FCRA

New SEC Identity Theft Red Flag Regulations Call Attention to Investment Advisers

by Charles Hertlein, Jr. | Dinsmore & Shohl LLP on 5/21/2013

It is probably fair to say most registered investment advisers, at least those below a certain size, did not pay a great deal of attention to the anti-identity theft, or “red flag” rules jointly adopted by the Federal Trade...more

Dodd-Frank Act Rulemaking: SEC and CFTC Issue Red Flags Rules to Address Identity Theft

by Cole Beaubouef, Scott H. Moss | Lowenstein Sandler LLP on 5/20/2013

On April 10, 2013, the Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC”, together with the SEC, the “Commissions”) jointly issued final rules to require certain regulated...more

FTC Sharpens Focus On Data Brokers

by BuckleySandler LLP on 5/14/2013

On May 7, the FTC released letters it sent to 10 data brokers warning that certain of the brokers’ practices could violate FCRA privacy protections. ...more

Tenth Circuit Holds Affidavit Sufficient To Avoid Summary Judgment On FCRA Emotional Damage Claim

by BuckleySandler LLP on 5/7/2013

Recently, the U.S. Court of Appeals for the Tenth Circuit affirmed in part and reversed in part a district court’s award of summary judgment to a mortgage servicer who provided a negative credit report after the borrower...more

FTC: Data Brokers That Compile Tenant Data May Be Covered by FCRA

by Jeff Ifrah on 5/6/2013

On April 3, 2013, the Federal Trade Commission issued a press release that marks yet another step in its continuing trend of actions involving data brokers and data providers. As we have noted in earlier blog posts, the...more

Reports Of Late Payments To Credit Reporting Agencies While Bankruptcy Is Pending Do Not Violate Federal And State Fair Credit...

by June D. Coleman, Danielle Teeters | Kronick, Moskovitz, Tiedemann & Girard on 5/3/2013

After filing for Chapter 7 bankruptcy, a consumer discovered that her credit report listed delinquent payments to a bank even though she had been current with her payments up to the date she filed. After disputing the report...more

Ninth Circuit Disapproves $45 Million FCRA Class Settlement Based On Conditional Incentive Award

by BuckleySandler LLP on 4/30/2013

On April 22, the U.S. Court of Appeals for the Ninth Circuit reversed a district court’s order approving a $45M class action settlement under FCRA on the grounds that the conditional nature of the incentive award rendered the...more

SEC and CFTC Issue Identity Theft Red Flags Rules Applicable to Financial Institutions and Creditors

by Timothy Blank, Nicholas DiLorenzo, Owen C.J. Foster, Christopher Harvey | Dechert LLP on 4/30/2013

The SEC and CFTC recently issued joint Identity Theft Red Flags Rules (the “Rules”), which are rules and guidelines requiring certain financial institutions worldwide to adopt comprehensive data security programs to detect...more

As the CFPB Turns … And Other Consumer Financial Services News

by Christi Lawson | Foley & Lardner LLP on 4/26/2013

In this week’s episode of As the CFPB Turns questions remain regarding Director(?) Richard Cordray’s constitutional authority to act as the Director of the CFPB. House Financial Services Committee Chairman, Jeb Hensarling,...more

Proposed Class Action Lawsuit Underscores Legal Risks to Employers Using Background Checks

by Ryan L. DiClemente, Robert Nagle | Saul Ewing LLP on 4/26/2013

A putative nationwide class action alleging violations of the Fair Credit Reporting Act (“FCRA”) was recently filed against Toll Brothers Real Estate Inc. (“Employer”) in the United States District Court for the Eastern...more

SEC and CFTC Issue Final Joint Rules on “Red Flags” Compliance

by Cynthia Larose, Adam Veness | Mintz Levin - Corporate & Securities on 4/25/2013

The Securities Exchange Commission (“SEC”) and the Commodity and Futures Trade Commission (“CFTC”) (together, the “Commissions”) have issued final joint rules and guidelines that require certain entities regulated by the...more

Colorado Ninth State to Prohibit Credit Checks for Employment Purposes

by Katharine Parker, Daniel Saperstein | Proskauer Rose LLP on 4/24/2013

On April 19, 2013, Colorado's governor signed S.B. 18 to prohibit employers from considering an applicant's or employee's credit history in employment decisions. California, Maryland, Connecticut, Hawaii, Illinois,...more

