Democratic Congresswoman Carolyn Maloney of New York sent a letter to Director Cordray yesterday urging the CFPB to limit overdraft fees and expand opt-in requirements as part of a proposed overdraft rule.
The FTC has issued three new FAQs clarifying the “verifiable parental consent” requirements under the COPPA Rule.
In one of the revised FAQs, the FTC reiterates that the COPPA Rule’s list of parental consent methods is...more
Some clarification and a bit more flexibility was forthcoming late last week from the Federal Trade Commission to help ease compliance with the “new” COPPA.
In its recent update to three FAQs in Section H (Verifiable...more
Getting charged for $1000 worth of electronics that you didn’t buy. Seeing your credit score plummet for seemingly no reason.
These types of scenarios are potential nightmares for most of us, but they seem unlikely...more
In this Issue:
- Insights & Trends
..The Future of Regulation in the Digital Economy
- Virtual Currency
..GAO Urges CFPB Participation In Virtual Currency Working Groups
..Trade Group White Paper...more
On December 19, 2013, Target publicly announced it had experienced a data security breach via malware installed on its point-of-sale network. Forty million customer credit and debit card numbers, encrypted PINs, and CVV codes...more
Who should be responsible for paying for the costs of data breaches? -
Reacting to the recent high-profile security lapses at major retailers, California lawmakers are considering a bill that would shift the burden of...more
The U.S. Government Accountability Office (GAO) has joined the CFPB’s call for more transparency in the area of campus financial products. Last week, the GAO issued a report on college debit cards in which the GAO recommended...more
Many financial institutions are counting the costs they are incurring for replacing customer debit or credit cards as a result of recently discovered security breaches at various national retailers. These costs will be...more
The Target data breach story keeps getting worse. The December pre-Christmas disclosure was the theft of up to 40 million Target shoppers’ credit and debit card information in what appeared to have been a hack of the Target...more
As has been widely reported, the popular retail giant Target announced yesterday that it suffered a data breach impacting approximately 40 million credit and debit card accounts used in Target stores across the country...more
In this issue:
- Senator Markey and Representative Barton Reintroduce Do Not Track Kids Act
- House Bipartisan Working Group Continues Discussion on Privacy
- Federal Trade Commission Holds Workshop on...more
New rules came into effect in Canada on Nov 12, 2013 dealing with contracts between merchants and payment providers (including banks), payment networks, payment hardware providers or multiple service providers, in the credit...more
In This Issue:
- FEDERAL ISSUES
- STATE ISSUES
- FIRM NEWS
- FIRM PUBLICATIONS
- CONSUMER FINANCE
- CREDIT CARDS
- PRIVACY/DATA SECURITY
The Republic of Cyprus continues to issue new decrees pertaining to the relaxation of restrictive measures.
Updates regarding these decrees, from Harneys' Cyprus Banking Group, are below.
On February 14, the PCI Security Standards Council, the open global forum responsible for setting payment security standards, issued guidelines for merchants on the factors and risks they must address to protect card data...more
On February 13, 2013, the Financial Consumer Agency of Canada (FCAC) issued Commissioner’s Guidance (the Guidance) to clarify three issues related to the Code of Conduct for the Credit and Debit Card Industry in Canada (the...more
On September 18th, 2012, the federal government announced the proposed expansion of the Code of Conduct for the Credit and Debit Card Industry in Canada (the “Code”) to apply to credit and debit network participants that...more
NACHA has released several concurrent requests for comment (“Requests”) on proposals to amend the NACHA Operating Rules (Rules), including amendments to the Rules regarding “compliance/operational topics” and international...more
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