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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

The Future Of CFPB Small Business Lending Regulation

In this article we highlight the role played by the Consumer Financial Protection Bureau in regulating small business lending. Broadly speaking, the bureau’s jurisdiction is limited to the marketplace for consumer financial...more

Fintech and Striking a Balance Between Innovation and Consumer Protection

A topic of discussion at eMerge this year was the disruptive effect that Fintech is having within the financial sector. Fintech, which refers to the use of new technologies in the financial services industry to improve...more

OCC to hold forum on financial innovation

In his April 2016 appearance before the Senate Banking Committee, Director Cordray made clear that FinTech companies are on the CFPB’s radar screen. In particular, he indicated that while FinTech companies should not have an...more

Treasury Department Weighs in on Online Marketplace Lending

On May 10, 2016, the U.S. Treasury Department released a white paper entitled, “Opportunities and Challenges in Online Marketplace Lending.” The white paper is the result of a request for information that elicited more than...more

Supreme Court Clarifies Injury-In-Fact Standing Requirement in Spokeo, Dealing Impediment to “Gotcha” Statutory Lawsuits

Article III of the U.S. Constitution limits federal courts’ jurisdiction to actual cases and controversies only. When a plaintiff seeks to sue in federal court despite having suffered no actual injury, the Constitution’s...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

PCI Council Reacts Again to Data Security Threats

Responding to the increasingly significant threats to customer payment information, the Payment Card Industry Security Standards Council (‘PCI SSC’) has published an update to its data security standard (‘PCI DSS’). Version...more

Blog: Virtual Currencies – The European Parliament’s Box Of Frogs (Part 2)

The European Parliament’s Committee on Economic and Monetary Affairs has published its final report on virtual currencies. Our comparison version shows that it’s in materially the same form as the draft published by the...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

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

Marketplace Lenders May Be Supervised by CFPB in 2017

The Consumer Financial Protection Bureau (CFPB) plans to begin supervising online “peer-to-peer” or “platform” lenders as soon as late 2017, according to the Wall Street Journal. The Journal reported that this oversight...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

Blog: Virtual Currency Regulation: The European Parliament’s Box Of Frogs

On 26 April 2016, the European Parliament’s Internal Market & Consumer Protection (IM&CP) Committee published an Opinion about virtual currencies. The Opinion was prepared by Ulrike Trebesius (MEP) and it calls on the...more

7th Circuit Court of Appeals finds Article III Standing for P.F. Chang’s Plaintiffs

On April 14, 2016, the Court of Appeals for 7th Circuit reinstated plaintiffs’ action against P.F. Chang’s restaurant chain that arose out of the well-reported breach of payment card information. The action was previously...more

FTC to Host Fintech Forum on Marketplace Lending

On April 14, the FTC announced the first of a series of events intended to examine consumer protection across several areas of emerging financial technology. Scheduled to take place in Washington, D.C. on June 9, the first...more

OCC Introduces Framework for Responsible Innovation

On March 31, 2016 the Office of the Comptroller of the Currency (OCC) issued a white paper setting forth its vision of responsible innovation, and signaling its increasing involvement in the financial technology (Fintech)...more

Seventh Circuit (Again) Finds Consumers Have Standing To Sue Over Data Breaches

On April 14, 2016, the Seventh Circuit held in Lewart v. P.F. Chang’s that customers who may have had personal information compromised in a P.F. Chang’s data breach have standing, at the motion-to-dismiss stage, to sue the...more

CFPB Steps Up Scrutiny of FinTech Companies

On March 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will begin collecting complaints from consumers about online marketplace lenders, signaling its intention to increasingly regulate the...more

Financial Services Weekly News - April 2016 #2

Regulatory Developments - Cordray Testifies before Senate Banking Committee - On April 7, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the Senate Banking Committee during the...more

Don’t Look a Gift Card in the Mouth: Beware of Liability Under the Electronic Fund Transfers Act

Many of us have had a similar experience. We receive a gift card, put it in a “safe” place with other gift cards, and forget it exists. Inevitably, we uncover the gift card and find ourselves asking questions such as: Does...more

FCC Reveals Consumer Broadband Labels; CFPB Director Cordray Weighs In

On April 4, the FCC released new broadband disclosure labels for Internet services. According to the FCC, consumers submit more than 2,000 complaints annually related to surprise fees associated with consumers’ Internet...more

FTC Releases 2015 Annual Highlights

On April 6, the FTC released its 2015 Annual Highlights report, which is comprised of four key sections: (i) enforcement; (ii) policy; (iii) education; and (iv) stats and data. Regarding enforcement highlights in 2015, the...more

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