SEC Approves Final Investor Privacy Rule

by BuckleySandler LLP on 4/22/2013

On April 10, the SEC voted unanimously to adopt a final rule requiring broker-dealers, mutual funds, investment advisers, and other regulated entities to implement programs designed to detect and prevent identity theft. The...more

SEC and CFTC Issue Identity Theft Rules

by Ana-Maria Ignat, Daniel A. Nathan | Morrison & Foerster LLP on 4/22/2013

Today, April 19, 2013, the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) published in the Federal Register rules and guidelines requiring their respective regulated financial...more

“Red Flag” Compliance Requirements Come to Investment Advisors, Broker-Dealers

by Mintz Levin - Privacy & Security on 4/12/2013

It has been several years since the Federal Trade Commission’s Red Flag Rule took effect; and the banking regulators have had the Red Flag Interagency Guidance in place since 2007. Finally, entities regulated by the...more

FTC Sends FCRA Warning to Providers of Rental Histories

by John L. Culhane, Jr., Alan S. Kaplinsky, Mercedes Kelley Tunstall | Ballard Spahr LLP on 4/11/2013

The Federal Trade Commission continues to keep Fair Credit Reporting Act (FCRA) enforcement at the forefront of its activities, as shown by its recent warnings to operators of six websites that provide information about...more

Final Red Flags Rules Adopted By SEC And CFTC

by David Jenson | Leonard, Street and Deinard - Dodd-Frank and... on 4/11/2013

Today the CFTC and the SEC jointly issued final rules that require regulated entities to adopt programs designed to prevent identity theft – so-called “red flags” rules....more

Concerns About Databases Of Retail Employee Thefts

by Bruce Michael Cross | Perkins Coie on 4/5/2013

On April 3, 2013, the New York Times published an article about commercial databases that contain reports from retail employers about employees who were accused of stealing from their workplaces. Other retailers, for a fee,...more

Little Tucker Act Does Not Waive Sovereign Immunity For Alleged Violation Of Fair Credit Reporting Act

by June D. Coleman, Danielle Teeters | Kronick, Moskovitz, Tiedemann & Girard on 4/5/2013

The United States Supreme Court recently held that the Little Tucker Act does not waive the sovereign immunity of the United States in an action for damages alleging a violation of the Fair Credit Reporting Act (“FCRA”). The...more

2012 Bank Enforcement Actions Still High, But Significantly Lower Than 2010-11

by Robert H. Ledig, Robert Rhatigan, Aline Smith, Thomas P. Vartanian | Dechert LLP on 4/4/2013

Originally published in BNA’s Banking Report, 100 BBR 617 on 04/02/2013. Overall Trends & Outlook - In 2012, the federal banking agencies, including the Federal Deposit Insurance Corporation (‘‘FDIC’’), Office...more

Authorities Regarding GLBA Privacy and the FCRA

by James H. Mann | Davis Wright Tremaine LLP on 3/21/2013

One of PLA’s missions is to facilitate knowledge-management for payments practitioners. Pursuant to that mission, PLA is today posting four fundamental, but not always easily accessed, authorities regarding GLBA privacy and...more

Federal Court Holds Credit Furnisher Must Show Proof Of Investigation Of Consumer Dispute Under FCRA

by BuckleySandler LLP on 3/12/2013

On February 22, the U.S. District Court for the District of Arizona held that a furnisher of credit information must present evidence regarding its investigation of a consumer’s credit reporting dispute in order to satisfy...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 8, 2013

by BuckleySandler LLP on 3/11/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CRIMINAL ENFORCEMENT -...more

Protecting the Workforce from Violence

by Erin Denniston Leach | Snell & Wilmer L.L.P. on 2/28/2013

Tragic acts of violence have taken over our headlines and can destroy not only lives, but businesses. With the rise in reported gun violence, the numerous recent tragedies around the country and continued economic troubles...more

No, Pregnancy Discrimination Is Not Legal In Florida (Despite What You May Have Read)

by Richard D. Tuschman | Akerman Senterfitt on 2/26/2013

I just read an article entitled "Florida lawmakers look to end discrimination against expecting mothers." Posted on the website of a Fox News affiliate, the article begins by stating...more

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