Monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues
On November 13, a New York federal judge granted final approval to a $4.75 million settlement between background check company Sterling Infosystems, Inc. and a class of Dish Network, LLC satellite television installers.
The installers brought claims against Sterling for violations of the Fair Credit Reporting Act (“FCRA”) including that Sterling provided outdated information to…
The Consumer Financial Protection Bureau’s latest monthly report revealed that credit card complaints represent approximately 11% of total product complaints from consumers. Late fees and credit report problems due to confusing payment processing schedules are the most frequent complaint topics for consumers. Other problems identified by consumers include:
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On November 11, Tennessee Attorney General Herbert H. Slatery III and the Tennessee Division of Consumer Affairs announced that it had settled allegations against credit card payment processor Elavon, Inc. to resolve claims that it violated state consumer protection laws by misrepresenting the cancellation policy of its credit card processing equipment leases, the duration …
On November 10, New York Attorney General Eric T. Schneiderman issued cease-and-desist letters to FanDuel and DraftKings, the two largest daily fantasy sports companies, demanding that they stop accepting bets in New York State.
According to the letters, daily fantasy sports constitute illegal gambling in violation of both the New York Constitution (N.Y. Const. Art …
On November 10, a New Jersey debt collection law firm pressed the Third Circuit to reverse the district court’s ruling that a four-second review of a debt collection complaint does not constitute “meaningful attorney involvement.”
As we previously reported, in Bock v. Pressler & Pressler, LLP, the United States District Court for the…
On October 2, President Obama announced a new executive order that prevents federal agencies from making job-applicants reveal they have a criminal record as part of his overall criminal justice reform effort. This “ban the box” initiative would prevent federal agencies from asking about an applicant’s criminal history at the initial application stage.
“It is …
After several high-profile motor vehicle computer hacking incidents, new legislation was introduced on November 5 that would require a study of best cybersecurity and private practices for software-enabled smart cars.
The so-called SPY Car Study Act was introduced by U.S. Representatives Ted W. Lieu and Joe Wilson. The Act tasks the National Highway Traffic Safety …
On November 3, the Federal Financial Institutions Examination Council (“FFIEC”), the federal agency that regulates the U.S. financial services industry, issued a warning to U.S. banks of a growing threat of cyberattacks involving extortion.
The general threat of cyberattacks comes as no surprise in the wake of highly publicized data breaches. Likewise, cyber security professionals …
Cox Communications Inc. agreed to pay $595,000 to resolve an investigation by the Federal Communications Commission’s Enforcement Bureau into whether the cable operator failed to properly protect its customers’ personal information when the company’s electronic data systems were hacked in 2014. The consent decree, entered into on November 5, is the first privacy and …
On November 4, the Office of the Comptroller of the Currency (“OCC”) released its “Credit Card Lending” booklet of the Comptroller’s Handbook, replacing the outdated booklet issued in October 1996. A copy can be found here.
The Comptroller’s Handbook is intended as a summary restatement of existing laws, regulations, and policies. The “Credit…
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