News & Analysis as of

Financial Institutions Consent

Ropes & Gray LLP

Pixel Litigation Risk at Financial Institutions

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An increasingly aggressive plaintiffs’ bar has brought purported class action suits based on the nearly ubiquitous use of tracking technologies used for website analytics. Although any actual harm to the plaintiffs is...more

Eversheds Sutherland (US) LLP

Eight-figure CIPA settlement underscores importance of telemarketing compliance

On May 13, 2025, a $19.5 million settlement of a California Invasion of Privacy Act (CIPA) class action against a major financial institution and its telemarketing vendor moved one step closer to final approval. The...more

Amundsen Davis LLC

What a Tracking Technology Class Action Lawsuit Can Teach Financial Institutions

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Financial institutions that use code-based tracking technologies may soon find themselves facing increased scrutiny and legal exposure as the next wave of class action litigation begins. On December 19, 2024, a member of...more

Katten Muchin Rosenman LLP

Financial Industry Concerns Cause FCC to Delay Implementation of Broad Consent Revocation Requirement under TCPA

On April 11, 2025, a controversial new rule by the Federal Communications Commission (FCC) was set to take effect to modify consent revocation requirements under the Telephone Consumer Protection Act (TCPA). But each of the...more

Sheppard Mullin Richter & Hampton LLP

FCC Issues One Year Waiver for Consent Revocation Rule

On April 7, the FCC issued an order staying the effective date of a key provision in its Telephone Consumer Protection Act (TCPA) rules. The provision—originally set to take effect on April 11, 2025—would have required that a...more

Womble Bond Dickinson

FCC Grants Narrow One Year Effective Date Extension of TCPA Consent Revocation Requirement

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Readers may recall that in February 2024, the FCC adopted a Report and Order imposing a number of new TCPA caller and texter compliance obligations in connection with consumer revocation requests, which are applicable to...more

Venable LLP

FCC Approves Narrow Delay of New TCPA Revocation Rule

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On April 7, the Federal Communications Commission (FCC) granted a limited waiver delaying by an additional year the effective date of certain parts of the new Telephone Consumer Protection Act (TCPA) rule. ...more

Bass, Berry & Sims PLC

FCC Extends Deadline for TCPA Consent Revocation Rule Compliance by One Year

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On April 7, the Federal Communications Commission (FCC) issued an Order (Extension Order) granting a limited waiver that delays the effective date of certain portions of Section 64.1200(a)(10) of the FCC’s rules by one year –...more

Wiley Rein LLP

FCC Grants Limited Waiver for Part of the TCPA Consent Revocation Rule

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On April 7, 2025, the Consumer and Governmental Affairs Bureau (Bureau) of the Federal Communications Commission (FCC or Commission) issued an Order (Extension Order) granting a limited waiver of a new Telephone Consumer...more

McGlinchey Stafford

The Next Wave of Open Banking: New Rules on Personal Financial Data Rights

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A rapid transformation in consumer finance is being brought about by open banking—a pivotal innovation that allows consumers to give third parties real-time access to their detailed financial data. Open banking has the...more

Klein Moynihan Turco LLP

Refer a Friend Promotions? Get Consent!

On February 25, 2025, the United States District Court for the Western District of Washington issued a cautionary decision for all businesses that employ “Refer a Friend” promotions. In Jensen v. Capital One Financial Corp.,...more

Husch Blackwell LLP

Open Banking Is Here: An Overview of Section 1033 of the Dodd-Frank Act

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In a move that has been a long time in the making, the Consumer Financial Protection Bureau (CFPB) has finalized its comprehensive open banking rule. The rule implements Section 1033 of the Dodd-Frank Act and grants consumers...more

Goodwin

CFPB Issues Guidance Emphasizing the Importance for Banks to Maintain Sufficient Proof of Customers’ Affirmative Consent to...

Goodwin on

In recent discussions surrounding banking practices, the issue of overdraft fees, particularly for ATM and one-time debit card transactions, has gained significant attention....more

Orrick, Herrington & Sutcliffe LLP

CFPB warns against collecting on overdraft services without explicit consumer consent

On September 17, the CFPB published a circular clarifying that banks and credit unions can violate the EFTA and Regulation E if they cannot prove that consumers agreed to be enrolled in overdraft services before being charged...more

Ballard Spahr LLP

CFPB Reminds Financial Institutions to Retain Records of Affirmative Consent for Overdraft Opt-in

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On September 17, 2024, the CFPB issued Consumer Financial Protection Circular 2024-05 on improper overdraft practices. The circular reminded financial institutions of their obligation to retain records that prove the consumer...more

WilmerHale

New Legislation to Expand Privacy Obligations of Financial Institutions Introduced in Congress

WilmerHale on

On February 27, 2023, the Chairman of the House Financial Services Committee Patrick McHenry (NC-10) introduced the Data Privacy Act of 2023 (the Bill), which would amend the Gramm-Leach-Bliley Act (GLBA) to “modernize[]...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Congress Eases Criminal Offense Restrictions for Employment With Financial Institutions

Included in the defense spending bill signed by President Biden in December 2022 is a section with key provisions for financial institutions that will ease restrictions on hiring candidates with criminal records....more

McDermott Will & Schulte

Loan Transfers: 102

Despite many similarities, high-yield bonds remain liquid instruments that are freely transferable in accordance with US securities law, whilst leveraged loans are becoming increasingly difficult to trade, particularly during...more

Skadden, Arps, Slate, Meagher & Flom LLP

Open Banking: Navigating the Emerging Regulatory Landscape

Open banking is an important driver of the fintech revolution. Regulators have recognised open banking as a means of introducing competition and innovation in the banking sector. Likewise, fintechs are seizing the...more

Burr & Forman

Eleventh Circuit Affirms That Banks Must Use Unambiguous Language When Disclosing Methods For Assessing Overdraft Fees

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In Carol Tims v. LGE Community Credit Union, the Eleventh Circuit Court of Appeals held that a credit union’s account agreement with one of its customers was ambiguous about which account balance calculation the bank would...more

Womble Bond Dickinson

Fins to the Left; Fins to the Right – Florida Considers a Private Right of Action for Biometric Privacy Violations

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And if you are collecting, storing or using biometric information of any Parrotheads, you may end up being the only bait in town. A bill to create the Florida Biometric Privacy Act was just introduced in the Sunshine State...more

Womble Bond Dickinson

Court Finds Permissible Purpose Under FCRA, Despite Alleged Lack Of Consent

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The Eastern District of Wisconsin recently confirmed that the permissible purpose for obtaining a consumer credit report under FCRA is broad. In Long v. Bergstrom Victory Lane, 2018 U.S. Dist. LEXIS 171750 (E. D. Wisc....more

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