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
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
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
Troutman Sanders Adds Partner with Seasoned Experience to Privacy and Financial Services Litigation Practices
Troutman Sanders LLP announced today that Ronald I. Raether, Jr. has joined the firm as a partner in the Orange County office and will play a significant role in both the firm’s Cybersecurity, Information Governance and Privacy and Financial Services Litigation practices. He joins the firm from Faruki Ireland & Cox P.L.L, where he led
Spokeo Continues to Garner Attention; Argument Set for November 2
Spokeo, Inc. v. Robins has continued to garner attention, both in terms of motions to stay the litigation in the pending case and with respect to amicus briefing by parties interested in the issues raised in this important case. On September 9, the Supreme Court set arguments for the case for November 2. As of
CFPB Appoints New Members to the Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council
On September 18, the Consumer Financial Protection Bureau announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council.
“These advisory bodies play a crucial role in ensuring that the Bureau is addressing the wide variety of perspectives in the consumer financial marketplace,” said CFPB Director
7th Circuit Rejects Neiman Marcus’ Request for Rehearing over Standing in Data Breach Class Action Suit
On September 17, the Seventh Circuit Court of Appeals declined to rehear an appeal it decided against Neiman Marcus over a payment card data breach, leaving in place the precedential ruling that held plaintiffs can sue for the trouble and expense of preventing fraud on their accounts.
The decision stems from a class action suit
FTC Fines Texas Auto Dealer $82,777 for Violating Credit Reporting Requirements
A recent Federal Trade Commission settlement with an auto lender highlights two basic requirements under the Fair Credit Reporting Act for companies that furnish consumer information to consumer reporting agencies (CRAs): (1) furnishers are required by federal law to have written policies aimed to ensure the accuracy and integrity of the information supplied, and (2)