On September 30, the Office of the Inspector General released its report of the four major management challenges facing the Consumer Financial Protection Bureau, including ensuring an effective information security program, building and sustaining a high-performing and diverse workforce, strengthening controls over management operations, and maintaining physical infrastructure. Through the use of audit and evaluation
CFPB Plans to Pave the Way for Yet More Class Actions Against Financial Services Companies
According to remarks made by Consumer Financial Protection Bureau (“CFPB”) Director Richard Cordray on October 7, 2015 (and a subsequent press release), the CFPB is planning to issue regulations that would prohibit many financial services companies from requiring consumers to waive their right to bring a class action lawsuit via a pre-dispute arbitration agreement
Federal Court in Illinois Holds That Display of Debtor’s Account Number on Envelope Violates FDCPA
On September 30, Judge Joan B. Gottschall of the Northern District of Illinois issued a decision stating that the display of a debtor’s account number through an envelope window violated the Fair Debt Collection Practices Act.
In Adkins v. Financial Recovery Services, Inc., the plaintiff filed a class action suit in Illinois on behalf
U.S. Government Sues Five Mortgage Lenders for False FHA Claims
On September 28, the U.S. government filed a lawsuit alleging that a purported charitable “counseling fund,” five mortgage lenders, and their principals defrauded the United States and various banks insured by the Federal Deposit Insurance Corporation in actions that resulted in millions of dollars of mortgage losses as well as the payment of over $5.6
National Restaurant Chain Hit with Background Screening Class Action
In another example of the continuing increase in background screening-related class actions, a national restaurant chain was on the receiving end of a class action lawsuit. In the nationwide class action, filed in the Central District of California, the plaintiff claims the restaurant violated the Fair Credit Reporting Act (FCRA) by failing to provide an
Two Speeches in Three Days: Protecting Privacy and Consumer Data in the Digital Age is FTC Priority
Federal Trade Commissioner Julie Brill promoted the FTC’s role as the nation’s leading consumer protection and privacy agency with respect to Internet, social media, and smartphone technology in two recent speeches occurring over a three–day span. In both speeches, Brill referenced and reiterated the FTC’s concerns regarding data collection, the interface of
Join us at the American Conference Institute’s Inaugural Consumer Lending Regulatory Compliance Forum
Lessons Learned and Best Practices in an Era of Heightened Government Scrutiny for the Industry October 29-30, 2015 – The Carlton Hotel – New York City We are pleased to announce that David N. Anthony, Partner at Troutman Sanders, will present “Protection of Consumer Financial Information Including Consumer Financial Privacy (FCRA and GLBA) Plus
Debt-Relief Scheme Cost Consumers $67 Million in Illegal Fees
On September 2, the United States District Court of the Southern District of Florida granted multiple motions for temporary restraining orders (TROs) by the Consumer Financial Protection Bureau in the matter of Consumer Financial Protection Bureau v. Orion Processing, LLC, Bradley James Haskins, World Law Debt Services, LLC, and World Law Processing, LLC. The CFPB
ABA 2015 Legal Technology Survey: Security Breaches at Law Firms on the Rise
The American Bar Association released its 2015 Legal Technology Survey last week with one of the main takeaways being that companies and their law firm partners need closer cooperation to improve information security.
It is required by GLBA, PCI DSS (Payment Card Industry Data Security Standards), HIPAA, and most recognized security standards, namely that covered
Next Generation Artificial Intelligence System Marks the Shift from Big Data to “Gargantuan” Data
On September 24, IBM presented new capabilities of Watson – its artificial intelligence system – related to the interpretation of the increasingly vast amount of data available on consumer and business activities. Watson, best known for its 2011 Jeopardy! victory against two of the game show’s previous champions, consists of an artificial intelligence system