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Consumer Protection Finance & Banking Privacy

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

Going Down For A Third Time – Barnes & Noble Consumer Data Breach Claims Are Dismissed Again for Lack of Injury

Despite some courts’ evident confusion about the impact of payment card theft on consumer cardholders, other courts are getting it right. Just this week, a judge in the Northern District of Illinois issued an order dismissing...more

French Data Protection Authority Approves Implementation of Biometric Authentication Tools in Banking Sector

by Jones Day on

On May 29, 2017, the French Data Protection Authority (Commission Nationale Informatique et Libertés, or "CNIL") announced that it had authorized nine banking institutions to implement, on an experimental basis,...more

Consumer Financial Data Aggregation & the Potential for Regulatory Intervention

A confluence of regulatory activity and policy debates seems to be laying the groundwork for future regulation of consumer financial data aggregation activities. The outcome of these activities could significantly affect how...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Hoping to reverse recent years of struggles, J. Crew is bidding farewell to CEO Mickey Drexler (though he’ll stay on as chairman) in favor of West Elm’s James Brett....more

OIG reports on CFPB’s public website security controls

by Ballard Spahr LLP on

The Office of Inspector General for the Fed and CFPB has completed a report setting forth its findings from an audit in which it evaluated “selected security controls for protecting the [CFPB’s] consumerfinance.gov website...more

New York’s Cybersecurity Regulations Are in Effect

The New York Department of Financial Services’ (DFS) cybersecurity regulations took effect March 1—is your entity in compliance?...more

Accenture Survey Report Highlights Banking Cybersecurity Concerns And Offers Solutions

by King & Spalding on

On April 19, 2017, professional services company Accenture released the results of its survey of security executives in the banking sector relating to cybersecurity strategy and priorities. The survey results and...more

Guilt by Association: Bitcoin and the WannaCry Ransomware Attack

by Perkins Coie on

The recent so-called “WannaCry” ransomware cyber-extortion attack has thrust bitcoin as a means of payment back into the debate surrounding illegal online activity. Much in the way that the internet, in its early days, was...more

Financial Services Weekly News - May 2017 #4

by Goodwin on

Editor's Note - Memorial Day. On Memorial Day, we will be celebrating the men and women whose service and sacrifice ensures the preservation of freedom and opportunity across the United States. Rather than summarize the...more

Federal Court Stands By Earlier Decision Holding Financial Institutions To Higher Standard Than Customers When Pursuing Data...

by King & Spalding on

On May 1, 2017, an Illinois federal district judge dismissed data breach-related claims brought by financial institutions against a grocer. The court distinguished the case from similar lawsuits aimed at Home Depot and...more

OIG Report Continues Criticism of CFPB Enforcement Data Security Practices

by Ballard Spahr LLP on

On May 15, 2017, the Federal Reserve Office of Inspector General – which also oversees the CFPB – released a report finding deficiencies in the CFPB Office of Enforcement’s (Enforcement) processes for securing sensitive...more

Yesterday, #WannaCry. Today, #DocuSignPhish

Another day, another data incident. If you use DocuSign, you’ll want to pay attention. The provider of e-signature technology has acknowledged a data breach incident in which an unauthorized third party gained access to...more

The Financial CHOICE Act, now closer to passage, would significantly impact the mortgage industry

by Ballard Spahr LLP on

On May 4 H.R. 10, the Financial CHOICE Act (the Act) introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, obtained enough votes to move the bill on to the House of Representatives floor.  The Act...more

District Court Takes on the Intersection of Bankruptcy and the FDCPA

A New York District Court recently tackled the intersection between bankruptcy and pre-petition FDCPA claims and the application of judicial estoppel to undisclosed claims. In December 2013, Jeziorowski filed a complaint...more

New York stiffens data protection regs

by Thompson Coburn LLP on

New York has once again positioned itself as a leader among states by recently implementing one of the most detailed and stringent data security regulations to date. It should come as no surprise that New York is a prime...more

Federal court upholds FTC opinion applying TSR robocall consent requirement to calls made using soundboard technology

by Ballard Spahr LLP on

A D.C. federal district court has rejected a trade group’s attempt to invalidate a November 2016 FTC opinion in which the agency concluded that outbound telemarketing calls made using soundboard technology are subject to the...more

GameStop Currently Investigating Possible Data Breach

by Revision Legal on

GameStop is the most recent potential victim of cyber data breach, and the company recently hired a leading security firm to conduct an investigation into allegations that the company’s website was hacked and that customer...more

FTC Privacy and Data Security Enforcement Activity Continues Unabated under the Trump Administration

by Ballard Spahr LLP on

Last week, the Federal Trade Commission (FTC) Bureau of Consumer Protection’s Acting Director, Thomas Pahl, posted on the FTC’s Business Blog about the FTC’s role as the federal agency with the “broadest jurisdiction” to...more

New Mexico becomes 48th state to enact data breach notification law

by Ballard Spahr LLP on

New Mexico recently became the 48th state to enact a data breach notification law. This continues the accelerated pace of state data breach legislative activity in the last two years. Since 2015, at least 41 states have...more

ASIC, I have breached the law. Credit licensees may be subject to mandatory self-reporting rules. - A key difference between the...

by Dentons on

A key difference between the ACL and AFSL regime has been that credit licensees have no obligation to report breaches. The absence of breach reporting was an intentional feature of the ACL regime. During the process of...more

The State AG Report Weekly Update April 2017

by Cozen O'Connor on

Consumer Protection - Colorado Attorney General Obtains Judgment Against Debt Collection Company - Colorado AG Cynthia Coffman obtained a judgment against debt collection company Peak Resolution LLC, its owner, and...more

New York Cyber Regulations Likely to Result in Increased Claims

by Wilson Elser on

The New York State Department of Financial Services (NYDFS) recently promulgated cyber regulations for financial institutions that are likely to increase the risks to directors & officers (D&Os), resulting in an increase in...more

Consumer Financial Services Law - March 30, 2017

Industry Groups Respond on Consumer Access to Financial Records - Financial industry groups responded to the Consumer Financial Protection Bureau's (CFPB) request for information on consumer access to their financial...more

2nd Circuit hears data breach argument: Is fear of harm sufficient for Article III standing?

by Thompson Coburn LLP on

The 2nd Circuit recently heard oral argument in Whalen v. Michael Stores, Inc., No. 16-260, a data breach case involving credit card data. Whether or not the 2nd Circuit follows the 7th Circuit’s lead (established in the...more

Market Solutions, Volume 26, No. 1

by Morrison & Foerster LLP on

Sanctions: Will the Trump Administration Stay the Course? President Trump made many statements during the campaign regarding actions he plans to take to reverse Obama administration sanctions policies. These included...more

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Cybersecurity

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