Consumer Protection Finance & Banking

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Cloud Computing in the Financial Services Sector – the UK FCA Gets On-Message

It’s been a long wait but the UK’s financial services regulator, the Financial Conduct Authority (FCA), has published proposed guidance for UK-regulated financial services firms when using cloud computing solutions to...more

Does This Year’s Nobel Prize in Economics Suggest Any Lessons Regarding the Regulation of the Consumer Finance Industry?

On Monday October 12, 2015, Professor Angus Deaton won the Nobel Memorial Prize in Economic Science. Professor Deaton’s work focuses in part on consumer behavior, and, more specifically, on techniques used by researchers for...more

BIS and IOSCO consult on cyber resilience

BIS’ CPMI and IOSCO are consulting on principles for cyber resilience for FMIs. The guidance includes: - stressing the importance of board and senior management attention to a successful cyber resilience strategy...more

Your daily dose of financial news The Brief – 11.30.15

Another Black Friday has come and gone (and hey, welcome to Cyber Monday and a big financial week ahead), but the truth is that it’s not quite what it used to be—both for brick-and-mortar retailers and for those using it to...more

CFPB Releases Compliance Bulletin Related to Consumer Authorizations for Preauthorized Electronic Fund Transfers

On November 23, 2015, the Consumer Financial Protection Bureau (CFPB) issued CFPB Compliance Bulletin 2015-06 to provide companies with guidance related to their obligations under the Electronic Fund Transfer Act (EFTA) and...more

Big Data, Big Government – Big Trouble? A Hard Look at the Final HMDA Rule

If all goes according to plan, financial institutions will report over 250 million data points related to mortgage loan applications and originations in 2018. If the mortgage market returns to the high volumes seen in 2005,...more

Privacy Tip #11

Whenever you open a new bank account, credit card or debit card account or other account such as a health savings account, the bank or credit card company is required to send you a notice of your privacy practices under the...more

House of Representatives Issues Report Blasting CFPB on the Heels of House Vote to Repeal CFPB’s Auto Lending Guidance

On November 24, 2015, Republican members of the House of Representatives’ Financial Services Committee issued a report titled Unsafe at Any Bureaucracy: CFPB Junk Science and Indirect Auto Lending, which blasts the Consumer...more

Starwood Hotels hit with payment card malware attack

Last Friday (November 20, 2015), Starwood Hotels announced that it was hit with a payment card malware attack affecting 50 of its North American hotels. The president of Starwood Hotels Americas stated in a letter to...more

CFPB Releases Compliance Bulletin about Obtaining Authorizations for Preauthorized Electronic Fund Transfers

The Consumer Financial Protection Bureau (the “CFPB”) warned financial companies in a compliance Bulletin Monday that they must have proper authorization before automatically debiting funds from customers’ accounts. (CFPB...more

Supervisory Highlights, Fall 2015: Totally Sanitized Limerick Edition!

Don’t know about you, but we’ve been dreaming about wrapping ourselves in a big cabled sweater, drinking a pumpkin-spiced beverage and cozying up to the Fall 2015 issue of Supervisory Highlights. Usually haiku is how we roll,...more

CFPB’s Fall 2015 Rulemaking Agenda Includes Student Loan Servicing

On Friday, November 20, the Consumer Financial Protection Bureau (CFPB) announced it will consider writing new marketwide federal standards for student loan servicers. This marks the first time that the CFPB’s rulemaking...more

CFPB issues compliance bulletin on preauthorized electronic payments

The CFPB has issued a compliance bulletin (Bulletin 2015-06) concerning the Electronic Fund Transfer Act (EFTA) and Regulation E requirements for obtaining a consumer’s authorization for preauthorized electronic fund...more

CFPB highlights bank account or service complaints in fifth monthly complaint report

The CFPB has issued its November 2015 complaint report, the fifth in its new series of monthly complaint reports. The new report highlights bank account or service complaints and complaints from consumers in Connecticut and...more

CFPB issues eighth Semi-Annual Report

The CFPB has issued its eighth Semi-Annual Report to the President and Congress covering the period from April 1, 2015 through September 30, 2015. The 190-page report recycles information from previously-issued CFPB reports...more

CFPB Releases Bulletin Outlining Automatic Debit Requirements for Financial Entities

On Monday, November 23, the CFPB released a new Compliance Bulletin to remind financial entities of their requirements when obtaining consumer authorizations for preauthorized electronic fund transfers (EFT). Mortgage...more

CFPB plans national survey on financial well-being

The CFPB has published a notice in the Federal Register indicating that it is planning to conduct a “Financial Well-Being National Survey.” In the notice, the CFPB states that through its prior research, it has determined...more

CFPB Releases Monthly Consumer Complaint Report for October 2015

On November 24, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for October 2015, which provides an overview of three-month trends in consumer complaints. This Monthly...more

State AGs Urge Card Companies to Advance Consumer Protection by Implementing Chip and PIN Technology

On November 16, nine state attorneys general sent a letter urging leading card brands to expedite the implementation of chip and PIN technology in the United States. The letter summarizes research connected to recent data...more

CFPB raising LGBT issues with supervised entities

We recently blogged about remarks made by Patrice Ficklin, Director of the CFPB’s Office of Fair Lending, at the American Bar Association’s Consumer Financial Services Institute. In her remarks, she stated that the CFPB is...more

CFPB issues snapshot of servicemember complaints

The CFPB has issued a new “snapshot of servicemember complaints.”  The report states that as of November 2015, the CFPB had received about 2,500 complaints from servicemembers, veterans and their dependents about high-cost...more

Special Alert: CFPB Issues Guidance Regarding Preauthorized Debit Transactions Under the Electronic Fund Transfer Act and...

On November 23, 2015, the Consumer Financial Protection Bureau (“CFPB”) released Compliance Bulletin 2015-06 (“Bulletin”), which provides industry guidance on the Electronic Fund Transfer Act (“EFTA”) and Regulation E...more

CFPB Publishes Semi-Annual Rulemaking Agenda

Just in time for the holidays, the CFPB released its Fall 2015 rulemaking agenda on Friday, November 20. The agenda does not include any major surprises, but it does slightly revise the projected timeline for several highly...more

NY DFS Proposes New Cybersecurity Regulations for Financial Institutions

The New York Department of Financial Services (NYDFS) has distributed a letter to various federal and state regulatory agencies and associations proposing the development of new cybersecurity regulations for financial...more

Eleventh Circuit Strikes Down Florida’s No-Surcharge Law

On November 4, 2015, the Eleventh Circuit struck down Florida’s no credit-card surcharge statute as unconstitutional under the First Amendment. See Dana’s Railroad Supply v. Attorney General, Florida, No. 14-14426, 2015 WL...more

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