Consumer Protection Updates

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Just Released Proposed Cyber Risk-Management Update for the Financial Sector

On October 19, US banking agencies released an advanced notice of proposed rulemaking (ANPR) seeking comments on enhanced cybersecurity standards. These standards potentially would apply to ..US bank holding companies...more

CFPB sending HMDA warning letters

The CFPB announced that it is issuing warning letters to 44 mortgage lenders and mortgage brokers stating that it “has information that appears to show that your company may not be in compliance with certain provisions of the...more

DOJ and FTC Issue Guidance and Announce Policy Shift Regarding Antitrust Challenges to Hiring and Compensation Decisions

The U.S. Department of Justice’s Antitrust Division and the Federal Trade Commission jointly issued their Antitrust Guidance for Human Resources Professionals on October 20, 2016. The guidance addresses the applicability of...more

FCC Orders Far-Reaching New Privacy and Data Security Rules

As expected, the Federal Communications Commission (FCC) has handed down sweeping new privacy and security rules for Internet service providers (ISPs). On Thursday, October 27, 2016, a sharply divided commission voted to...more

The Ninth Circuit Holds That Enforcing A Security Interest Is Not Necessarily Debt Collection

On Oct. 19, 2016, the Ninth Circuit held that merely enforcing a security interest is not “debt collection” under the federal Fair Debt Collection Practices Act (“FDCPA”). In so holding, the Ninth Circuit disagreed with...more

Mortgage Industry Seeks Exemption Under TCPA

The Federal Communications Commission (FCC) is expected in the near term to decide the fate of an exemption sought by the Mortgage Bankers Association (MBA) over the Telephone Consumer Protection Act's (TCPA) prior express...more

DOJ Toughens Stance on Certain Employment-Related Agreements Between Competitors - New Antitrust Guidance Threatens Criminal...

The Antitrust Division of the U.S. Department of Justice (DOJ) and the Federal Trade Commission (FTC) on Oct. 20, 2016, jointly released Antitrust Guidance for Human Resource Professionals, cautioning employers about...more

CFPB Issues Report Offering Preliminary Insights on Consumer Finance Marketplace Innovations

On October 24, 2016, the Consumer Financial Protection Bureau (CFPB) issued a report highlighting various marketplace developments in payments, transactions, lending, underwriting, budgeting, money management, and other...more

CFPB Grabs for SEC/CFTC Turf

In May, the Consumer Financial Protection Bureau (CFPB) proposed a ban on “mandatory arbitration” contract clauses that make financial products consumers waive their right to join class actions. Broker-dealers,...more

CFPB and banking agencies begin review of bank sales practices

According to Politico, the CFPB, OCC, Fed and FDIC have launched a review of bank sales practices, with the reviews to be conducted as special reviews rather than as part of the regular examination process....more

Pondering Public Disclosure & FSMA Records

Remember last month when we said to DOCUMENT EVERYTHING under the Food Safety Modernization Act (FSMA)? Well, here’s some more context for that recommendation. For one, FSMA adds a substantial amount of documentation and...more

FTC Issues Data Breach Response Guidance

The Federal Trade Commission (FTC) this week issued the publication, Data Breach Response: A Guide for Business, that outlines steps it recommends that businesses take when it believes it may have suffered a data breach....more

FTC Releases a Data Breach Response Guide For Business

Data breaches are fast becoming a fact of life. Experiencing a data breach is never a pleasant experience, regardless of how it happens – by accident, by criminal intent, or by system failure. Someone steals a company...more

Advertising Law - October 2016 #4

New in False Advertising Suits: "Natural" Claims, Healthy Beverages - Demonstrating that the focus on health-related claims has not abated, two new class actions were filed challenging the "natural" labels for deli meat...more

Financial Services Weekly News - October 2016 #3

Editor's Note - Another Cybersecurity Proposal. On the heels of the New York State Department of Financial Services (NYDFS) issuing its proposed regulation that would require banks and insurance companies to institute...more

US Court of Appeals for the DC Circuit Declares Structure of the US Consumer Financial Protection Bureau Unconstitutional

The US Court of Appeals for the DC Circuit declared the structure of the US Consumer Financial Protection Bureau unconstitutional, stating that the “massive, unchecked power” exercised by its director, Richard Cordray, lacks...more

Yahoo Requests Declassification Of Alleged Email Scanning Order

On October 19, Yahoo publicly petitioned U.S. Director of National Intelligence James Clapper to declassify a federal order allegedly requiring it to scan all of its users’ incoming email messages. In the open letter, Yahoo’s...more

FTC Releases Data Breach Response Guide

On October 25, the Federal Trade Commission (FTC) released new guidance for businesses that outlines recommended actions to take when facing a data breach. This data breach response guide (Guide) follows the FTC's prior...more

CFPB Makes FinTech Headlines

The Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) made headlines in FinTech on October 24, 2016. First, the Bureau released its first-ever Project Catalyst report on promoting consumer-friendly innovation...more

CJEU says dynamic IP addresses can constitute personal data

The Court of Justice of the European Union (“CJEU”) has ruled that dynamic IP addresses can constitute personal data. Dynamic IP addresses, registered by a website provider when an individual accesses its website, shall...more

US Consumer Financial Protection Bureau Issues Final Rule to Protect Prepaid Account Users

The CFPB issued a final rule that applies federal consumer protections under Regulations E and Z for prepaid account users for the first time. Prepaid accounts may be loaded with funds by a consumer or by a third party, such...more

CFPB amends service provider guidance

The CFPB has reissued its guidance on service providers which was formerly titled CFPB Bulletin 2012-03, and as published in the Federal Register on October 26, 2016, is now titled “Compliance Bulletin and Policy Guidance...more

DOJ/FTC Joint Guidance for Human Resources Professionals Suggests Broad Antitrust Risks

Provisions restricting the hiring of another company’s employees are often included in vendor agreements and a variety of corporate transactions and licenses. And it’s not unusual to see similar constraints adopted in...more

CFPB October 2016 complaint report highlights prepaid card complaints, complaints from North Carolina consumers

The CFPB has issued its October 2016 complaint report which highlights complaints about prepaid cards and complaints from consumers in North Carolina and the Charlotte metro area.  The CFPB began taking prepaid card...more

FINRA Submits Proposed Rules to the SEC to Address Financial Exploitation of Seniors

Last Thursday, the Financial Industry Regulatory Authority (“FINRA”) submitted proposed rules to the United States Securities and Exchange Commission (“SEC”) designed to address “financial exploitation of seniors and other...more

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