The Federal Trade Commission (FTC) can regulate cybersecurity policies and procedures as “unfair” acts or practices under Section 5 of the FTC Act, the U.S. Court of Appeals for the Third Circuit has ruled in a very important...more
9/1/2015
/ Appeals ,
Banking Sector ,
Banks ,
Best Practices ,
COPPA ,
Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Cybersecurity Framework ,
Data Protection ,
Data Security ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Fraudulent Charges ,
FTC Act ,
FTC v Wyndham ,
Gramm-Leach-Blilely Act ,
Hackers ,
Jurisdiction ,
Motion to Dismiss ,
NIST ,
Section 5 ,
Unfair or Deceptive Trade Practices ,
Wyndham
The U.S. Department of the Treasury has issued a request for information (RFI) regarding online marketplace lending. The RFI reflects the Treasury Department’s recognition that online marketplace lending “is a rapidly...more
The American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable (Associations) have filed a joint letter commenting on the final results of the CFPB’s arbitration study released in...more
The CFPB issued a final rule on June 10, 2015 allowing it to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.” Relatedly, it adopted simultaneously a separate rule...more
Pursuant to a mandate contained in Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank or Act), six federal agencies jointly issued new Diversity and Inclusion (D&I) Standards today. These...more
On April 29, 2015, the Office of Minority and Women Inclusion (OMWI) of the Consumer Financial Protection Bureau (CFPB or Bureau) released its third Annual Report for 2014, as mandated by Section 342(e) of the Dodd-Frank Act...more
Key members of the CFPB’s enforcement, regulatory and supervision offices spoke yesterday at PLI’s 20th Annual Consumer Financial Services Institute in Chicago. As was the case during the New York City version which took...more
The Consumer Financial Protection Bureau has released final results of its study of consumer arbitration as mandated by Section 1028 of the Dodd-Frank Act. Section 1028 provides that the CFPB, “by regulation, may prohibit or...more
A final credit risk retention rule was recently issued with respect to asset-backed securities (ABS) by the prudential bank regulators (the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance...more
The Consumer Financial Protection Bureau recently finalized a larger participant rule for nonbank international money transfer providers and left it largely unchanged from the rule as originally proposed in January. The new...more
A lawsuit filed in May 2014 by the Mississippi Attorney General against Experian in Mississippi state court alleging widespread federal and state law violations was removed last week by Experian to a federal district court in...more
Earlier this month, an Illinois state court granted the motion of the state’s Attorney General to further amend her complaint in a lawsuit filed against a for-profit college and its owners to add new counts alleging that the...more
We have previously blogged about the ongoing arbitration study which the CFPB is conducting under Section 1028 of Dodd-Frank.
Yesterday, Will Wade-Gery (who is managing the study for the CFPB) spoke at the 19th Annual...more
We reported last week about the novel lawsuit brought by the New York Department of Financial Services (“DFS”) against a large subprime auto finance company and its president and CEO. The DFS relied on Section 1042 of...more
Today is the final day of CBA Live 2014, which is being held at the Gaylord Hotel in National Harbor, MD. I spoke at a program yesterday about the CFPB’s ongoing arbitration study under Section 1028 of Dodd-Frank. Based on...more
In what appears to be the first lawsuit by a state attorney general of its kind, the Illinois AG recently filed a state court lawsuit against a small loan lender alleging violations of the Dodd-Frank prohibition of unfair,...more
The U.S. Court of Appeals for the District of Columbia Circuit recently reversed a lower court decision and upheld the interchange rules adopted by the Federal Reserve Board (FRB) under the so-called Durbin Amendment to the...more
Last week, the five agencies that jointly issued the final regulation implementing the Volcker Rule (the Final Rule) in December issued an interim final rule (the Interim Rule) that exempts collateralized debt obligations...more
The California federal district court hearing the CFPB’s enforcement action against Morgan Drexen has rejected Morgan Drexen’s challenge to the CFPB’s constitutionality. Although similar challenges have been made in other...more
It took almost 3½ years before it finally hatched. And it was big—very big—enormous, in fact. No, it’s not Godzilla. It’s the Volcker Rule.
More than two years after the Notice of Proposed Rulemaking, a final rule...more
The Consumer Financial Protection Bureau’s recently released fall 2013 rulemaking agenda portends aggressive rulemaking by the Bureau in 2014.
With most of the rulemaking mandated by the Dodd-Frank Act now completed,...more
The Advance Notice of Proposed Rulemaking (ANPR) on debt collection issued by the CFPB earlier this week solicits comments on an array of issues relating to the debt collection practices of third-party debt collectors and...more
As part of its on-going study of consumer arbitration mandated by the Dodd-Frank Act, the CFPB announced on June 7, 2013 that it is seeking funding from the Office of Management and Budget to undertake a telephone survey of...more
My colleagues, Chris Willis and Barbara Mishkin, have previously blogged here and here about the CFPB’s recent guidance advising banks and non-banks subject to its jurisdiction to investigate and self-report to the Bureau...more
A Washington, D.C., federal district court has declared that the interchange fee and network non-exclusivity provisions of the Federal Reserve Board’s final debit card interchange fee rule are invalid....more