Infobytes - June 29 2012 - A Weekly In-depth review of news & developments in the financial services industry.

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Topics In This Issue:

- Federal Issues - State Issues - Courts - Firm News - Mortgages - Banking - Consumer Finance - Litigation - E-Commerce - Privacy/Data Security - Credit Cards

Excerpt From Federal Issues:

FTC Sues Hotel Corporation and Subsidiaries Over Data Protection Practices. On June 26, the FTC filed a complaint in the U.S. District Court for the District of Arizona alleging that Wyndham Worldwide Corporation (and several of its subsidiaries) violated the FTC Act by misrepresenting the adequacy of their data security procedures. The FTC specifically maintains that Wyndham and its subsidiaries engaged in unfair and deceptive practices when they represented on their website that they maintained measures adequate to protect customers' personal information. In truth, the FTC alleges, Wyndham failed to maintain such protections. According to the FTC, the companies' lack of reasonable data security allowed intruders to obtain unauthorized access to that information on three separate occasions. These breaches purportedly resulted in more than $10.6 million in fraud loss and the export-to a foreign-registered domain-of payment card account information for hundreds of thousands of consumers.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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