At the Nationwide Multistate Licensing System (NMLS) Annual Conference, state financial regulators released an updated cybersecurity examination tool for nonbank financial company supervision. The tool is designed for state regulators to use in examinations, but “companies are encouraged to use it to assess their cybersecurity health between examinations.”
State regulators are continuing to find new
We have long predicted that just as other states followed California in passing breach notification laws, states would follow in California’s footsteps in regulating information privacy practices with the California Consumer Privacy Act of 2018 (CCPA), which was later amended by the California Privacy Rights Act of 2020 (CPRA).[1] The Virginia state legislature recently
On February 22, the Consumer Financial Protection Bureau (CFPB), joined by the attorneys general for Virginia, Massachusetts, and New York (States), filed suit against Libre by Nexus, Inc. (Libre). The suit alleges that Libre, an immigration bond services business, engaged in deceptive and abusive acts or practices in connection with its offer of credit to
A recent decision by the U.S. District Court for the District of Columbia underscores the significance of issues of proof when trying to enforce arbitration agreements. The case is Proctor v. First Premier Corp., No. 1:20-cv-02162-BAH, 2021 U.S. Dist. LEXIS 6502 (D.D.C. Jan. 13, 2021).
Plaintiff Charnita Proctor sued First Premier Corp. (FPC) for
The California Consumer Financial Protection Law (CCFPL) went into effect on January 1. The CCFPL requires the Department of Financial Protection & Innovation (DFPI), formerly the Department of Business Oversight, to establish an Office of Financial Technology Innovation (OFTI). The DFPI stated in its recent monthly bulletin that OFTI would allow it to “work proactively
On February 4, the New York Department of Financial Services (DFS) released the Cyber Insurance Risk Framework (Framework), which is considered the first guidance by a U.S. regulator on cyber insurance. The Framework is aimed at property and casualty insurers that provide cyber insurance, as well as other insurers that do not write specific cyber
In a recently filed Form 10-K, PayPal Holdings, Inc. (PayPal) announced that it received a Civil Investigative Demand (CID) from the Consumer Financial Protection Bureau (CFPB) on January 21 “related to Venmo’s unauthorized funds transfers and collections processes, and related matters.” PayPal owns and operates Venmo as part of its digital wallet portfolio.
While
In a statement recently disseminated to all Consumer Financial Protection Bureau (CFPB) personnel, Acting Director Dave Uejio set forth new priorities for the CFPB’s Supervision, Enforcement, and Fair Lending Division (SEFL), specifically around providing COVID-19 relief to consumers and racial equity.
In the statement, Uejio communicated his belief that “strong oversight” can make a
The Eleventh Circuit affirmed a district court’s dismissal for lack of standing in a data incident case. The majority opinion, written by Senior Judge Gerald Bard Tjoflat and joined by Judge Adalberto Jordan and Senior Fourth Circuit Judge William Traxler sitting by designation, highlighted the disagreement among federal appellate courts about the type of harm
According to a recent announcement, Mastercard will begin providing customers with additional details about their purchases, such as the merchant’s name, logo, and location of purchase. Mastercard is inviting merchants to upload their logos to Ethoca, after which the logos will be linked to the corresponding transaction in digital banking applications. The service