Privacy Consumer Protection Finance & Banking

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In Case You Missed It: Launch Links - Week of January 31, 2016

Some interesting links we found across the web this week: The State of Venture Capital - How much VC money is out there, and where is it coming from? Click through to the full presentation for a detailed...more

PCI DSS – What It Is and Why It Is Relevant to Your Business

Increasingly, companies are raising questions about PCI-DSS and its applicability to their businesses. This Legal Alert summarizes the basic aspects of PCI-DSS and its application....more

Changes to the Annual Privacy Notice Delivery Requirement

As a result of recent changes to federal privacy laws, financial institutions—such as registered investment advisers, exempt reporting advisers, commodity trading advisers, registered broker-dealers and private funds—may no...more

FinTech Focus: New European Directive on Payment Services (PSD2) Comes into Force

On 12 January 2016, the long-awaited revised Payment Services Directive (“PSD2”) came into force in Europe. This replaces the Payment Services Directive (“PSD”) that has been in place since 2007. The deadline for EU member...more

New York District Court Holds TCPA Claim Within Scope of Arbitration Provision

Plaintiff brought suit against a credit card company, alleging the company violated the TCPA by autodialing her cell phone without consent. The calls at issue were made in conjunction with a “big box” electronic store card,...more

New Rhode Island Law Protects Victims of Businesses’ Data Breaches in 2016

Cyber data breaches affect individuals, businesses, and the government. Tens of millions of Americans are affected by data breaches every year. In 2014, CNN estimated that 47% of U.S. adults in the U.S. had their personal...more

Congress Considers Changes to FCRA to Expand Consumer Credit Files and Limit Use of Credit Reports for Employment Decisions

Two bills amending the Fair Credit Reporting Act (FCRA) intended to benefit consumers are making their way through Congress. H.R. 4172, "The Credit Access and Inclusion Act of 2015," has bipartisan support, although it is...more

Rise in Cyberattacks on Professional Services Firms

Wilson Elser’s Cyber Incident Response Team has seen an alarming uptick in cyber-criminal activity targeted at professional services firms, particularly accounting firms. As described in more detail below, the criminal...more

Year in Review: Legislation and Guidance for Financial Institutions in 2015

Financial institutions in Canada witnessed yet another year of significant growth in legislation and regulatory guidance impacting their operations, while the financial marketplace is continuing to adapt to the impact of...more

Update on Hyatt data breach: Over 250 locations compromised

In December, Hyatt Corporation announced that it had identified malware on computers that operate its payment processing systems. Late last week, Hyatt disclosed that upon investigating the malware it discovered “signs of...more

CFPB engaged in process to allow public input on privacy questions under new HMDA rule

On January 11, Elena Babinecz, a CFPB attorney, spoke as part of a panel relating to the revised HMDA rule at the Winter Meeting of the Consumer Financial Services Committee of the Business Law Section of the American Bar...more

Independent audit recommends updates to CFPB privacy policies

The CFPB has released a report for FY 2015 prepared by KPMG LLP of its independent audit of selected CFPB operations and budget. An annual independent audit is required by the Dodd-Frank Act. The report dated December 18,...more

FAST Act Drives Long-Awaited Gramm-Leach-Bliley Amendment

In late 2015, Congress passed the Fixing America’s Surface Transportation Act - a vehicle for an amendment to the Gramm-Leach-Bliley Act (GLBA) meant to eliminate the need for certain companies to provide annual privacy...more

Mortgage company pays $7.4 million to settle TCPA violations

Mortgage Investors Corp. (MIC) settled a class action this week for $7.4 million for its alleged violations of the Telephone Consumer Protection Act (TCPA) in an Oregon federal court. Plaintiffs stated in their complaint that...more

Consumer Bankers Association, Chamber of Commerce Join Challenge to FCC TCPA Ruling

The Consumer Bankers Association (CBA) and United States Chamber of Commerce (USCC) have joined the legal challenge to the Federal Communications Commission’s July declaratory ruling and order. The Order responded to 21...more

Privacy Tip #16 – Top privacy tips for 2015

In response to our clients, colleagues, readers and friends’ requests, we started publishing weekly privacy tips 16 weeks ago. We hope that you have found them to be helpful, both in your personal and professional life....more

OCC Releases Semiannual Risk Perspective Report

On December 16, the OCC released its Semiannual Risk Perspective report to provide an overview of supervisory concerns for the federal banking system, including operational and compliance risks. According to the report, which...more

Cybersecurity Legislation Stalks Bank Directors

To avoid potential personal liability for cybersecurity breaches, bank directors should take proactive steps to make sure their institution complies with all applicable regulations. In the wake of recent well-publicized...more

Quincy Credit Union ATM machines compromised in skimming scheme

Hundreds of Quincy Credit Union (Massachusetts) customers reported that unauthorized ATM withdrawals were made from their accounts over the holiday weekend. Officials now believe that skimmers were placed on ATM machines in...more

CFPB Takes Action Against Lead Aggregators

On December 17, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced that it has taken action against lead aggregators that resold sensitive personal information to lenders and debt collectors. In a complaint...more

Cybersecurity & Other Risks: OCC Outlines Key Examination Areas for 2016

On December 16, 2015, the Office of the Comptroller of the Currency (OCC) issued its semiannual risk assessments for federally chartered financial institutions (the “OCC Report”). According to the Comptroller: “Strategic,...more

Debt Collection and Beyond in 2015

In 2015, the CFPB further expanded its reach into debt collection through a number of enforcement actions. The CFPB also continues to conduct research on a potential rulemaking regarding debt collection activities, which may...more

What the FTC’s Settlement With Wyndham Means for Your Company

The recent settlement entered into between the Federal Trade Commission (FTC) Wyndham Hotels and Resorts and related companies (Wyndham) provides an important roadmap for companies seeking to avoid running afoul of the FTC’s...more

FTC and Wyndham Call a Truce

Following the Third Circuit’s ruling upholding the FTC’s authority to regulate unfair and deceptive cybersecurity practices under Section 5 of the FTC Act, Wyndham Worldwide Corporation and the FTC have agreed to settle. ...more

Landmark Wyndham Settlement Provides Guidelines For Companies To Meet FTC’S Datasecurity Requirements

On December 9, Wyndham Hotels and Resorts (“Wyndham”) agreed to a landmark settlement with the Federal Trade Commission (“FTC”) stemming from the FTC’s lawsuit against it after three data breaches that occurred between 2008...more

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