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On October 28, the Deputy Comptroller for Supervision of Risk Management Darrin Benhart of the Office of the Comptroller of the Currency discussed auto and home equity lending risks and consumer debt sales.  A copy of his remarks, which were made before the Financial Services Collections and Credit Risk Conference, can be found here.…

On November 5-6, the International Association of Privacy Professionals (IAPP) will host a Practical Privacy Series in New York.  According to IAPP, the Series will offer laser-focused education in the hot areas of data privacy that gets straight to the point, giving attendees the knowledge they need right now.

Topics to be covered are:

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For the second time in recent weeks, a federal official has issued a warning regarding potential security weaknesses with the Consumer Financial Protection Bureau’s consumer data-mining program.  In an October 30 report, United States Inspector General Mark Bialek warned CFPB Director Richard Cordray that the IG office had “identified information security as a major management…

On October 30, a California appellate court approved a settlement in two class actions challenging Visa and MasterCard’s allegedly anti-competitive debit and credit policies.  According to the court, the revised version of the $31 million settlement fixed an improper release of claims.  The court said the revised deal properly takes into account the value of…

California Attorney General Kamala Harris released a report on October 28 on the growing threat of data breaches on California residents.  According to the report, data breaches in California jumped 28 percent last year, from 131 reported incidents in 2012 to 167 in 2013.  The breaches affected 18.5 million Californians by putting their personal information…

The Federal Communications Commission took its first step into the field of data security regulation on October 24 when it hit two telecommunications companies with a $10 million fine for allegedly failing to adequately safeguard customers’ sensitive information.

The two companies – TerraCom, Inc. and YourTel America, Inc. – were fined for allegedly placing the…

On October 17, the Congressional Budget Office responded to a request from the House Financial Services Committee and issued certain cost estimates associated with the implementation of the proposed “Financial Regulatory Clarity Act of 2014.” Specifically, the CBO estimated that the bill would cost the Consumer Financial Protection Bureau $7 million between 2015 and 2024,…

In Marks v. Crunch San Diego, LLC, Judge Bashant, a district court judge for the Southern District of California, found that the FCC lacks the authority to change the statutory definition of “automated telephone dialing system” (“ATDS”) under the TCPA.  Judge Bashant determined that the FCC only has rulemaking authority over sections 227(b) and…

This year’s ACA International Fall Forum & Expo, to be held in San Francisco on November 5-7, is quickly approaching, and their roster and agenda look outstanding.  ACA International describes this year’s event:

ACA brings you four cutting-edge tracks with the latest updates from industry experts.  Twenty-eight concurrent sessions from thought-provoking speakers, twenty-five plus innovation

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On October 17, the Consumer Financial Protection Bureau finalized an administrative rule, first proposed in May, that allows qualifying financial institutions to post their privacy policies online in lieu of sending the policies to customers personally. The rule, an amendment to a regulation known as “Regulation P,” 12 C.F.R. Part 1016, applies both to…