Insufficient data protection or information security can violate the prohibition against unfair acts or practices according to a circular released last week by the federal Consumer Financial Protection Bureau.
Posts published in “Federal Regulation”
Determining whether your business engages in activities that can trigger coverage is discussed by the Federal Trade Commission in just released guidance entitled “FTC Safeguards Rule: What Your Business Needs to Know.” The Rule applies to many businesses beyond the scope of what are commonly understood to be “financial institutions” and has implications for service providers to covered entities.
Medical debt continues to dominate the headlines in 2022 and continues to be an area of significant focus for the Consumer Financial Protection Bureau.
Medical debt continues to capture the attention of state and federal government, with lawmakers and regulators continuing to target how medical debt is collected and how it is reflected on a consumer credit report.
The U.S. Court of Appeals for the Eleventh Circuit recently vacated a trial court’s ruling granting summary judgment in favor of a mortgage servicer and against the federal Consumer Financial Protection Bureau (“CFPB”) based on res judicata.
The Federal Trade Commission recently amended the Safeguards Rule, 16 C.F.R. § 314.1, et seq., with significant changes to how an information security program should be designed, what it must include, and who needs to be in charge.
The Consumer Financial Protection Bureau increased the maximum civil penalty it can impose within its jurisdiction after Jan. 15, 2022. The increases are mandated by federal law, which requires agencies to adjust for inflation each civil monetary penalty within an agency’s jurisdiction by Jan. 15, 2022.
Despite the national and global events that took center stage in 2021, the upward trend in data privacy legislation at the state level continued and with the addition of the amendments to the Safeguards Rule, 2022 brings new compliance challenges for many businesses and financial institutions.
When 2020 ended, many of us were unsure what 2021 would look like from a bankruptcy perspective. Would consumer filings increase? Could we see bankruptcy reform and particularly in the area of discharge of student loans?
Welcome to our annual year-end review of consumer credit law. Beginning today and over the next several days, we feature a series of articles exploring the events that shaped the consumer financial services industry in 2021.
The Consumer Financial Protection Bureau has proposed a rule it says would “shine new light on small businesses’ access to credit.” The proposed rule accomplishes this goal by requiring lenders to “disclose information about their lending to small businesses.”
In a per curiam opinion, the Supreme Court of the United States recently held that the Director of the Centers for Disease Control and Prevention (CDC) exceeded its authority when it "imposed a nationwide moratorium on evictions of any tenants who live in a county that is experiencing substantial or high levels of COVID–19 transmission and who make certain declarations of financial need."