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On May 5, Virginia Governor Terry McAuliffe signed an executive directive which sets enhanced security requirements for the purchase card program used by state agencies, including the implementation of “chip and pin” technology by December.  The directive further instructed Virginia’s treasurer, comptroller, and secretaries of finance and technology to implement enhanced payment technologies that “meet…

On May 5, the Federal Trade Commission obtained court approval of a settlement against CardFlex, Inc. and its CEO and President, Andrew Phillips, and Executive Vice President of Operations, John Blaugrund.  The lawsuit, captioned FTC v. CardFlex Inc. et al., No. 3:14-cv-00397 (D. Nev.), involved allegations that the defendants operated a $26 million credit…

According to a study released by the Consumer Financial Protection Bureau on May 5, 26 million Americans have no credit rating at all, making them “credit invisible.”  The report found that one in 10 adults have no credit history – many of them black, Hispanic, or living in low-income neighborhoods.

In broad terms, consumers with…

In a pair of recent votes, the House of Representatives supported legislation that would create liability protections for companies that share with the federal government information about cyberthreats.  The bills, H.R. 1560 and H.R. 1731, allow private companies to take defensive cybersecurity measures to protect their rights and property.  They also allow for sharing of…

The U.S. Department of Justice has released guidance to assist organizations in preparing for a cyber incident.  Released alongside a speech given by Assistant Attorney General Leslie Caldwell on April 29, the 15-page memo, “Best Practices for Victim Response and Reporting of Cyber Incidents,” provides a framework for organizations to prepare an incident response…

On April 30, Sen. Patrick Leahy, D-Vt., introduced legislation that would require companies to report data breaches within 30 days and would protect a wide range of personal and geographic location data while allowing more stringent state laws to stand.  As mentioned here, the Consumer Privacy Protection Act is just the latest piece of…

The Consumer Financial Protection Bureau (CFPB) is modifying its complaint database so that consumers can post narratives about their experiences with financial service providers.  According to the CFPB’s release, available at http://www.consumerfinance.gov/newsroom/cfpb-finalizes-policy-to-give-consumers-the-opportunity-to-voice-publicly-complaints-about-financial-companies/, the purpose of the database enhancement is to help consumers make informed choices and identify market trends.  But the implementation could result…

On April 27, 2015, the United States Supreme Court granted certiorari in Spokeo Inc. v. Robins, a case which could have wide-ranging implications for lawsuits, including class actions, against businesses under a number of consumer protection statutes.

In a case that the Supreme Court will hear and decide in its next term, the Court will…

The CFPB continues to crack down on deceptive conduct by mortgage lenders, as evidenced by a recent action against California-based RMK Financial Corporation.  According to an April 8, 2015 consent order issued by Richard Cordray, Director of the Consumer Financial Protection Bureau, RMK Financial sent print mailers to more than 100,000 consumers, falsely implying that…

On April 23, the Federal Trade Commission and the Office of the New York Attorney General announced they will host a “dialogue” to discuss consumer protection issues with the debt collection industry, including recent enforcement actions, consumer complaints about debt collection practices, and compliance issues.

The first “Debt Collection Dialogue” in Buffalo, New York will…