Driving Digital Security: The FTC's Safeguards Rule Explained — Moving the Metal: The Auto Finance Podcast
Navigating Emerging Privacy Issues in Financial Services — The Consumer Finance Podcast
Turning up the Heat – A Look at the FTC’s Groundbreaking Fine Against Bankrupt Digital Asset Services Provider Celsius Network LLC - The Crypto Exchange Podcast
CFPB's Section 1071 Final Rule (Part 3): Potential Problem Areas – The Consumer Finance Podcast
Video: Introduction: A Deep Dive into Privacy
What Non-Financial Institutions Need to Know About Gramm-Leach-Bliley
An ex parte temporary restraining order has been issued against the participants in a debt relief services scheme that allegedly targeted seniors, including veterans, using a variety of deceptive practices, including falsely...more
We continue our series on the legal and regulatory challenges facing individual coverage health reimbursement arrangements (ICHRAs); this time, we are focusing on the fintech-related requirements that may apply to ICHRA...more
On July 14, the Federal Trade Commission (FTC) filed a complaint in the U.S. District Court for the District of Arizona against a group of companies and individuals operating under the “Accelerated Debt” brand, alleging they...more
In May, Montana enacted Senate Bill 297, which amends the Montana Consumer Data Privacy Act (MCDPA) to eliminate the broad exemption for financial institutions subject to the Gramm-Leach-Bliley Act (GLBA). Connecticut...more
On Thursday, the U.S. House Committee on Financial Services Subcommittee on Financial Institutions held a hearing entitled, “Framework for the Future: Reviewing Data Privacy in Today’s Financial System.” Hearing testimony...more
On March 21, a federal judge in Washington state denied Doxo Inc.’s motion to dismiss a complaint brought by the Federal Trade Commission (FTC) regarding Doxo’s alleged deceptive advertising practices. ...more
On February 27, the Federal Trade Commission (FTC) successfully obtained a temporary restraining order against Blackrock Services, Inc. and its associated entities and individuals. The court order aims to halt the defendants’...more
On December 9, the FTC announced it secured a preliminary injunction against a company accused of deceptive practices in the student loan debt relief sector. The complaint, filed in U.S. District Court for the District of...more
On November 4, 2024, the FTC announced that it had filed suit against a Georgia-based debt collector for engaging in allegedly deceptive and abusive debt collection practices, in violation of the FTC Act, 15 U.S.C. §...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
On November 12, the CFPB released a report examining federal and state consumer financial data privacy protections. The report highlighted how several states have recently enacted new data privacy laws, most of which provided...more
Financial institutions are now required to notify the Federal Trade Commission about any security breach that involves the information of 500 customers or more. The breach must be reported no later than 30 days after it is...more
The CFPB issued a report on State Consumer Privacy Laws and the Monetization of Consumer Financial Data, which examines existing privacy protections for consumers’ financial data under federal and state laws....more
Late last month, the Federal Trade Commission (FTC) filed suit against Global Circulation, Inc. (GCI) and its owner for engaging in deceptive and abusive debt collection practices. According to the FTC, the Georgia-based debt...more
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) released its long-awaited final rule implementing Section 1033 of the Consumer Financial Protection Act (CFPA) concerning personal financial data rights....more
This article is the first in a series that will address privacy concerns for insurance carriers, agents and brokers. The insurance industry is uniquely situated at the confluence of multiple data privacy regimes....more
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued its long-anticipated Open Banking Rule (the Open Banking Rule) under Section 1033 of the Dodd-Frank Act, fundamentally reshaping the data-sharing...more
In this episode of The Consumer Finance Podcast, Chris Willis is joined by privacy Partner Kim Phan and Rami Haddad, deputy general counsel at PRA Group. This episode delves into a range of emerging privacy issues impacting...more
The U.S. Department of the Treasury (“Treasury”) has released a Request for Information on the Uses, Opportunities, and Risks of Artificial Intelligence (“AI”) in the Financial Services Sector (“RFI”). Written comments are...more
For years, the Gramm-Leach-Bliley Act (GLBA) has required financial institutions to maintain reasonable safeguards for consumer data, but has only had limited breach-reporting requirements. To the extent financial...more
The recent Federal Trade Commission (FTC) amendment adds a new security breach reporting requirement to the Gramm–Leach–Bliley Act (GLBA) Safeguards Rule. The Safeguards Rule is a regulatory framework that mandates financial...more
The Consumer Financial Protection Bureau (CFPB) announced that it was issuing a Notice of Proposed Rulemaking regarding Personal Financial Data Rights on October 19, 2023. The proposed rule (Proposed Rule) would implement...more
Federal jurisdiction under the Gramm Leach Bliley Act (“GLBA”) is a patchwork, particularly for banks –the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency all...more
On November 27, 2023, the New York State Department of Financial Services (“DFS”) and First American Title Insurance Company (“First American”) entered into a consent order1 that resolved litigation over First American’s...more
On November 1, 2023, New York Department of Financial Services (NYDFS or the “Department”) released the finalized revisions (the “Second Amendment”) to 23 NYCRR Part 500 (Part 500) – the most significant modifications to Part...more