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
Linda Lacewell, the recently confirmed Superintendent of the New York Department of Financial Services, detailed in a recent interview that she will prioritize fintech and consumer protection. True to her word, NYDFS announced the creation of a new Research and Innovation Division led by Matthew Homer, who was most recently Head of Policy and Research at Quovo.… Continue Reading
Equifax has agreed to pay $575 million to settle consumer as well as state and federal regulatory claims for its 2017 data breach. This is the largest data breach settlement to date.
2017 Data Breach
At the federal level, the FTC and CFPB both filed complaints against Equifax. The FTC complaint alleges Equifax was aware of a security vulnerability in a database containing consumer inquiries about their personal credit data.… Continue Reading
Pennsylvania’s Attorney General, Josh Shapiro, announced last Friday that his office is creating a Consumer Financial Protection Unit “to better protect Pennsylvania consumers from financial scams.”
The announcement indicated that the new Unit “will focus on lenders that prey on seniors, families with students, and military service members, including for-profit colleges and mortgage and student loan servicers.” … Continue Reading