Will Resiliency Carry the Digital Asset Sector Through 2024: Federal Legislative Developments and OFAC Consent Orders — The Crypto Exchange Podcast
Takeaways for Banks from the CFPB’s Recent Consent Order on Garnishment Orders
On June 17, 2024, the CFTC filed a consent order against Trafigura Trading LLC, requiring the company to pay a $55 million civil monetary penalty and implement remedial measures. The CFTC’s order details three violations of...more
Welcome to the Credit, Debit, or Prepaid Cards and Consumer Banking chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - We expect continued focus by the CFPB on “junk”...more
Recently, the Industrial and Commercial Bank of China Ltd. (“ICBC”) entered into two consent orders. The first consent order is with the New York State Department of Financial Services (the “NYDFS”) for alleged deficiencies...more
OCC Requests Public Comments on Proposed Bank Merger Policy Statement and Rules The OCC has proposed a new policy to increase the transparency of the standards that the agency applies to review business combinations involving...more
In December, the CFPB brought a series of three separate enforcement actions against several financial services companies alleging a range of violations of federal consumer protections laws....more
On December 7, 2023, Atlantic Union Bank (the “Bank”) entered into a consent order with the Consumer Financial Protections Bureau (CFPB) related to its in-person and telephone overdraft opt-in sales practices during...more
On November 27, 2023, the New York State Department of Financial Services (“DFS”) and First American Title Insurance Company (“First American”) entered into a consent order1 that resolved litigation over First American’s...more
Editor’s Note: The FTC continues to crack down on privacy and cybersecurity, including issuing a new warning to tax preparation companies and entering into a consent decree with 1Health.io. VPPA and BIPA litigation continues...more
Key Takeaways - An FTC merger settlement in the $5.2 billion transaction between EQT and Quantum, two producers of natural gas in the Appalachian Basin, signals the antitrust agencies’ new approach to analyzing the potential...more
This marks the first issue of WilmerHale’s The Interplay: Key Decisions at the Intersection of Antitrust & Life Sciences, a monthly bulletin that will highlight developments in the antitrust and life sciences space. We will...more
Recent enforcement actions and announcements show that state and federal regulators are continuing to focus intensely on cybersecurity and data protection. Notably, the New York Department of Financial Services (“NYDFS”)...more
The CFPB and the OCC announced that they have each entered into a consent order with Bank of America, N.A. for alleged violations arising from the Bank’s representment fee practices (“Fee Consent Orders”). The CFPB also...more
On May 1, NYDFS issued a consent order against a cryptocurrency trading platform for engaging in alleged violations of the state’s cybersecurity regulation (23 NYCRR Part 500)...more
The New York Department of Financial Services (“NYDFS”) recently announced it has entered into a Consent Order with an insurance agency for alleged violations of New York’s Cybersecurity Regulation (the “NY Cybersecurity...more
The Consumer Financial Protection Bureau (CFPB) recently imposed its largest fine ever for consumer banking law violations. The agency’s action is a good reminder for other banks to review their own practices and may spawn...more
The FTC recently issued a proposed order that would settle an enforcement action against Drizly, LLC and its co-founder and CEO, James Rellas, arising from data breaches in 2018 and 2020 that affected over 2.5 million...more
On October 18, 2022, EyeMed Vision Care LLC (“EyeMed”) entered into a Consent Order with the New York Department of Financial Services (“DFS”) relating to a cybersecurity event from 2020 that exposed consumer nonpublic...more
Regulatory Announcements- FTC Commissioner Phillips Plans to Leave the Agency in the Fall, Per Media Reports. On August 8, several media outlets reported that FTC Commissioner Noah Phillips informed his staff through a memo...more
On June 23, 2022, the New York State Department of Financial Services (NYDFS) announced the entry of a Consent Order in connection with its most recent cybersecurity enforcement action, which included a $5 million monetary...more
Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more
Last week the Federal Trade Commission announced a privacy and data security enforcement action against the online retail platform CafePress. The allegations in the FTC’s complaint read like a list of worst practices,...more
On December 21, an online lending fintech agreed to a stipulated final judgment with the CFPB to resolve a September 2021 complaint alleging that the company deceived consumers and violated the Equal Credit Opportunity Act...more
On July 12, 2021 the Consumer Financial Protection Bureau (CFPB) announced that a consent order had been reached with an Atlanta-based non-bank lending company that would require the company to cancel up to $9 million in...more
After an eight-day trial, a federal jury convicted four California residents for their scheme to submit fraudulent loan applications seeking millions of dollars in the Paycheck Protection Program (PPP) and Economic Injury...more