Regulatory Enforcement + Compliance

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On January 16, the American Bankers Association (ABA) issued a letter opposing a proposal offered by the Department of Defense to amend the regulations that implement the Military Lending Act.  Although the ABA had already joined other trade associations in a December 18 joint comment letter criticizing this proposal, the organization submitted this latest letter…

On January 20, the U.S. Supreme Court declined to take up a challenge by retailers to the Federal Reserve’s controversial rules for debit card “swipe fees,” effectively ending their fight over the Dodd-Frank Act’s Durbin amendment.  The court’s rejection of the appeal means a March 2014 ruling by the U.S. Court of Appeals for the…

On January 16, the CFPB announced it is accepting applications for membership on the Consumer Advisory Board (CAB), Community Bank Advisory Council, and Credit Union Advisory Council.

Members of the CAB and the Advisory Councils include representatives of consumers, communities, and the financial services industry, as well as academics. Membership on the CAB lasts three…

On January 7, 2015, Genesis Healthcare became one of the most recent companies to face a class action lawsuit under the FCRA based on its background check practices.  This lawsuit should serve as a reminder to companies to verify that their procedures for obtaining and using background checks comply with the FCRA’s disclosure and adverse…

On January 15, 2015, New York Attorney General Eric Schneiderman announced that he would be proposing legislation to overhaul New York’s data security law and require new and unprecedented safeguards for personal data of consumers. While the proposal has yet to be released, the Attorney General’s press release indicates that the proposal will include a…

On January 13, the Eighth Circuit Court of Appeals overturned the District Court’s grant of class certification in a case where plaintiffs allege violation of the Fair Debt Collection Practices Act.  In Powers v. Credit Management Services, the defendant filed standard-form complaints and discovery requests against the plaintiffs in state court to collect past…

On December 10, Oregon Attorney General Ellen Rosenblum proposed more rigorous requirements for companies to disclose data breaches that expose consumers’ personal information.  Testifying before the Oregon joint Senate and House Judiciary Committee, Rosenblum called on the Oregon legislature to update the state’s data breach law and to extend data breach enforcement and notification to…

Automotive sales and finance companies often are sued in California under either the Auto Sales Finance Act (“ASFA”) or the Vehicle Leasing Act (“VLA”).  Occasionally, these cases raise claims involving sizeable actual damages, but more often than not, they rest on purely technical disclosure violations or other violations that produced little or no actual or…

On January 7, online retailer Zappos.com Inc. reached a long-awaited settlement with nine states over a 2012 data breach that compromised personal and financial information of nearly 24 million of the company’s customers.  Pennsylvania Attorney General Kathleen Kane said in a published statement that a hacker was able to access sensitive data pertaining to millions…

Last month, the Government Accountability Office (GAO) released its annual report on financial services regulations entitled “Dodd-Frank Regulations: Regulators’ Analytical and Coordination Efforts.”

According to this report, federal financial regulators— Consumer Financial Protection Bureau, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, National Credit…