News & Analysis as of

Gramm-Leach-Blilely Act Consumer Financial Protection Bureau

Consumer Financial Services Law - March 30, 2017

Industry Groups Respond on Consumer Access to Financial Records - Financial industry groups responded to the Consumer Financial Protection Bureau's (CFPB) request for information on consumer access to their financial...more

ABA comments on CFPB’s RFI on consumer access to financial information

by Ballard Spahr LLP on

The American Bankers Association has submitted a comment letter in response to the CFPB’s request for information regarding consumer access to financial information. The ABA observes that while larger institutions have...more

Court Enforces CFPB Civil Investigative Demand Against Tribal Lending Entity; Rejects Argument that Tribal Sovereignty Precludes...

by Dorsey & Whitney LLP on

On January 20, 2017, in CFPB v. Great Plains Lending, a three-judge panel of the Ninth Circuit Court of Appeals upheld the Consumer Financial Protection Bureau’s civil investigative demands for documents from lending...more

Ninth Circuit Compels Tribal Lenders to Comply with CFPB Investigative Demand

by Goodwin on

On January 20, 2017, the Ninth Circuit affirmed a trial court ruling that ordered three tribal lending entities to comply with the Consumer Financial Protection Bureau’s (CFPB) civil investigative demands. The CFPB’s...more

2017 Resolutions for Community Banks: A Focus on Cybersecurity

by Hogan Lovells on

In December 2016, Thomas Curry, the Comptroller of the Currency, stated that cybersecurity was the single greatest systemic threat to our financial system. He was not being hyperbolic. Cybersecurity should be on...more

The Digital Download - Alston & Bird’s Privacy & Data Security Newsletter – November 2016

by Alston & Bird on

Updates on the EU: German DPA Publishes First Privacy Shield Guidelines, Requires German-Law Contracts for Transfers. On June 7, 2016, the European Commission adopted the EU-U.S. Privacy Shield. One question that many...more

FTC continues vigorous use of enforcement authority

by Ballard Spahr LLP on

As observers ponder the CFPB’s future in a Trump Administration, the Federal Trade Commission’s continuing role as an enforcer of federal consumer financial protection laws should not be overlooked. Over the approximately...more

CFPB Proposes TRID Rule Modifications

by Ballard Spahr LLP on

As previously reported, the Consumer Financial Protection Bureau (CFPB) proposed substantive and technical revisions to the TILA/RESPA Integrated Disclosure (TRID) rule, which the CFPB refers to as the "Know Before You Owe"...more

CFPB: The Quarterly Review - July 2016

by White & Case LLP on

In This Issue: •The CFPB Speaks •Rulemaking •Debt Collection •Payday Lending •Mortgages •Upcoming in 2016 - In the second quarter of 2016, the CFPB continued its strong pace of activity, initiating two...more

CFPB Issues Proposed Revisions to GLBA Annual Privacy Notice Requirement

by McGuireWoods LLP on

Earlier this month, the Consumer Financial Services Bureau issued its proposed rule amending the Gramm-Leach-Bliley Act’s annual privacy notice requirement set forth in Regulation P....more

CFPB Amends GLBA Rules to Permit Exemption from Annual Notice Requirement

by Ballard Spahr LLP on

On July 1st, the CFPB proposed to amend Regulation P under the Gramm-Leach-Bliley Act (GLBA) to implement the statutory changes made by the Fixing America’s Surface Transportation Act (see prior post) that provided financial...more

The CFPB and Data Security Enforcement

by WilmerHale on

The Consumer Financial Protection Bureau (CFPB) announced its intention to act as a data security regulator by releasing its first unfair, deceptive or abusive acts or practices (UDAAP) enforcement action for allegedly...more

Top 10 Financial Institution Considerations for 2016: #5 – Marketplace Lending

by Locke Lord LLP on

In our initial article announcing our top 10 considerations for financial institutions in 2016, our fifth consideration was marketplace lending. Just as the U.S. government and banking agencies have focused efforts to...more

Top 10 Financial Institution Considerations for 2016: #4 – Data Security and Privacy

by Locke Lord LLP on

In our initial article announcing our top 10 considerations for financial institutions in 2016, our fourth consideration was data security and privacy. While the recent focus has been on cybersecurity, it is important to...more

CFPB Initiates Its First Data Security Enforcement Action

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau (CFPB) has announced its first data security enforcement action. Since the 1990s, the Federal Trade Commission (FTC) has primarily taken on the role as the de facto federal regulator...more

FAST Act Drives Long-Awaited Gramm-Leach-Bliley Amendment

by McGuireWoods LLP on

In late 2015, Congress passed the Fixing America’s Surface Transportation Act - a vehicle for an amendment to the Gramm-Leach-Bliley Act (GLBA) meant to eliminate the need for certain companies to provide annual privacy...more

GLBA Annual Privacy Notice Eliminated under Certain Circumstances: Buried in a Highway Bill!

by Locke Lord LLP on

On December 4, 2015, President Obama signed the Highway Bill, dubbed Fixing America’s Surface Transportation Act (“FAST Act”), into law. Buried in the 490 page transportation law is a significant amendment to the...more

A Treasure Trove: Publication of Complaint Data by the CFPB

by Baker Donelson on

The CFPB complaint database was created with altruistic intentions. They envisioned a tool that consumers could use to search a downloadable database for research on a product or specific lender, just as they would research...more

Under the Thumb: Regulatory Compliance When Outsourcing Cybersecurity Management

Managed security services are often a natural “add-on” when outsourcing IT services given that data protection is integral to application development, software as a service, and cloud storage, among other services. More...more

Privacy Law and Digital Currency, Part 1

by Goodwin on

In this era of regulatory uncertainty, it is worth considering how privacy laws may affect digital currency businesses. Privacy law consists of a web of federal and state law – this first installment in a two-part series will...more

FTC follows in CFPB footsteps with GLBA privacy notices

by Ballard Spahr LLP on

The FTC recently proposed amendments to its Gramm-Leach-Bliley Act (GLBA) rules requiring motor vehicle dealers to send their customers an annual privacy notice. The amendments would allow motor vehicle dealers to notify...more

FTC Follows in CFPB Footsteps with GLBA Privacy Notices

by Ballard Spahr LLP on

The Federal Trade Commission (FTC) recently proposed amendments to its Gramm-Leach-Bliley Act (GLBA) rules requiring motor vehicle dealers to send their customers an annual privacy notice. The amendments would allow motor...more

Banking Committee Chairman Introduces the Financial Regulatory Improvement Act of 2015

by King & Spalding on

For more than two decades, each and every Congress has considered and adopted wide-ranging financial services legislation that has significantly altered the legal and regulatory landscape governing financial institutions in...more

House passes regulatory reform bills

by Ballard Spahr LLP on

Earlier this week, the House of Representatives, in bi-partisan votes, passed the following regulatory reform bills: The “Eliminate Privacy Notice Confusion Act, H.R. 601, would create an exemption from the Gramm-Leach-Bliley...more

Consumer Financial Protection Bureau Announces Final Policy On Publication Of Detailed Consumer Complaints

by Carlton Fields on

On March 19, the Consumer Financial Protection Bureau ("the Bureau") published a final policy statement ("the Statement") announcing its plans to disclose details of consumer complaints on its public consumer complaint...more

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Cybersecurity

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