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Consumer Protection Finance & Banking Science, Computers & Technology

Read Consumer Protection updates, news, and legal commentary from leading lawyers and law firms:

Senators Re-Introduce Bill Requiring 30-Day Notification of Company Data Breaches

As we near the end of a year that has seen more than its share of massive data breaches, two bills have been introduced (one re-introduced) in the U.S. Senate....more

Data Privacy + Cybersecurity Insider - December 2017

by Robinson & Cole LLP on

The Consumer Financial Protection Bureau (CFPB), one of the watchdogs of the financial services industry, has announced through Acting Director Mick Mulvaney that it will no longer collect personal information of consumers...more

FCC targets fraudulent robocalls with new call blocking rules

by Ballard Spahr LLP on

The FCC has issued a Report and Order and Further Notice of Proposed Rulemaking (Order) adopting new rules to allow voice service providers to proactively block calls from certain numbers that are suspected to be fraudulent....more

Parallel Universe or Coincidence: The CFPB’s New Data Consumer Protection Principles’ Relationship to GDPR

On October 18, 2017, the Consumer Financial Protection Bureau (CFPB) outlined nine non-binding Consumer Protection Principles (the Principles) for the access and sharing of consumer information between third-party companies....more

District Court Dismisses FACTA Complaint Because Plaintiff Fails To Allege An Injury-In-Fact

by King & Spalding on

On November 3, 2017, the U.S. District Court for the Southern District of New York dismissed a Fair and Accurate Credit Transaction Act (“FACTA”) complaint in Fullwood v. Wolfgang’s Steakhouse because the plaintiff failed to...more

Forever 21 Latest Retailer to Suffer Credit Card Breach

Forever 21 has warned customers who used a credit card at any of its stores between March and October 2017 that their credit card may have been compromised....more

CFPB's Financial Data Sharing Principles Impose New Burdens On Financial Institutions

by Pepper Hamilton LLP on

The Consumer Financial Protection Bureau (CFPB) recently published nine “principles” and an accompanying “insights” report regarding consumers who have authorized financial data sharing and aggregation (especially with...more

Financial Services Weekly News - November 2017 #3

by Goodwin on

Editor's Note - A Rare Example of Common Sense From Washington. On November 13, Senate Banking Committee Chairman Mike Crapo (R-Idaho) and four Democratic members of the committee announced an agreement on legislative...more

CFPB Releases Principles for Financial Services Industry for Sharing Data

The Consumer Financial Protection Bureau(CFPB) recently issued principles for the access and disclosure of sensitive date in the financial services industry. The CFPB referred to the guidelines as principles instead of...more

What blockchain can learn from the net neutrality debate: antitrust and regulatory aspects of “paid prioritization” for a nascent...

by Hogan Lovells on

First come, first served. That’s not the principle behind the clearance of Bitcoin transactions. Equally for other blockchain technology networks, the relevant factor to get a transaction on the next available block is not...more

Plaintiff Failed To Plausibly Allege Consumer Reporting Agency Lacked A Reason To Believe Lenders Intended To Use Credit Report...

by King & Spalding on

On October 16, 2017, the United States District Court for the District of Minnesota dismissed a Fair Credit Reporting Act (“FCRA”) complaint because the plaintiff had failed to plausibly allege that the defendant lacked a...more

Cybersecurity Among Focus for OCC Supervision in 2018

What will the Office of the Comptroller of the Currency (OCC) focus on in 2018? Cybersecurity, for starters, the agency said in the release of its Bank Supervision Operating Plan for the next fiscal year....more

Consumer Financial Services Newsletter - Fall 2017

by Hinshaw & Culbertson LLP on

The "Unique Factual Circumstances of Each Individual" in Plantiffs' Proposed Class Prompts Appellate Court to Affirm Denial of Class Certification - The Eleventh Circuit Court of Appeals affirmed a district court's...more

Equifax Fallout Continues, Spreads Across Industry—and Pond

The fallout from the Equifax data breach continues, reaching other credit reporting companies and all the way across the Atlantic Ocean. What happened - In early September, Equifax disclosed that roughly 145 million...more

Consumer Financial Protection Bureau Releases Fintech Consumer Protection Principles

by King & Spalding on

On October 18, 2017, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) published a statement of nine principles entitled: “Consumer Protection Principles: Consumer-Authorized Financial Data Sharing and...more

Acting OCC Comptroller Noreika provides further thoughts on SPNB charter proposal

by Ballard Spahr LLP on

In remarks last week at Georgetown University’s Institute of International Economic Law’s Fintech Week event, Acting OCC Comptroller Keith Noreika provided the “latest on our thinking regarding a charter for fintech companies...more

CFPB Issues “Principles” For The Protection Of Consumer Authorized Data Sharing And Aggregation

With the growth of technology and the development of the fintech market, an unprecedented amount of consumer financial data has become available. While protections through the FTC Safeguard Rule and EFTA provide certain...more

New HMDA Disclosure Guidance Creates Concern in Wake of Recent Data Breaches

by Baker Donelson on

The CFPB recently announced a new policy guidance concerning the data required to be collected, reported, and disclosed by financial institutions to the public under the Home Mortgage Disclosure Act (HMDA). The guidance is...more

G-7 Officials Release Report On Cybersecurity In The Financial Sector

by King & Spalding on

n October 13, 2017, finance ministers and central bank governors of the Group of Seven (the “G-7”) released a report entitled Fundamental Elements for Effective Assessment of Cybersecurity for the Financial Sector. The G-7...more

PA banking regulator reiterates licensing guidance for fintech companies

by Ballard Spahr LLP on

Earlier this month, the Pennsylvania Department of Banking and Securities issued a letter to “all persons engaged in activity regulated or licensed by the [Department] regardless of the means of delivery of such regulated...more

CFPB Outlines Principles for Consumer-Authorized Financial Data Sharing and Aggregation

by Morrison & Foerster LLP on

On October 18, the Consumer Financial Protection Bureau (CFPB or Bureau) released a set of guiding principles for participants in the financial data sharing and aggregation industry. The publication of the consumer protection...more

The New CFPB Consumer Protection Principles

by McGuireWoods LLP on

On October 18, 2017, the Consumer Financial Protection Bureau (CFPB) issued a set of Consumer Protection Principles regarding the sharing and aggregation of consumers’ financial data. The timing of the announcement in light...more

Conference of State Bank Supervisors names fintech advisory panel members

by Ballard Spahr LLP on

The Conference of State Bank Supervisors has released a list of 33 companies that will serve as members of its Fintech Industry Advisory Panel. According to the CSBS, the Advisory Panel’s purpose is “to support state...more

Cybersecurity, Data Breaches Continue to Make Headlines

Cybersecurity continues to make headlines in the financial services industry, from the recent announcement that the Securities and Exchange Commission (SEC) was targeted by hackers to final approval of the settlement in a...more

Financial Services Weekly News - October 2017

by Goodwin on

Editor's Note - Swimming Against the Tide. As discussed below, the Trump administration’s plans for financial regulatory reform are beginning to take shape, especially in agencies, such as the Securities and Exchange...more

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