Consumer Financial Protection Bureau (“CFPB”) Director Rohit Chopra shared his insights at Consumer Bankers Association Live industry conference in Washington D.C. Reuters reported that Chopra told sideline reporters, “We are going to be looking into the credit card rewards market due to an increase in consumer complaints. What the marketing gurus and consultants are telling credit card issuers is that they should focus consumers’ attention on splashy rewards, but then withhold information from them when they’re paying lots of interest and could switch to a lower-rate card, even within the same bank.”… Continue Reading
Unpacking the FTC’s Recent Blog Post Regarding Breach Notification
The Federal Trade Commission (FTC) recently issued a blog post stating that a failure to disclose a data breach may be a violation of Section 5 of the FTC Act. The May 20 blog post, titled Security Beyond Prevention: The Importance of Effective Breach Disclosures, explained that in some instances, the FTC Act may create a de facto breach disclosure requirement because the failure to disclose will increase the likelihood that affected parties will suffer harm. … Continue Reading
CFPB resumes collection of personally identifiable information for examinations
CFPB Acting Director Mick Mulvaney reportedly announced on Thursday that he was lifting the freeze on the CFPB’s collection of personally identifiable information (PII) from companies it supervises. As we previously reported in December 2017, Mr. Mulvaney imposed a freeze on the CFPB’s collection of PII due to concerns about the CFPB’s data security systems.… Continue Reading