Consumer Finance Monitor Podcast Episode: Understanding the Federal Reserve Board Proposal to Lower Interchange Fee Cap for Debit Card Transactions
FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Report Data Security Breaches - “Amendment will require non-bank financial institutions to report when they discover that information affecting...more
On May 30, 2023, the Federal Trade Commission (FTC) announced that it had finalized a consent order with one of the nation’s largest credit and debit card providers in an administrative action regarding alleged...more
On December 23, the FTC ordered a payment card company to stop blocking merchants from using competing debit payment networks. According to an agency investigation, the company allegedly violated provisions of the Durbin...more
The Federal Trade Commission (“FTC”) sent a comment to the Board of Governors of the Federal Reserve System (“Fed”) urging the Fed to strengthen implementation of debit-card fees and routing reforms to the Electronic Fund...more
This survey summarizes several recent developments affecting bank deposits and payment systems. The U.S. department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued new guidance concerning the customer...more
A prepaid card company agreed to pay the Federal Trade Commission $53 million to settle charges that the company tricked consumers about access to their funds....more
Editor's Note - Removal for Cause or Business as Usual? On April 5, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the House Financial Services Committee to give his semi-annual...more
A prepaid card company deceived consumers about their access to funds that were deposited on their cards, the Federal Trade Commission alleged in a new complaint, seeking injunctive relief and restitution for consumers....more
Cybersecurity should always be at the top of any retailer’s priority list—and even more so as the holiday shopping season gets underway. To that end, the Federal Trade Commission’s newly-released Data Breach Response...more
Companies can be fined by the federal government for failing to properly safeguard consumer data, according to a decision this week by Pennsylvania's federal appellate court....more
Since at least 2005, the Federal Trade Commission has asserted that it may regulate lax data security practices as an “unfair” business practice under Section 5 of the FTC Act. The Wyndham hotel chain was the first to...more
On Monday, the Third Circuit issued a highly anticipated opinion affirming the Federal Trade Commission's authority to regulate "unfair" cybersecurity practices under Section 5 of the FTC Act. In allowing the data breach...more
The U.S. Court of Appeals for the Third Circuit released its much-anticipated ruling in Federal Trade Commission v. Wyndham Worldwide Corp. on August 24, 2015, unanimously upholding the FTC’s authority to regulate companies’...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