CFPB Issues Final Privacy Notice Rule
On October 28, 2014, the Consumer Financial Protection Bureau (CFPB) published a final rule in the Federal Register amending the annual privacy notice requirement under the Gramm-Leach-Bliley Act and...
View ArticleSecond Time’s the Charm? Supreme Court Takes Up Landmark FCRA Case to Address...
Zombie or no-injury plaintiffs seeking to represent zombie or no-injury classes are on the rise. In these suits, plaintiff was not injured, and there’s no way to prove who, if anyone, in the class was....
View ArticleFinancial Services Report – Summer 2015
June is crowded with celebrations. It feels like a Tokyo subway. June is the month of weddings, graduations, flag days, and dad daze. June 15 is the 800th anniversary of the Magna Carta. This month we...
View ArticleCFPB Lays Out Consumer Protection Principles for New Payment Systems
Earlier today, the CFPB released a series of consumer protection principles for the development of new payment systems (“Principles”). The CFPB’s stated purpose in releasing the Principles is to ensure...
View ArticleNY DFS Signals a Detailed Framework for Cybersecurity Compliance
On November 9, 2015, the New York State Department of Financial Services (“DFS”) sent a letter to a number of state and federal financial regulators signaling that DFS may issue comprehensive...
View ArticleCongress Close to Approving Limited GLBA Regulatory Relief
On December 1, 2015, House and Senate conferees reached a deal on a long-term highway bill, the “Fixing America’s Surface Transportation Act” (H.R. 22). While the bill’s more than 1,300 pages are...
View ArticleBig Data, Big Deal
The FTC rang in the New Year with a report, Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues. The report wrestles with the implications of using big data analytics to target and...
View Article#ThrowbackThursday: Federal Agencies Issue Model GLBA Privacy Form
In December 2009, Morrison & Foerster published the client alert “Federal Agencies Issue Model GLBA Privacy Form.” The federal banking agencies and the CFTC, FTC, NCUA and SEC (“Agencies”) have...
View ArticleIs the CFPB the New Cop on the Data Security Beat?
On March 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) broke new ground (at least for the CFPB) when it released a consent order against Dwolla, Inc., an online payment platform, regarding...
View ArticleNY Department of Financial Services Issues Significant Cybersecurity Proposal
On September 13, 2016, the New York State Department of Financial Services (NYDFS) proposed cybersecurity rules that, if finalized in their current form, would create one of the most comprehensive,...
View ArticleFederal Banking Agencies Signal Enhanced Cyber Standards
On October 19, 2016, the Federal Deposit Insurance Corporation, the Federal Reserve Board and the OCC (collectively, the Agencies) released an Advanced Notice of Proposed Rulemaking (ANPR) laying out a...
View ArticleCFPB Requests Information Regarding Data Aggregation Services
On November 17, 2016, the CFPB held a field hearing in Salt Lake City, Utah, and published a Request for Information (“RFI”) regarding access to consumer financial account data. Through the RFI, the...
View ArticleFinancial Services Report – Winter 2016
Hope you survived all of those awkward Thanksgiving holiday conversations—amazing how divided people are on whether the court got it right in the PHH case, isn’t it? So on we go into the holiday...
View ArticleNYDFS Significantly Revises Cybersecurity Proposal, Burdens Remain
On December 28, 2016, the New York State Department of Financial Services (NYDFS) released a significantly revised version of its controversial, proposed cybersecurity rules, initially proposed in...
View ArticleCFPB Evaluates Use of Alternative Data and Modeling Techniques in the...
On February 16, 2017, the CFPB issued a Request for Information regarding use of alternative data and modeling techniques in the consumer lending “credit process.” The CFPB defines the “credit process”...
View ArticleLeading on Leads? CFPB Takes Action Against Online Lead Aggregators
On September 6, 2017, the CFPB announced that it has taken action against an online lead aggregator. The allegations revolved around the company’s selling personal information of consumers who were...
View ArticleEquifax Fallout: NYDFS Acts Again
The massive Equifax breach continues to prompt responses from a wide-range of regulators. While this is not surprising in light of the scale and nature of the incident, a number of regulators are...
View ArticleCFPB Outlines Principles for Consumer-Authorized Financial Data Sharing and...
On October 18, the CFPB released a set of guiding principles for participants in the financial data sharing and aggregation industry. The publication of the consumer protection principles follows a...
View ArticleCalifornia SB1-Plus? GDPR-Like? Considerations for Financial Institutions in...
Financial institutions in the United States are no strangers to privacy regulations, particularly given the obligations imposed by the federal Gramm-Leach-Bliley Act (“GLBA”) and the California...
View ArticleThe 2018 California Consumer Privacy Act: California Scraps Ballot Initiative...
With the passage of the California Consumer Privacy Act of 2018 (AB 375), the United States now has its first truly sweeping privacy regime. On Thursday, June 28, 2018, California Governor Jerry Brown...
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