would encourage businesses to share cyberthreat information. Data security...more

FTC Settles With Payday Lenders for $21M Plus $285M in Waived Charges

Why it matters - Continuing the regulatory crackdown on payday lenders, the Federal Trade Commission (FTC) reached a proposed settlement with two lenders – AMG Services, Inc. and MNE Services, Inc. – for a $21 million...more

New York Banks Face New Cybersecurity Exam Process

Why it matters - Adding to the banks’ compliance obligations, effective immediately, banks chartered or licensed in New York will now face an updated cybersecurity examination process, Superintendent of the Department...more

Treasury Official Advocates for Cyber Insurance

Why it matters - Reflecting the continued regulatory focus on cyber risks, Deputy Secretary of the Treasury Sarah Raskin has some advice for banks: buy cyber insurance. Speaking at the Texas Bankers’ Association...more

Comptroller: Retailers Must Be Held Accountable for Data Breaches

Why it matters - Reflecting continued regulatory focus on the issue of cybersecurity, Comptroller of the Currency Thomas Curry said in recent remarks, retailers must be held accountable for data breaches, urging...more

FFIEC: Financial Institutions Need to Share Cyberthreat Information

Why it matters: Financial institutions of all sizes need to share cyberthreat information with each other, the Federal Financial Institutions Examination Council (FFIEC) urged based upon an assessment performed of the...more

FDIC to Banks: Prep for “Urgent” Threat of Cyberattacks

Financial institutions are facing an “urgent” threat of hacks and cyberattacks causing regulators to take a closer look at banks’ efforts to combat such concerns, the Federal Deposit Insurance Corporation (FDIC) Chairman...more

Ninth Circuit: AG’s Suit Challenging Add-On Products Stays in State Court

Lawsuits filed by the Hawaii Attorney General alleging that card issuers deceptively advertised add-on products belong in state court – and are not preempted by the National Bank Act (NBA), the Ninth U.S. Circuit Court of...more

Citigroup To Pay $7 Billion To Settle Mortgage Claims

To settle charges related to the packaging, marketing, sale, and issuance of residential mortgage-backed securities (RMBS), Citigroup will pay a total of $7 billion, including a record $4 billion fine to the Department of...more

Supreme Court Adopts Broad Interpretation Of Bank Fraud

Choosing to adopt a broad view of what constitutes bank fraud under the federal bank fraud statutes, the U.S. Supreme Court held that to constitute a violation of the statute, no proof of intent to defraud the particular...more

7/23/2014  /  Bank Fraud , Banks , Intent , SCOTUS

CFPB Proposes New Plan for Privacy Notices - Financial institutions may soon have a cheaper way to notify consumers about their...

Under a new proposal issued by the Consumer Financial Protection Bureau (CFPB), financial institutions could avoid the requirement to mail an annual privacy notice to customers by instead referring them to an online notice,...more

California Considers Data Breach Bill Imposing Significant New Obligations on Businesses

Who should be responsible for paying for the costs of data breaches? - Reacting to the recent high-profile security lapses at major retailers, California lawmakers are considering a bill that would shift the burden of...more

Financial Services Law

Court: FTC Can Regulate Payday Lenders Affiliated With Indian Tribes - In what is being hailed by the Federal Trade Commission as a victory for regulators, a federal court judge in Nevada has ruled that the FTC has the...more

4/11/2014  /  FTC , Jurisdiction , Payday Loans , Tribal Loans

Financial Services Law -- Jan 17, 2014

Community Banks and the Volcker Rule: What’s Next? - For now, banks that have investments in CDO securities that are issued by funds that are invested in trust preferred securities (TruPS CDOs) have dodged a bullet. On...more

Expansion of California’s Anti-Deficiency Laws Means More Litigation For Creditors

Turning a narrow consumer shield into a potentially broad sword, this summer California expanded its anti-deficiency judgment laws to prohibit not only the judicial pursuit of mortgage deficiency balances, but also to declare...more

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