|
|
|
|
|
|
FDIC Makes Public June Enforcement Actions
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in June 2024. There are no administrative hearings scheduled for August 2024. The FDIC issued 10 safety and soundness orders and two Notices in June 2024.
Read More |
Bank-Fintech Arrangements: Request for Information on Arrangements Involving Banking Products and Services Distributed to Consumers and Businesses
Today the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) released a request for information (RFI) on arrangements in which one or more financial technology (fintech) companies, as defined in the RFI, engage with banks1 to distribute banking products and services to consumers and businesses (referred to as bank-fintech arrangements).
Read More |
FTC Announces Tentative Agenda for August 1 Open Commission Meeting
Today, Federal Trade Commission Chair Lina M. Khan announced that an open meeting of the Commission will be held virtually on Thursday, August 1, 2024. The open meeting will commence at 10 a.m. ET and will begin with time for members of the public to address the Commission.
Read More |
How Fudge Factors Distort Vendor Measurement
In the world of data and metrics, the integrity of measurement methods can be easily compromised by various fudge factors, especially when dealing with third-party vendors. These subtle manipulations or adjustments, whether intentional or inadvertent, can significantly skew the results and paint an inaccurate picture of vendor performance.
Read More |
We Don’t Use Dark Patterns!? FTC and Consumer Protection Networks Review Suggests You Might
In its ongoing concern with “dark patterns,” the FTC recently announced results of two reviews of sites and apps purportedly engaging in the practice. As a reminder, the FTC views as “dark patterns” practices or web designs that “get consumers to part with their money or data” using deceptive or manipulative means.
Read More |
CFPB Tries to Stretch Section 1057 of the CFPA to Reach Nondisclosure Agreements
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued Circular 2024-04 warning financial institutions about the potential illegality of nondisclosure agreements (NDAs) that could deter whistleblowing. Specifically, the Bureau addressed whether requiring employees to sign broad confidentiality agreements violates § 1057 of the Consumer Financial Protection Act (CFPA).
Read More |
CFPB Proposes Interpretive Rule that EWAs Are Credit; Expedited Funding Fees and Tips May Be Finance Charges under Regulation Z
On August 13th, 2024, from 1:30 p.m. to 3:00 p.m. ET, we will hold a webinar covering the CFPB’s BNPL interpretive rule and its proposed earned wage access (“EWA”) interpretive rule. For more information and to register, click here.
Read More |
Exploring the Impact of AI on Consumer Protection: FCC’s Upcoming Inquiry
The FCC is gearing up to tackle a critical issue: the impact of emerging AI technologies on protecting consumers from unwanted and illegal phone calls and texts under the Telephone Consumer Protection Act (TCPA). As complaints about robocalls and robotexts top the charts, it’s more crucial than ever to stay updated on technologies that could influence consumer privacy.
Read More |
Mastercard Deploys AI to Combat Card Fraud
Mastercard has unveiled a new approach to identify compromised payment cards, leveraging a combination of generative artificial intelligence and graph technology. The company reports that this method has doubled its detection rate for compromised cards before they can be used fraudulently.
Read More |
Judge Pittman (N.D. Texas) questions whether Fort Worth Chamber of Commerce has standing to pursue claims seeking to invalidate the CFPB’s credit card late fee rule
We recently reported that on July 18 the CFPB, upon remand from the Fifth Circuit, re-filed its notice of supplemental authority in support of its motion to dismiss or transfer the case, motion to dissolve the preliminary injunction, and brief in support of its motion
Read More |
CFPB Warns Against Intimidation of Whistleblowers
The Consumer Financial Protection Bureau (CFPB) today issued a circular to law enforcement agencies and regulators explaining how companies may be breaking the law by requiring employees to sign broad nondisclosure agreements that could deter whistleblowing.
Read More |
Keystone State Tweaks its Data Breach Notification Law Again
In what may become an annual tradition, Pennsylvania has amended its breach notification law. The new provisions will take effect on September 26, 2024. As a reminder, Pennsylvania changed its law last year to expand the definition of “personal information” and to create exemptions for HIPAA-regulated entities.
Read More |
Highlights from the CFPB’s Spring 2024 Semi-Annual Regulatory Agenda
The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its semi-annual regulatory agenda, outlining its planned rulemaking initiatives. The CFPB releases regulatory agendas twice a year in voluntary conjunction with a broader initiative led by the Office of Budget and Management to publish a Unified Agenda of Regulatory and Deregulatory actions across the federal government.
