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Two-Factor Authentication May Be Coming to a Bank Near You

When I was at the SEC and online broker-dealers’ customers were the victims of hacking incidents, I used to wonder, why don’t the broker-dealers require multi-factor authentication to gain access to accounts? It was a silly...more

UDAAP Council Weekly UDAAP Standards Report - 2/25/2015

Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the meaning...more

What General Counsel Need To Know About The Latest Cybersecurity Developments

In the wake of reported security breaches at a number of significant financial institutions, cybersecurity is garnering more attention and concern than ever before — both within the financial services industry and among...more

CW02: How to Stop Debt Collectors from Calling Your Family, Friends, and Co-Workers

The job of a debt collector is to make you give them money. Debt collectors understand that if they can make you uncomfortable enough, whether it be through fear, embarrassment, or simply annoy unceasingly, that you will be...more

Another study raises questions about possible CFPB payday loan limits

We recently wrote about two studies, one by Professor Ronald Mann and the other by Professor Jennifer Lewis Priestley, that cast serious doubt on the benefit to payday loan borrowers of an ability-to-repay requirement and...more

CFPB proposes temporary suspension of TILA requirement for credit card issuers to submit card agreements quarterly

The CFPB has issued a proposal to suspend for one year the Truth in Lending Act/Regulation Z requirement for issuers of open-end credit cards to send their credit card agreements to the CFPB quarterly for posting in a public...more

Boom or Bust? Cyber Security and Data Breach Loss in Latin America

Every day in the news we are assaulted by reports of cyber security and data breaches of industry giants, major retailers and financial conglomerates that compromise the privacy and security of millions. In the wake of such...more

New York Federal Court Denounces Debtor’s Attempt To Induce FDCPA Violation

A New York federal district court recently issued a strong denunciation of the practice of debtors attempting to induce debt collectors into committing violations of the Fair Debt Collection Practices Act (FDCPA). Finding...more

California Amends Mortgage Originator Testing and Education Requirements

The state of California has made significant changes to the testing and education requirements for its mortgage loan originators licensed under the California Finance Lenders Law and the California Residential Mortgage...more

Director Cordray speaks to the National Association of Attorneys General

As he has done in prior years, Director Cordray spoke earlier this week to the National Association of Attorneys General. His prepared remarks focused on the familiar theme of “the four Ds” that create obstacles for consumers...more

State AGs and Regulators Step Up UDAAP Enforcement

Dodd-Frank created the Consumer Financial Protection Bureau (“CFPB”) and granted that federal agency significant powers to regulate financial institutions. But Dodd-Frank also empowers state regulators to enforce the new...more

CFPB Announces Field Hearing on Arbitration

On February 23, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Newark, New Jersey, on March 10, 2015, to discuss the topic of arbitration. We anticipate that the CFPB will...more

FINRA Issues its Cybersecurity Report, Providing Tools and Encouragement to Broker-Dealers

FINRA recently issued a Report on Cybersecurity Practices (“Report”), growing out of its targeted examination of firms last year. To issue the Report, FINRA gave careful consideration to the needs of many broker-dealers for...more

Standing in Data Breach Cases – Still a Moving Target

Where do we stand on standing in data breach cases? It depends on which court you ask. In December 2014, two courts considered whether plaintiffs alleged sufficient injury in their complaints involving well-known data...more

Sixth Circuit Holds that a “Settlement Offer” is Misleading Under the Fair Debt Collections Practices Act

What happens when a debt buyer sends a letter to a debtor offering to “settle” a debt—one whose statute of limitations has run? In the Sixth Circuit, at least, a claim that the communication violates the Fair Debt Collection...more

Texas Supreme Court Argument Preview - 2/15 #2

The Texas Supreme Court will hear argument in two mandamus petitions on Wednesday, February 25, 2015, beginning at 9:00 am. ...more

FDIC Releases Final Technical Assistance Video to Cover Mortgage Servicing Rules

On February 13, the FDIC released the third and final technical assistance video intended to assist bank employees to comply with certain mortgage rules issued by the CFPB. The final video addresses the Mortgage Servicing...more

U.S. House Representatives Reintroduce Bill to Create Independent IG Position at CFPB

On February 12, Congressmen Steve Stivers (R-OH) and Tim Walz (D-MN) re-introduced the Bureau of Consumer Financial Protection-Inspector General Act of 2015, legislation that would create an independent IG position at the...more

Communicating with Family Members After the Death of a Customer

Your bank customer has died. Her husband, who is well known to the bank, calls to discuss his deceased wife’s account and seeks to “add” his name to the account so he can access some of the funds for funeral expenses. You...more

CFPB to hold field hearing on arbitration

The CFPB has announced that on Tuesday, March 10, 2015, it will hold a field hearing in Newark, N.J. on arbitration. The hearing will feature remarks from Director Cordray, as well as testimony from consumer groups, industry...more

Supervisory or enforcement action: Deputy Director Antonakes explains how the CFPB decides

In his prepared remarks for an appearance last week at the Exchequer Club, CFPB Deputy Director Steven Antonakes discussed the CFPB’s risk-based approach to supervision. (The Exchequer Club’s members include senior...more

Eye on Privacy Newsletter - February 2015

In this issue: - Privacy and Data Security in Transactions: What's the Deal? - Consumer and Financial Institution Class Actions Survive Motions to Dismiss in Target Data Breach Litigation - California Amends...more

An Opportunity to Collaborate? The CFPB’s credit report study

On February 19, 2015, the CFPB released its credit report study, entitled “Consumer voices on credit reports and scores.” After conducting focus groups with 308 consumers in four major metropolitan areas, the study concludes...more

Industry Trade Groups Urge Congress to Pass Legislation to Protect Consumers from Data Breaches

On February 12, seven industry trade associations co-authored a letter to Congress regarding anticipated data breach legislation. The letter urges Congress to protect its constituents from the impact of identity theft and...more

CFPB Takes Action Against Mortgage Companies for Deceptive Advertising

On February 12, the CFPB announced a civil suit against a Maryland-based mortgage company and consent orders with two additional mortgage companies headquartered in Utah and California for allegedly misleading consumers with...more

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