Consumer Finance Monitor Podcast Episode: What Banking Leaders Need to Know About the U.S. Supreme Court Ruling That the CFPB’s Funding Mechanism is Constitutional Part I
Exploring the Potential of Georgia's Merchant Acquirer Limited Purpose Bank Charter — Payments Pros: The Payments Law Podcast
Consumer Finance Monitor Podcast Episode: Understanding the Credit Card Competition Act a/k/a Durbin 2.0
Analyzing the Credit Card Competition Act of 2023 - Payments Pros: The Payments Law Podcast
Rewards Programs and Co-Brand Relationships Between Credit Card Issuers and Merchants - The Consumer Finance Podcast
CFPB’s Increasingly Active Interest in Credit Reporting - FCRA Focus Podcast
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
Cybercriminals continue to find payment card data enticing. And despite the increasingly stringent safeguards designed to prevent misappropriation, payment credentials are routinely compromised. We have recently written about...more
Amid high-profile cybersecurity breaches that have spurred regulatory action and encouraged compliance revamps, the Fifth Circuit recently ruled that the Insurance Company of the State of Pennsylvania (“ICSOP”) has a duty to...more
Earlier this month, the Eleventh Circuit, in Tsao v. Captiva MVP Restaurant Partners, LLC, No. 18-14959, 2021 WL 381948 (11th Cir. Feb. 4, 2021), affirmed the dismissal of a class-action lawsuit brought on behalf of patrons...more
Last week, in a 26-page opinion, the 11th U.S. Circuit Court of Appeals weighed in on two questions crucial to the viability of privacy and data breach litigation in federal court—and perhaps even in general. First, does a...more
Report on Supply Chain Compliance 3, no. 16 (August 20, 2020) - The Office of the Comptroller of the Currency fined Capital One USD 80 million for inadequate data controls leading to a 2019 data breach and for failing to fix...more
The FDIC and OCC have issued new guidance for banks on heightened cybersecurity risks facing the financial services industry because of increased geopolitical tensions and threats of aggression. The guidance published on...more
Approximately 3,000 customers of the Fort Worth Water Department were notified recently that their credit card information may have been compromised as a result of a data breach suffered by its vendor, Click2Gov....more
Today, it seems hardly a month passes without a report of another business falling victim to a data breach. Over the past few years, some of the largest and well-known companies such as Equifax, Target, Home Depot, TJ Maxx,...more
Inside the Privacy Shield Annual Review - Dozens of senior US and EU government officials were joined by officials from data protection authorities in Austria, Bulgaria, France, Germany and Hungary to discuss whether the...more
Not to say, I told you so, but around the same time that the Capital One data breach occurred, I was reminding clients that nearly half of all significant data breaches or cyber-incidents occur because of internal actors. ...more
Security research firm Gigamon has reported that the nasty cybercriminal group FIN8 may have reappeared in June after a two-year silence. FIN8 is known for implementing malware on point of sale systems to steal credit card...more
We recently commented on one hotly contested legal issue being addressed by the courts in data breach class action litigation, that of plaintiffs’ standing. Another issue that has been the subject of recent court activity in...more
The Equifax breach is not the biggest in terms of the number of people affected (the 2016 Yahoo breach compromised data associated with over 500 million user accounts compared to the 143 million people affected by the Equifax...more
In light of recent high-profile breaches of highly sensitive data, this is a good time to remind individuals of how to protect their identity and credit information....more
On September 7, 2017, Equifax, one of the three large credit reporting bureaus, announced a cybersecurity incident impacting approximately 143 million U.S. consumers. According to Equifax, the breach occurred mid-May through...more
As we head into the new week, here’s a quick summary of major data security developments from around the country. Aetna Hit With Second “Envelope” Lawsuit - Aetna Inc. is now facing a second lawsuit over the disclosure...more
This week, the U.S. Court of Appeals for the Second Circuit issued an important decision in Whalen v. Michaels Stores, placing the court at the center of the controversy around what allegations are sufficient to establish...more
InterContinental Hotels Group (IHG) has reported a data breach of its payment card processing system. The breach involves malware that infected certain locations between September 29, 2016, and December 29, 2016. The malware...more
Australia's Data Breach Bill amends the Privacy Act 1988 (Cth) ("Privacy Act") and requires private and public organisations regulated by the Privacy Act to notify affected individuals and the Australian Information...more
On December 28, 2016, the New York Department of Financial Services ("DFS") released a revised version of a proposed regulation that would require banks, insurance companies, and other financial services institutions...more
The $10 million settlement class in the Target data breach case was unraveled by the Eighth Circuit Court of Appeals in a recent decision that will force the district court to address the impact of the Supreme Court’s...more
A study released by Javelin Strategy & Research has concluded that the number of identity fraud cases in 2016 rose 16% from 2015, costing victims $16 billion in losses. This includes both identity theft and credit card fraud....more
The Eighth Circuit Court of Appeals has remanded a $10 million settlement in the Target data breach class action on the grounds that the district court had not rigorously analyzed the propriety of the class certification. ...more
Continuing the trend of filing a shareholders derivative suit following a data breach, a Wendy’s shareholder recently filed a derivative suit against Wendy’s executives and board members alleging they did not adequately...more