The FTC announced last week that it has entered into a settlement with ITMedia Solutions LLC, a lead generation company, and a group of affiliated companies (collectively, ITMedia), and several individuals who served as officers of ITMedia, to resolve a complaint filed by the FTC in a California federal district court alleging that the defendants’ conduct violated the FTC Act and FCRA. … Continue Reading
On March 3rd, the New York Department of Financial Services (“NYDFS”) announced a settlement with Residential Mortgage Services, Inc. (“RMS”) to resolve allegations that RMS violated the NYDFS Cybersecurity Regulation relating to a 2019 cyber breach.
In July 2020, NYDFS conducted an examination of RMS as a licensed mortgage banker. … Continue Reading
Subscribers to each service will receive weekly emails and have the opportunity to discuss developments in each area during a monthly call. Additionally, subscribers will be enrolled in an interactive, searchable, online database that enables subscribers to have 24-hour access to our information and analysis.
To further educate our current subscribers and anyone else interested in subscribing to the trackers about how to maximize the online database, we will be offering preview sessions to provide training on the various tools available through the dashboard, such as the interactive map and the search functions that will allow information to be sorted by topic, jurisdiction, date, and for the FCRA tracker, by federal court and counsel for plaintiffs.… Continue Reading
On December 15th, the FTC announced in a press release that it had reached a settlement with a mortgage industry data analytics company to resolve allegations in the FTC’s administrative complaint that the company had failed to ensure one of its vendors was adequately securing personal data about tens of thousands of mortgage holders under the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule. … Continue Reading
On December 18, 2020, the Office of the Comptroller of the Current (OCC), Federal Reserve Board (FRB), and Federal Deposit Insurance Corporation (FDIC) announced an interagency notice of proposed rulemaking that would require supervised banking organizations to provide notification of significant computer security incidents to their primary federal regulator. Under the proposed rule, for incidents that could result in a banking organization’s inability to deliver services to a material portion of its customer base, jeopardize the viability of key operations of a banking organization, or impact the stability of the financial sector, the banking organization must notify its primary federal regulator no later than 36 hours after determining an incident has occurred. … Continue Reading
On November 9, 2020, the Federal Trade Commission (FTC) announced in a press release that it had reached a settlement with Zoom Video Communications, Inc. (Zoom) to resolve allegations that Zoom had engaged in unfair and deceptive acts with regard to its video conferencing services. Financial institutions and other companies that allowed remote workers to utilize this platform should carefully assess what impact this consent order may have and what changes may need to be made to protect virtual business meetings going forward.… Continue Reading
On November 13, 2020, from 12:00 p.m. to 1:00 p.m. ET, we will present a webinar on the CFPB’s final collection rule. Click here for more information and to register.
This latest installment of our blog posts about the CFPB debt collection rule examines how the final rule will impact credit reporting.… Continue Reading
On October 29, 2020, the Federal Trade Commission (FTC) will host a virtual workshop entitled, “Green Lights & Red Flags: FTC Rules of the Road for Business.” The workshop will cover a broad array of topics within the FTC’s jurisdiction, including truth-in-advertising law, social media marketing, data security, business-to-business fraud, and other business basics.… Continue Reading
On August 14, 2020, the California Office of Administrative Law (“OAL”) approved in part and withdrew in part the Regulations regarding the California Consumer Privacy Act (“CCPA”). While most of the changes are non-substantive, the OAL withdrew certain provisions of the Regulations and resubmitted them to the Attorney General’s Office for further review. … Continue Reading
On July 13, 2020, the Federal Trade Commission (FTC) held a workshop titled “Information Security and Financial Institutions: FTC Workshop to Examine Safeguards Rule.” This workshop discussed the proposed amendments to the Gramm-Leach-Bliley Act’s (GLBA) Safeguards Rule, which requires financial institutions to develop, implement, and maintain a comprehensive information security program.… Continue Reading