News & Analysis as of

Consumer Protection Business Organization

Read Consumer Protection updates, news, and legal commentary from leading lawyers and law firms:

SFC (the “Commission”) Expresses Concern over Irregularities in Asset Management Activities

•The Commission has identified a number of regulatory concerns with respect to private funds and discretionary accounts, in particular, funds with concentrated, illiquid and interconnected investments. •The Commission has...more

Forecast: Abundance of Potential New Rulemaking From the CFPB

After making headlines with its controversial arbitration rule, the embattled Consumer Financial Protection Bureau (CFPB or Bureau) released its rulemaking agenda for the rest of the year, putting financial services companies...more

OCIE Provides Insight into Issues Identified in Recent Cybersecurity Sweep

by Morrison & Foerster LLP on

The National Exam Program of the SEC’s Office of Compliance Inspections and Examinations (OCIE) recently published its observations from the second generation of its Cybersecurity Initiative. It reported overall improvement...more

Patching Up Your Information Security Review

by Morgan Lewis on

In light of recent significant ransomware cyberattacks such as the one that originated in Ukraine and quickly spread to affect hundreds of thousands of computers in more than 150 countries, we wanted to provide a few pointers...more

Corporate Law & Governance Update - August 2017

by McDermott Will & Emery on

A new article published in the Harvard Business Review confirms that the preservation of reputation continues to be a significant motivating concern for individual board members. This is a factor that should be taken...more

And So It Begins: The First DFS Transition Period Comes to an End August 28

by King & Spalding on

In September 2016, the New York Department of Financial Services (“DFS”) introduced the first draft of its cybersecurity regulation, which is now in a position to lead a new trend in industry-specific cybersecurity...more

Breweries Say: “Pennsylvania Beer, Wine, and Liquor…Oh My!”

Given last year’s amendments to the Pennsylvania Liquor Code, emerging malt and brewed beverage manufacturers looking to enter into and successfully compete in the Pennsylvania marketplace have recently been given more...more

FTC and FBI Issue Compliance Reminder on Childrens Online Privacy Protection Act

by Morgan Lewis on

A recent update of the FTC’s COPPA compliance plan for businesses focuses on internet-connected toys and devices aimed at children; FBI issues a Public Service Announcement with a similar focus....more

Warning: New Proposition 65 Warning Regulations Taking Effect

by Morrison & Foerster LLP on

A year from now, dramatic changes to California’s Proposition 65 warning regulations take full effect. The new regulations (formally published by the State in August 2016) significantly alter the “safe harbor” rules for...more

EPA Issues Three Final TSCA Framework Rules

by Morgan Lewis on

The final rules establish procedures to identify high-risk chemicals, conduct risk evaluations, and reset the TSCA Inventory. The US Environmental Protection Agency (EPA) recently issued three final framework rules...more

Nutter Bank Report, July 2017

CFPB Arbitration Rule Will Prevent Firms From Blocking Class Action Lawsuits - The CFPB has approved a new rule that will prohibit banks and other covered providers of certain consumer financial products and services from...more

The Evolution of the President’s Commission to Enhance National Cyber Security

by NAVEX Global on

Through a presidential commission and executive order, the presidencies of the former and current administrations have been linked in a shared effort to bolster our nation’s cyber security. ...more

The General Data Protection Regulation – Top 10 Considerations

by Goodwin on

The clock is ticking and in less than a year the European Union (EU) General Data Protection Regulation (GDPR) will be in full force. Companies should be getting ready now in order to avoid hefty fines for violations (up to...more

Lawmaker Investigates Small-Business Fintech Lending

Expressing concern about potential discrimination, one federal lawmaker has decided to take a closer look at small-business financial technology lending, sending letters to several fintechs with a series of questions....more

CFPB Suffers Setback in RESPA Lawsuit

by Dorsey & Whitney LLP on

A District Court in Kentucky recently rejected the Consumer Financial Protection Bureau’s (“CFPB”) claim against a law firm brought under the Real Estate Settlement Procedures Act (“RESPA”), granting the law firm summary...more

SEC Chairman Clayton Talks Cyber Threats And Responses

by King & Spalding on

On July 12, 2017, U.S. Securities and Exchange Commission Chairman Jay Clayton made his first public speech as head of the Commission, emphasizing the need for coordination between companies and regulators to thwart cyber...more

The Impact of the General Data Protection Regulation on Responses to Data Breaches Involving EU Personal Data

by McDermott Will & Emery on

The forthcoming General Data Protection Regulation will expand the legal obligations of companies that process EU personal data when they suffer a data breach. Every company faces the risk of a data breach that might trigger...more

CFPB extends comment period for small business lending RFI

by Ballard Spahr LLP on

In a notice published in today’s Federal Register, the CFPB announced that it has extended the comment period on its small business lending RFI until September 14, 2017....more

Timely Reminder: Lawyers’ Ethical Obligations and Technology

by Morgan Lewis on

In June 2017, companies, government entities, and law firms faced a global ransomware attack from a type of malware where attackers lock certain data or components of a system and demand payment in exchange for returned...more

House Passes Regulatory Reform That Would Loosen Restrictions on BDCs and Other Funds

by Morrison & Foerster LLP on

On June 8, 2017, the U.S. House of Representatives, by a vote mostly along party lines, approved a bill that would repeal many of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) requirements and...more

Initial Coin Offerings: An Overview of Regulatory Considerations

In recent months, a variety of companies have considered "initial coin offerings" (ICOs) as a way to generate money for their businesses. Companies considering ICOs should be aware that, depending on the structure of the...more

Court Accepts $39 Million Settlement Between CFPB and Mortgage Relief Law Firm

by Goodwin on

On June 21, 2017, a federal judge in the Western District of Wisconsin accepted a Stipulated Final Judgment and Order (“Stipulated Judgment?“) based on an agreement between the CFPB and the bankruptcy trustee of a now defunct...more

MoFocus: Our Insights into the Risk + Crisis Landscape - Vol.1 Issue. 1

by Morrison & Foerster LLP on

What Companies Should Be Doing to Prepare for the Next Ransomware Attack - The “WannaCry” cyberattack that struck in May paralyzed businesses, government entities, and Britain’s National Health Service, encrypting computer...more

Implications of the Supreme Court's Kokesh Decision

by WilmerHale on

Earlier this month, the Supreme Court ruled unanimously in Kokesh v. SEC that a claim for disgorgement arising from the violation of federal securities law constitutes a “penalty” for purposes of the general statute of...more

Companies Perceived By The FTC as Top Violators

by Bryan Cave on

As discussed in previous articles, the FTC collects complaints about organizations that allegedly violate the data privacy, data security, advertising, and marketing laws. Each month the FTC creates a “Top Violators”...more

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Cybersecurity

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