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Consumer Protection Business Organization

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

CFPB Releases Prepaid Rule Guidance

The Consumer Financial Protection Bureau (CFPB) released guidance on the agency's forthcoming Prepaid Rule, set to take effect on October 1, 2017. Although described as aimed at "small businesses," the guidance is useful for...more

Compliance Lessons for Executive Leadership from The Wells Fargo Investigation Report

by Thomas Fox on

Compliance lessons from truly one of the most damning reports of complete corporate failures around ethics and culture that has recently been seen....more

Air transportation: amendments to the Canada Transportation Act tabled before Parliament

by DLA Piper on

On Tuesday, 16 May 2017, Minister of Transport Marc Garneau introduced Bill C-49, the Transportation Modernization Bill, amending several key provisions of the Canada Transportation Act (the “Act”). The Bill is in line with...more

Uncertain Future For CFPB Small Business Data Rule

by WilmerHale on

On Wednesday, May 10, the Consumer Financial Protection Bureau issued a request for information (RFI) on the small-business lending marketplace — the first step in an anticipated rulemaking pursuant to Section 1071 of...more

The First 24 Hours: How to Prepare and Respond to a Major Cybersecurity Attack

by McDermott Will & Emery on

In today’s digital age, data privacy and security incident response plans are critical. Companies need to have a well-designed cybersecurity plan to protect their systems from attacks and respond to a crisis when they are...more

RISK: To Retain or Not Retain in Sukuk?

by King & Spalding on

Introduction - 17 C.F.R. Part 246, adopted jointly by the United States Securities and Exchange Commission (the “SEC”) and other federal agencies in October of 2014 (the “U.S. Risk Retention Rule”) was adopted in response...more

CFPB conducts small business field hearing and issues related white paper and request for information

by Ballard Spahr LLP on

Yesterday, I attended the CFPB’s field hearing in Los Angeles on small business lending. In connection with the hearing, the CFPB issued a white paper entitled “Key dimensions of the small business lending landscape,”...more

Senate Committee Advances Cybersecurity Bill For Small Businesses

by King & Spalding on

The U.S. Senate will soon consider legislation aimed at providing simplified resources to help small businesses protect themselves and their customers from cyber threats. The bill, entitled the MAIN STREET Cybersecurity Act...more

House Financial Services Committee passes Financial Choice Act containing CFPB overhaul, significant changes to rulemaking...

by Ballard Spahr LLP on

Last Thursday, by a party-line vote of 34-26, the House Financial Services Committee approved the Financial CHOICE Act (H.R. 10) proposed by Committee Chairman Jeb Hensarling....more

Chaos Theory, the Butterfly Effect and One More Banking Hurdle?

Oregon Gov. Kate Brown recently signed into law Senate Bill 863. The bill attracted bi-partisan support as it moved through the legislature and is well intended. The bill protects consumer names, addresses and other...more

CFPB to hold May 10 field hearing on small business lending

by Ballard Spahr LLP on

The CFPB will hold a field hearing on small business lending in Los Angeles, CA on May 10, 2017. The announcement, which took the form of a posting on the events page of the CFPB’s website, contains only the usual statement...more

CyberOhio Initiative – An Update from the Ohio AGO

We recently posted on the Ohio Attorney General’s CyberOhio initiative and forecasted that the Ohio Attorney General might be the first of many Attorneys General to join forces with industry in the struggle to protect...more

Cybersecurity Bill Aims to Patch Holes in Main Street

by Morgan Lewis on

The US Senate Commerce Committee recently advanced a bill, titled the MAIN STREET Cybersecurity Act of 2017 (the Bill), under which the National Institute of Standards and Technology (NIST) would disseminate “clear and...more

Be Compromise Ready: Go Back to the Basics

by BakerHostetler on

We are excited to release our third annual BakerHostetler Data Security Incident Response Report. This report analyzes the more than 450 data security incidents we led clients through in 2016. Companies continued to...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

N.Y.’s New Cybersecurity Regulations: What Financial Services Companies Need to Know

With corporate data security breaches on the rise, the New York State Department of Financial Services (NYDFS) has adopted rules requiring financial institutions to take certain measures to safeguard their data and inform...more

Ninth Amendment to German Act Against Restraints of Competition to Take Effect Soon

by Morgan Lewis on

Key changes triggered by the amendment relate to a company’s liability for cartel infringements, the introduction of a transaction value test into merger control, private enforcement through the implementation of the EU...more

French Companies Must Show Duty of Care for Human and Environmental Rights

by Morgan Lewis on

After the Constitutional Court rendered its recent decision on the law regarding the duty of care of parent companies and ordering companies, the rule has finally entered into force—but is it much ado about nothing?...more

Economic regulation in the face of declining demand

by DLA Piper on

Overview of decision - On 28 March 2016, the Federal Court dismissed Telstra's appeal against the ACCC's October 2015 decision setting the prices for fixed line telecommunications services. In upholding the ACCC's...more

PPI Complaints – FCA publishes final rules and guidance

by DLA Piper on

Payment Protection Insurance (PPI) mis-selling has been a huge issue for firms. Not only has it damaged public trust and confidence but it has also been an enormous drain on resources with firms handling over 18.4 million PPI...more

New Mexico to Become 48th State to Enact Data Breach Notification Statute

by Morgan Lewis on

Once Governor Susana Martinez signs the act into law, New Mexico will become the 48th state and 52nd US jurisdiction to adopt notification obligations for entities that have experienced a data breach....more

Marijuana and Privacy: A Primer

Legal marijuana is America’s fastest-growing industry. According to ArcView Market Research, cannabis revenue is expected to exceed $22 billion by 2020—nearly double that of the NFL. This past year, Colorado saw its sales...more

New Mexico, One of the Last Holdouts, Sends Data Breach Notification Law to Governor

New Mexico is one of the few remaining states to not have a law requiring companies to notify consumers when their information is part of a data breach. This, however, might change very soon. Last Wednesday, the New Mexico...more

Financial Services Report - Spring 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

Lawmaker Seeks CFPB Fair Lending Investigation of Fintech Small Business Lenders

by Ballard Spahr LLP on

A Democratic congressman has raised concerns about potentially discriminatory lending practices used by financial technology (fintech) companies that extend credit to small businesses, calling on the Consumer Financial...more

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Cybersecurity

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