Consumer Finance Monitor Podcast Episode: Responding to Direct and Indirect Identity Theft Disputes Under the FCRA: What Are The Differences?
Torres Talks Trade Podcast Episode 9 on U.S. Customs and Border Protection's Global Business Identifier program
Phishing: Cybersecurity’s Biggest Threat
Digging Deeper, Episode 1: The Con Queen of Hollywood
Preserving Black History in Bucks County, PA, with Recorder of Deeds Robin Robinson: On Record PR
What is Consumer Fraud and What Deceptions are Employed?
What Companies Should Do to Prepare for Implementation of Cybersecurity Executive Order
The CFPB has released the Spring 2024 edition of Supervisory Highlights. The report discusses CFPB examinations in connection with credit reporting and furnishing that were completed from April 1, 2023 through December 31,...more
A U.S. District Court in the Southern District of Florida recently granted a motion for summary judgment filed by debt collector, I.C. Systems, finding that the plaintiff failed to provide any evidence of an inadequate...more
A U.S. district court in the Eastern District of New York recently denied a motion for summary judgment filed by a credit card issuer because the plaintiff alleged identity theft and a reasonable factfinder could determine...more
In this article, we share a timeline of our monthly "bites" for 2023 applicable to consumers protected by nondiscrimination and military protection laws....more
The first half of 2023 has produced significant developments for the Fair Credit Reporting Act. Important decisions have come from multiple areas of the field, including the federal courts of appeals and regulatory agencies. ...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
On January 12, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a report highlighting an increase in reported incidents of identity theft by servicemembers. The report, titled “Servicemember reports about...more
A U.S. District Court in the Western District of Wisconsin recently denied both the defendant and plaintiff’s summary judgment motions in a Fair Credit Reporting Act (FCRA) case, holding that the reasonableness of the...more
The Federal Trade Commission (“FTC”) and the Consumer Financial Protection Bureau (“CFPB”) have filed a joint amicus brief in which they urge the U.S. Court of Appeals for the Second Circuit to reverse the decision of a New...more
Welcome to Balch's Consumer Finance Compass, where we'll navigate the complex regulatory sphere that is consumer finance. I'm Jason Tompkins, chair of the firm's Issues and Appeals Practice and member of the Consumer Finance...more
Recently, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) (collectively, the agencies) filed an amici curiae brief urging the U.S. Court of Appeals for the Second Circuit to reverse a...more
We first review the Fair Credit Reporting Act provisions that establish the different requirements for how a creditor or other furnisher of information to a credit bureau must respond to direct and indirect identify theft...more
In a recent speech, Nikhil Rathi, CEO of the UK Financial Conduct Authority (FCA), set out the FCA’s latest views on the role of artificial intelligence (AI) in financial services. The speech highlights many benefits but also...more
In Milgram v. Chase Bank USA, N.A., --- F.4th ---, 2023 WL 3874276 (11th Cir. June 8, 2023), the Eleventh Circuit affirmed the district court’s dismissal of plaintiff’s FCRA claim based on the bank’s alleged failure to...more
On January 25, FinCEN's acting Deputy Director, Jimmy Kirby, spoke before the Identity Policy Forum regarding digital identity threats, stating that FinCEN is “pragmatically focused” on protecting the U.S. financial system...more
On January 12, the CFPB released a report that identified an uptick in identity theft reported by servicemembers. The report found that military consumers (defined as active duty servicemembers, veterans, and military family...more
The internet facilitates crime in the same way it facilitates legitimate business - it lowers transaction costs. With the internet, a fraudster can steal someone's identity and then use that purloined identity to reach...more
On January 12, the CFPB released an Issue Spotlight discussing identity theft affecting servicemembers. According to the report, servicemembers, veterans, and military family members are more likely to report identity theft...more
On August 11, 2022, the Consumer Finance Protection Board issued Consumer Financial Protection Circular 2022-04 for enforcers of federal consumer financial laws. The new Circular reflects the consumer watchdog’s increasing...more
Online mortgage lender Lending Tree sent breach notification letters to affected individuals on June 29, 2022. The letter advises those persons that their name, social security number...more
In Woods v. LVNV Funding, LLC, — F. 4th — (2022), the Seventh Circuit Court of Appeals affirmed the dismissal of FDCPA and FCRA claims based upon the defendants’ collection and reporting of a fraudulently opened account....more
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
Two major U.S. financial institutions, Morgan Stanley and Capital One, recently agreed to resolve separate class action lawsuits by paying, in the aggregate, hundreds of millions of dollars in compensation for massive data...more
It seems that no one's identity is immune from theft, including financial regulators. Last week, the California Department of Financial Protection & Innovation announced that it received a complaint from a California...more