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Posts tagged as “Federal Regulation”

FTC Amends Safeguards Rule; Nonbank Financial Institutions Must Report Data Breaches to the FTC

The Federal Trade Commission recently announced approval of an amendment to the Gramm-Leach-Bliley Act Safeguards Rule to require nonbank financial institutions to report to the FTC the unauthorized acquisition of unencrypted customer information involving at least 500 consumers (a “notification event”).

DC Circuit Holds CFPB’s Prepaid Rule Did Not Contravene EFTA, Reversing Trial Court

The U.S. Court of Appeals for the District of Columbia Circuit recently reversed the ruling of a trial court and concluded that the Consumer Financial Protection Bureau’s Prepaid Rule, which regulates digital wallets and other prepaid accounts, does not mandate a “model clause” in violation of the Electronic Fund Transfer Act.

9th Cir. Holds ‘Net Impression’ Test Applies to CFPA Actions for Deceptive Solicitations

The U.S. Court of Appeals for the Ninth Circuit recently affirmed a trial court’s ruling in favor of the Consumer Financial Protection Bureau against a company and its owner that provided fee-based scholarship and financial aid services to prospective and current college students.