Does anyone else feel like Bill Murray in Groundhog Day, where his character keeps experiencing the same day over and over and over again? It seems like the Federal Trade Commission just amended the Safeguards Rule yesterday,...more
On November 1, 2023 the New York Department of Financial Services ("DFS") released amended cybersecurity regulations ("Regulations"). These changes will impose additional controls, demand more frequent risk assessments, and...more
12/1/2023
/ Chief Information Security Officer (CISO) ,
Cybersecurity ,
Enforcement ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Governance Standards ,
Incident Response Plans ,
Internal Controls ,
New Regulations ,
NYDFS ,
Popular ,
Risk Assessment
On April 3, 2023, the Consumer Financial Protection Bureau issued a policy statement on "abusive" practices. While this is the second time the CFPB has issued a policy statement on abusiveness, the significance of this policy...more
On March 2, 2023, the CFPB released a report entitled "Consumer use of Buy Now, Pay Later: Insights from the CFPB Making Ends Meet Survey," examining Buy Now, Pay Later ("BNPL") products. BNPL products typically allow...more
Think only financial institutions have obligations to safeguard customer data? Think again. The FTC has taken several actions against non-financial institutions for data security practices in the last year. We’ll discuss FTC...more
Remember that magazine you subscribed to years ago that comes once a month and usually winds up in the recycling bin? You probably didn't think you were subscribing to the magazine for the rest of your natural life but here...more
On October 27, 2021, the Federal Trade Commission finalized its long-awaited updates to the Safeguards Rule. The changes require financial institutions, including auto dealers and finance companies, to dust off their existing...more
On May 10, 2022, Connecticut Governor Ned Lamont signed Substitute Bill No. 6 (the "Connecticut Data Privacy Act" or "CTDPA") into law. The CTDPA will become effective on July 1, 2023. By enacting the CTDPA, Connecticut...more
During the past year, small-dollar lenders learned the fate of the Consumer Financial Protection Bureau’s (“CFPB”) final rulemaking addressing payday, vehicle title, and certain high-cost installment loans. In addition, the...more
The Federal Trade Commission ("FTC") recently took action against CafePress, an online customized merchandise platform, for violations stemming from its data security practices. See In re Residual Pumpkin Entity, LLC (d/b/a...more
On October 27th, the Federal Trade Commission (“FTC”) finalized its long-awaited updates to the Safeguards Rule. The Safeguards Rule implements provisions of the Gramm-Leach-Bliley Act requiring the safeguarding of customer...more
In September 2021, the FTC approved technical changes to five regulations implementing the Fair Credit Reporting Act.
Under the Dodd-Frank Act, the CFPB may not exercise any rulemaking, supervisory, enforcement or any...more
Time to Reexamine Your Information Security Program -
On October 27, the Federal Trade Commission finalized its long-awaited updates to the Safeguards Rule. The Safeguards Rule implements provisions of the...more
On July 7, 2021, Colorado Governor Jared Polis signed into law the Colorado Privacy Act (CPA). By enacting the CPA, Colorado becomes the third state in the nation to implement a generally applicable consumer data privacy law,...more
8/18/2021
/ Colorado ,
Consumer Privacy Rights ,
Cybersecurity ,
Data Collection ,
Data Controller ,
Data Privacy ,
Data Processors ,
Data Protection ,
Personal Data ,
State Attorneys General ,
State Privacy Laws
In 2020, the Supreme Court held in Bostock v. Clayton County, Georgia that an employer who fires an employee for being gay or transgender violates the Civil Rights Act of 1964 (“Title VII”). Though the list of protected...more
[co-author: Hurshell K. Brown - Beyond Finance, LLC]
INTRODUCTION -
Small-dollar lenders waited through most of 2020 for the Consumer Financial Protection Bureau’s (“CFPB’s”) final rulemaking addressing payday, vehicle...more
In July 2020, the Federal Trade Commission (“FTC”) issued its “Staff Report on Buying and Financing Cars.” The Staff Report consisted of two separate reports – a report from the FTC’s Bureau of Consumer Protection (“BCP”)...more
2/17/2021
/ Automotive Industry ,
Automotive Loans ,
Car Dealerships ,
Cars ,
Consumer Confusion ,
Contract Negotiations ,
Contract Terms ,
Federal Trade Commission (FTC) ,
Motor Vehicles ,
Payment Terms ,
Unfair or Deceptive Trade Practices
In July 2020, the Federal Trade Commission (“FTC”) issued its “Staff Report on Buying and Financing Cars.” The Staff Report consisted of two separate reports – a report from the FTC’s Bureau of Consumer Protection (“BCP”)...more
11/5/2020
/ Advertising ,
Automotive Industry ,
Bureau of Consumer Protection ,
Car Dealerships ,
Cars ,
Contract Terms ,
Federal Trade Commission (FTC) ,
Incentives ,
Motor Vehicles ,
Payment Terms ,
Salespersons ,
Unfair or Deceptive Trade Practices
In July 2020, the Consumer Financial Protection Bureau ("Bureau") at long last finalized the Rule governing Payday, Vehicle Title, and Certain High-Cost Installment Loans ("Small Dollar Rule" or "Rule"). The Rule, originally...more
We’ve all heard the jokes about fine print before – the text is so small you could be agreeing to give the dealership your first-born child. However, for regulators the fine print is no laughing matter. The bottom line is...more
In June of this year, the United States Supreme Court held that an employer who fires an employee for being gay or transgender violates the Civil Rights Act of 1964 ("Title VII"). Title VII prohibits employers from refusing...more
7/31/2020
/ Bostock v Clayton County Georgia ,
Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
ECOA ,
Equal Access to Credit ,
Gender Identity ,
Hiring & Firing ,
LGBTQ ,
Request For Information ,
Risk Assessment ,
Risk Mitigation ,
SCOTUS ,
Sex Discrimination ,
Sexual Orientation ,
Sexual Orientation Discrimination ,
Title VII ,
Transgender ,
Underwriting
One year ago, small dollar lenders were operating under the specter of looming compliance dates for the Consumer Financial Protection Bureau’s (“CFPB’s”) final rule concerning small dollar lending. One year later, through...more
5/13/2020
/ CA Supreme Court ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Regulatory Agencies ,
GA Supreme Court ,
Risk Assessment ,
Risk Mitigation ,
Small Dollar Lenders ,
State Attorneys General ,
State Legislatures ,
State Regulators
Motor vehicle financing can be full of compliance minefields. Defaults and repossessions provide more than their fair share of potential mines. However, there are some steps you can take to try to avoid some key issues that...more
11/26/2019
/ Automotive Loans ,
Car Dealerships ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Financing ,
Default ,
Fees ,
Information Sharing ,
Personal Property ,
Repossess ,
Risk Mitigation ,
Strict Compliance ,
Written Agreements
On April 15, 2019, the Federal Trade Commission and the Office of the Georgia Attorney General presented "Green Lights and Red Flags: FTC Rules of the Road for Business." The program addressed a variety of issues, including...more
When a customer sits down at the finance desk in your dealership, the first step is to take some basic information about them. But, the credit application isn’t just about obtaining identifying information. Federal law...more