Read More |
Proposals to Ease Capital Standards for New Banks Could Lead to More Failures, CRS Says
In a recent report, the Congressional Research Service stated that capital formation remains the largest obstacle hampering the formation of de novo banks, but regulatory and legislative changes that have been proposed could risk an increase in bank failures
Read More |
FTC, DOJ, and International Enforcers Issue Joint Statement on AI Competition Issues
FTC Chair Lina M. Khan, alongside international antitrust enforcers and the Department of Justice, Antitrust Division, issued a statement affirming a commitment to protecting competition across the artificial intelligence (AI) ecosystem to ensure effective competition that provides fair and honest treatment for both consumers and businesses.
Read More |
CrowdStrike Aftermath: Five Things You Need to Know
It wasn’t a hack, cyberattack or even a sophisticated scam. The chaos that hit everything from airlines to hospitals to banks on Friday (July 19) was caused by a faulty software update from security company CrowdStrike. However, security is at the top of the table in the Connected Economy this week, and as it tries to ensure that “this won’t happen again,” here are five things you need to watch for, whether you’re a C-level banking executive, security professional or just an interested observer.
Read More |
The State AG Report – 7.18.2024
Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US.
Read More |
FCC Considers Updates to Telephone Consumer Protection Act
The Telephone Consumer Protection Act (TCPA) has not been updated in over 30 years. The Federal Communications Commission (FCC) has been asked by Congress to take “decisive action in addressing the escalating issue of fraudulent and scam text messages that target American consumers.” The TCPA restricts the hours in which telemarketers can call, prevents businesses from using prerecorded messages when calling homes, and using auto dialers for call and texts.
Read More |
North Carolina’s New Plan to Relieve Medical Debt
On July 1, North Carolina announced a new plan to relieve past medical debt for low- and middle-income consumers and mitigate the impact of medical debt going forward. Under the proposal, hospitals that choose to implement medical debt mitigation policies established by the state will be eligible for enhanced reimbursement through North Carolina’s Medicaid state directed payment (SDP) program.
Read More |
CFPB Moves to Dissolve Preliminary Injunction and Supplements Motion to Transfer in Credit Card Late Fee Rule Case; Court Immediately Requests Further Briefing
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a brief in the U.S. District Court for the Northern District of Texas in support of its motion to dissolve the preliminary injunction that has stayed the implementation of its credit card late fee rule.
Read More |
Fifth Circuit orders CFPB to file a response to petition for rehearing en banc in CFSA case
We recently reported that, upon remand from the Supreme Court (after it ruled that the CFPB’s funding mechanism is Constitutional), the plaintiff-trade groups filed a petition for rehearing en banc in the Fifth Circuit in the CFSA v. CFPB case. In the petition, they requested the Fifth Circuit en banc to rehear other claims in their case attacking the remnants of the CFPB’s payday lending regulation which had earlier been rejected by the same Fifth Circuit panel of judges who held that the CFPB was unconstitutionally funded.
Read More |
NCUA Board Approves Proposed Rules on Incentive-based Compensation, Succession Planning
The NCUA Board approved by a vote of 2–1 a proposed rule(Opens new window) to address incentive-based compensation arrangements, as required under section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 956 requires federal financial institutions regulators, including the NCUA, to issue joint regulations or guidelines requiring disclosure and reporting of compensation at financial institutions with more than $1 billion in assets.
Read More |
OCC Announces Enforcement Actions for July 2024
The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises.
Read More |
FTC and DOJ Extend Public Comment on Request for Information Targeting Serial Acquisitions, Roll-Up Strategies Across U.S. Economy
The Federal Trade Commission and the U.S. Department of Justice Antitrust Division (DOJ) are extending the deadline by 60 days for the public to comment on a joint Request for Information that seeks to identify serial acquisitions and roll-up strategies throughout the economy that have led to consolidation that has harmed competition. The new deadline to submit comments is now September 20, 2024.
Read More |
|
|
Hyatt Regency Tamaya - Registration Opens April 1, 2024
Santa Ana Pueblo , New Mexico
August 06 - 08 , 2024 |
|
Debt Connection Symposium
Mark Naiman, Host of DCS2024, mark@debtconnectionsymposium.com
October 02 - 04 , 2024
619-363-2993
|
|
|
|
|
