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
House Supports Cybersecurity Legislation That Could Create Liability Shield for Information Sharing
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
DOJ Releases Cybersecurity Guidance for Response and Reporting of Cyber Incidents
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
CFPB and Maryland AG’s Office Target Mortgage Kickback Scheme
On April 29, the Consumer Financial Protection Bureau and the Maryland Attorney General’s Office jointly filed a Complaint in the U.S. District Court for the District of Maryland accusing a title service company and several mortgage loan officers of participating in an illegal kickback scheme whereby the company would funnel money and marketing services to
FTC and New York Attorney General Erich Schneiderman Announce June Meeting with Debt Collection Industry
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
Virginia Hops on the “Ban the Box” Wagon for State Employee Hiring
Virginia Governor Terry McAuliffe added Virginia to the growing list of states “banning the box” regarding criminal history on state employment applications. Given the growing list of state and even local legislation regarding applicants’ criminal histories, employers must be vigilant to ensure their employment processes comply with these multiple layers of restrictions.
On April 3,
Credit Reporting Agencies Announce Consumer Assistance Plan in Agreement with New York Attorney General
The nation’s three leading Credit Reporting Agencies (“CRAs”) – Equifax, Experian, and TransUnion – announced on March 9 a National Consumer Assistance Plan that will enhance their ability to collect consumer information that is as complete and accurate as possible and will provide consumers more transparency and a better experience interacting with CRAs about their
NYDFS Advocates for Increased Cybersecurity Regulation by State Agencies
On February 25, the Superintendent of the New York Department of Financial Services (“DFS”), Benjamin M. Lawsky, spoke at Columbia Law School regarding the increased role of states as regulators, especially in the case of emerging risks such as cybersecurity. The speech, titled “Financial Federalism: The Catalytic Role of State Regulators in a Post-Financial Crisis
CFPB Director Cordray Addresses National Association of Attorneys General
Several attorneys from Troutman Sanders attended this week’s meeting of the National Association of Attorneys General in Washington, during which Richard Cordray, Director of the Consumer Financial Protection Bureau and former Ohio Attorney General, provided an overview of the four obstacles that, in his view, “interfere with justice and dignity for consumers.” He referred to
Consent Decree Between DOJ and “Buy Here, Pay Here” Auto Dealer Highlights Continued Focus on Intent-Based Lending Discrimination Claims
We’ve been reporting for almost two years now on federal regulators’ attempts to use an effects-based test for discrimination – disparate impact – to fundamentally alter the auto sales and finance industries, and how those efforts have consistently gained steam from late 2013 through to more recent times. We’ve also reported on challenges to