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.
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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.
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.
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
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.
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.
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.
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.
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.