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IRS Issues New Requirements for IVES Participants

On June 23rd, the IRS dropped a bombshell on the lending industry. As of Midnight on July 1, 2016, many lenders will no longer be able to verify directly borrower income except through snail mail. If the IRS sticks to its...more

Reputation Matters: Don’t Lose Opportunities Due to Inaccurate Personal Data

Consumers may be injured by inaccurate data that they cannot review or correct. There’s a hole in the bucket, dear Congress. The children’s song, “There’s a Hole in the Bucket,” exemplifies the conundrum many consumers...more

Your Organization is Impacted by Ransomware - Now What?

Some forms of cyber extortion are automated and not targeted at any specific victim. For example, “ransomware” refers to a type of malware that prevents users from accessing their systems unless, and until, a ransom is paid....more

District Court Grants Summary Judgment Against P.F. Chang’s In Cybersecurity Insurance Case

On June 13, 2016, the United States District Court for the District of Arizona granted summary judgment against P.F. Chang’s China Bistro, Inc. (“P.F. Chang’s”) in a cybersecurity insurance lawsuit that it brought against its...more

FTC Backs FCC’s Proposed Rule on TCPA Amendments for Calls Collecting Government Debt

The Federal Trade Commission's (FTC) Bureau of Consumer Protection issued a Staff Comment on June 16, 2016, supporting several of the Federal Communication Commission's (FCC) proposed regulations implementing amendments to...more

Monitoring and Recording Consumers’ Calls in California Can Be a Risky Practice

Many businesses monitor or record customer service, telemarketing, and other telephone calls with consumers to help them improve customer service and for evidentiary reasons. Under federal and many state laws, calls may...more

CFPB Brings First Data Security Enforcement Action

The Consumer Financial Protection Bureau (CFPB) recently brought its first data security enforcement action, adding itself to the growing list of federal regulators tackling data security issues. The CFPB’s enforcement action...more

The CFPB and Data Security Enforcement

The Consumer Financial Protection Bureau (CFPB) announced its intention to act as a data security regulator by releasing its first unfair, deceptive or abusive acts or practices (UDAAP) enforcement action for allegedly...more

FCC Consumer Advisory Committee Recommends Final Rule Pursuant to Bipartisan Budget Act of 2015 With Consumer Protections

On June 10, 2016, the FCC Consumer Advisory Committee recommended promulgation of a Final Rule pursuant to the Bipartisan Budget Act of 2015, containing the following consumer protections: Calls pursuant to the exception...more

CFPB files supplemental amicus brief in Third Circuit FDCPA case to address Spokeo

The CFPB has filed a supplemental amicus brief with the U.S. Court of Appeals for the Third Circuit in Bock v. Pressler & Pressler, LLP, the case in which the district court ruled that a debt collection law firm violated the...more

Financial Services Report, Summer 2016

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

Modernize TCPA, ACA International Urges in White Paper

In a new white paper, ACA International, a trade association for members of the credit and collection industry, argues that the Telephone Consumer Protection Act (TCPA) must be modernized to accurately reflect the current...more

New Guidance From FFIEC on Mobile Financial Services

Examiners will be paying more attention to mobile financial services (MFS) using new guidance recently issued by the Federal Financial Institutions Examination Council (FFIEC)....more

Preparing for Increased Cybersecurity Information Sharing

Cybersecurity remains a top focus of government regulators, and the prevailing trend is to encourage information sharing between the government and private entities to combat cybersecurity threats. In line with this theme, on...more

PayPal Reaches Settlement With Texas Over Venmo Privacy and Security Disclosures

Venmo is a peer-to-peer mobile payments service that PayPal acquired in 2013. Users can transfer money to another person using a mobile or web application (e.g., send money to a friend to split the cost of dinner). On May 20,...more

CFPB's New HMDA Rule Still Leaves Privacy Concerns Unanswered

The implementation date of the CFPB's final Home Mortgage Disclosure Act (HMDA) Rule is fast approaching and the mortgage industry still has not received any answers in regards to their data privacy concerns. As widely...more

How to Evaluate a Credit Monitoring Service

Organizations are not, generally, required to offer services to consumers whose information was involved in a breach. Nonetheless, many organizations choose to offer credit reports (i.e., a list of the open credit accounts...more

CFPB Takes Action Against Individuals Operating Lead Aggregator

In new lawsuits seeking to hold the individuals behind a company that allegedly violated the Consumer Financial Protection Act of 2010 liable, the Consumer Financial Protection Bureau (CFPB) took action against the cofounders...more

New Mobile Financial Services Appendix

The Federal Financial Institutions Examination Council recently issued a new appendix on “Mobile Financial Services” to the Retail Payment Systems booklet of the FFIEC Information Technology Handbook. The appendix...more

FCC’s Proposed Regulations Would Gut TCPA Exception for Debts Owed to or Guaranteed by U.S.

The Bipartisan Budget Act of 2015 (Act) amended the Telephone Consumer Protection Act (TCPA) to remove the prior express consent requirement for calls ''made solely to collect a debt owed to or guaranteed by the United...more

EBA Publishes Discussion Paper on Use of Consumer Data by Financial Institutions

On May 4, 2016, the EBA published a discussion paper on innovative uses of consumer data by financial institutions, in line with its mandate to monitor financial innovation. The EBA report notes that although general...more

New and Disruptive Technologies: The Care and Feeding of the New Economy [Expect Focus – Vol. I, Winter 2016]

IN THE SPOTLIGHT - The CFPB Takes First Enforcement Action Related to Data Security Practices. LIFE INSURANCE - Class Certified in Unique Fixed Indexed Annuity Case. Alleged Misrepresentations to DFS Warrant...more

Legal Challenge to FCC’s TCPA Omnibus Ruling Ready for Court Decision

The FCC’s July 2015 Omnibus Ruling ("the Ruling") interpreting certain provisions of the Telephone Consumer Protection Act (TCPA) has been widely denounced by business interests for its expansive interpretation of the...more

The CFPB Takes First Enforcement Action Related to Data Security Practices

The Consumer Financial Protection Bureau (CFPB ) has taken its first UDAAP action against a consumer financial service provider related to data security practices. Since its launch in December 2009, Dwolla, Inc. ("Dwolla"),...more

CFPB: The Quarterly Review - April 2016

If the first quarter is any indication, 2016 is going to be a busy year for the CFPB and market participants alike. The CFPB Speaks - Regulation by enforcement - On March 9, during his prepared remarks to...more

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