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Federal Trade Commission (FTC) Gramm-Leach-Blilely Act

Troutman Pepper

Navigating Emerging Privacy Issues in Financial Services — The Consumer Finance Podcast

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In this episode of The Consumer Finance Podcast, Chris Willis is joined by privacy Partner Kim Phan and Rami Haddad, deputy general counsel at PRA Group. This episode delves into a range of emerging privacy issues impacting...more

Hudson Cook, LLP

FTC Expands Creative Use of Gramm-Leach-Bliley Act to Recover Consumer Redress from Defendants

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In 2021, the U.S. Supreme Court held unanimously in AMG Capital Management, LLC v. Federal Trade Commission that the Federal Trade Commission is not entitled to consumer redress in cases brought under Section 13(b) of the FTC...more

Orrick, Herrington & Sutcliffe LLP

FTC asks court to approve $43.5M settlement against for-profit school

On July 29, the FTC released its complaint and stipulated order against a for-profit educational institution located in Georgia for allegedly making false or unsubstantiated representations to convince consumers to enroll in...more

Orrick, Herrington & Sutcliffe LLP

District Court grants FTC’s TRO and asset freeze against debt company

Recently, the U.S. District Court for the Middle District of Florida granted an order brought by the FTC against a debt relief company for violations of several statutes. The court agreed that the defendants have: (i) made...more

Venable LLP

FTC Steps on Career Step and Alleged Inflated Promises of Employment Opportunities

Venable LLP on

In July, the Federal Trade Commission (FTC) brought a complaint against Career Step LLC for targeting servicemembers with misrepresentations concerning Career Step’s ability to match its customers with jobs in the healthcare...more

Cozen O'Connor

Online Career Training Company to Pay $43.5 Million for Deceptive Practices Targeting Service Members

Cozen O'Connor on

The FTC reached a settlement with Career Step, LLC to resolve allegations that the company violated the FTC Act, the Gramm-Leach-Bliley Act, the Telemarketing and Consumer Fraud and Abuse Prevention Act, and the Telemarketing...more

Fisher Phillips

Blockbuster SCOTUS Ruling Will Push Privacy and AI Laws Into the Hands of the States: Your Post-Chevron Game Plan

Fisher Phillips on

The Supreme Court’s recent landmark ruling that gives employers a powerful tool to fight back against regulatory overreach will have a broad impact on just about every area of workplace law. We’re looking at the specific...more

Alston & Bird

Data Breach Notification Requirements Under the Safeguards Rule Now in Effect

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For years, the Gramm-Leach-Bliley Act (GLBA) has required financial institutions to maintain reasonable safeguards for consumer data, but has only had limited breach-reporting requirements. To the extent financial...more

Hinshaw & Culbertson - Privacy, Cyber & AI...

What Businesses Must Know About the New Federal Trade Commission Amendments on the Safeguards Rule

The recent Federal Trade Commission (FTC) amendment adds a new security breach reporting requirement to the Gramm–Leach–Bliley Act (GLBA) Safeguards Rule. The Safeguards Rule is a regulatory framework that mandates financial...more

Goodwin

FTC Files Suit Against Third-Party Bill Payment Company

Goodwin on

On April 25, 2024​, the FTC announced​ that it filed a suit against a Washington-based ​third-party bill payment company​ and two of its chief executives ​​for engaging in allegedly ​deceptive ​and misleading ​​practices​ in...more

Orrick, Herrington & Sutcliffe LLP

FTC alleges ROSCA, GLB Act and FTC Act violations against bill payment platform

On April 25, the FTC announced an enforcement action against a third-party bill payment platform and two of its co-founders (defendants) for allegedly running misleading advertisements that intercepted consumers attempting to...more

Sheppard Mullin Richter & Hampton LLP

FTC Calls Out Bill Payment Company’s Use of Dark Pattern Practices

On April 25, the FTC took action against a Washington-based bill payment company and its two co-founders alleging that the company used misleading search ads to impersonate consumers’ billers and deceptive design practices to...more

Troutman Pepper

FTC Releases 2023 Privacy and Data Security Update

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On March 28, the Federal Trade Commission (FTC) released a Privacy and Data Security Update, highlighting the FTC’s activities in recent years through December 2023. The FTC underscored its work on issues related to...more

Paul Hastings LLP

Revised FTC Safeguards Rule Brings Breach Reporting Obligations to Non-Banking Financial Institutions in May 2024

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Federal jurisdiction under the Gramm Leach Bliley Act (“GLBA”) is a patchwork, particularly for banks –the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency all...more

BakerHostetler

Money, Money, Money - Recent Decision Shows a Court Wrestling with the Proper Amount of Civil Penalties to Award the FTC

BakerHostetler on

Much ink has been spilled over the impact of the Supreme Court’s AMG decision on the Federal Trade Commission (FTC). That decision held that Section 13(b) of the FTC Act did not authorize a federal court to award equitable...more

McGuireWoods LLP

Don’t Forget: It’s Time to Notify the FTC of Your Data Breach

McGuireWoods LLP on

This summer, the Federal Trade Commission (“FTC”) will once again tighten the belt on entities that offer financial products and services when another round of amendments to the Gramm-Leach-Bliley Safeguards Rule goes into...more

King & Spalding

FTC’s Amended Safeguards Rule Creates Unique Dilemma for Certain Organizations Who Have Experienced a Data Breach

King & Spalding on

On May 13, 2024, the FTC’s new rule (the “Rule”) requiring certain financial institutions to report cyber incidents to the Commission will go into effect. The Rule, which is an amendment to the Gramm-Leach-Bliley Act (GLBA)...more

Dunlap Bennett & Ludwig PLLC

The FTC’s Expanded Cybersecurity Requirements Affecting Non-Banking Small Businesses

The expansion of the FTC’s Safeguards Rule will require businesses to notify customers and the FTC of cyber breaches that had previously been excluded from reporting requirements. Previously, only banks had been required to...more

Wiley Rein LLP

Wiley Consumer Protection Download (December 4, 2023)

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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

Benesch

FTC Amends Financial Institution Safeguards Rule to Include New Obligation to Report Notification of Data Security Breaches

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The amended rule requires financial institutions to notify the FTC within 30 days of discovery of a security breach involving information of at least 500 consumers. ...more

WilmerHale

NYDFS Finalizes Amendments to Cybersecurity Regulations

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On November 1, 2023, New York Department of Financial Services (NYDFS or the “Department”) released the finalized revisions (the “Second Amendment”) to 23 NYCRR Part 500 (Part 500) – the most significant modifications to Part...more

Troutman Pepper

More Privacy, Please - September/October 2023

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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

Cooley LLP

FTC Adds New Data Breach Reporting Obligations Under Safeguards Rule

Cooley LLP on

On October 27, 2023, the Federal Trade Commission (FTC) unanimously approved an amendment to the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule to require certain covered financial institutions to report a broad range of data...more

Venable LLP

Data Breach Notice Requirement Added to Safeguards Rule for Non-bank Financial Institutions

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Non-bank financial institutions will have a new data breach disclosure requirement effective May 13, 2024. The Federal Trade Commission (FTC) recently updated the Gramm-Leach-Bliley Safeguards Rule (“Safeguards Rule”), adding...more

Constangy, Brooks, Smith & Prophete, LLP

FTC Non-Banking Financial Institutions Safeguards Rule

The Federal Trade Commission has approved an amendment to the Safeguards Rule under the Gramm-Leach-Bliley Act that creates a new data privacy regulatory reporting requirement for non-banking financial entities. Covered...more

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