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FTC Finalizes Changes to Safeguards Rule

by Austin B. Kenney |

On October 27, 2021, the Federal Trade Commission ("FTC") announced important updates to the Gramm-Leach-Bliley Act's (the "Act") primary consumer protection rules. Enacted in 1999, the Act implemented regulations on financial institutions with regard to consumer privacy and data security concerns. It includes two primary parts, or "rules": the Privacy Rule and the Safeguards Rule. The Privacy Rule limits disclosure… Read More

CFPB Adds Cyber-Security and IT Requirements to Examination Manual

by Scott J. Hyman |

The CFPB announced that as part of its overall CMS assessment, the CFPB may evaluate the technology controls of an institution and its service providers. Institutions within the scope of the CFPB’s supervision and enforcement authority include both depository institutions and non-depository consumer financial services companies. These institutions operate in a dynamic environment influenced by challenges to profitability, increased focus on… Read More

District Court (Ill.) Says Restitution Judgment Obtained by FTC, But Reversed by SCOTUS’ AMG Cap. Mgmt. Decision, Did Not Preclude Restitution Award Under Alternative Theory

by Scott J. Hyman |

In Ftc v. Credit Bureau Ctr., No. 17 C 194, 2021 U.S. Dist. LEXIS 173180, at *3-7 (N.D. Ill. Sep. 13, 2021), Judge Kennelly allowed the FTC to amend its judgment to preserve a restitution award on an alternative legal theory after SCOTUS held in AMG Cap. Mgmt. that section 13(b) of the FTC Act did not afford a right… Read More

California DFPI Issues Request for Comments on Debt Collection Licensing Act for Potential Second Rulemaking, Including on Scope and Certain Definitions

by Scott J. Hyman |

On August 19, 2021, the California Department of Financial Protection and Innovation issued a request for comments as it considers a second rulemaking related to the Debt Collection Licensing Act. The first rulemaking, issued earlier this year relates to the license application process and requirements for debt collectors who may begin to apply for a debt collection license starting in… Read More

CFPB Announces FFIEC’s Information Technology Examination Privacy and Cybersecurity Handbook for Financial Institutions on “Architecture, Infrastructure, and Operations” 

by Genevieve R. Walser-Jolly |

Today, the CFPB Announced that the Federal Financial Institutions Examination Council ("FFIEC") issued a new booklet in the FFIEC Information Technology Examination Handbook series, titled “Architecture, Infrastructure, and Operations.”  The CFPB noted that the booklet provides expanded guidance to help financial institution examiners assess the risk profile and adequacy of an entity’s information technology architecture, infrastructure, and operations.  Implied in… Read More

District Court (Pa.) Allows FTC to Bootstrap Unfair Debt Collection Claim Arising from Commercial Debts under the FTC Act

by Scott J. Hyman |

In FTC v. Am. Future Sys., No. 20-2266, 2021 U.S. Dist. LEXIS 83401, at *3-4 (E.D. Pa. Apr. 30, 2021), Judge Slomsky allowed the FTC to proceed on unfair debt collection claims against a debt collection agency collecting on business related education and publication debts. On May 13, 2020, the FTC initiated this action against American Future Systems, Inc. ("AFS"),… Read More

DFPI Issues Notice of Proposed Rulemaking on Debt Collection License Application and Requirements

by Scott J. Hyman |

California’s Department of Financial Protection and Innovation has filed a notice of proposed rulemaking on April 23, 2021 for the Debt Collection Licensing Act (DCLA). The proposed regulations are to be added in Title 10, California Code of Regulations, Subchapter 11.3 “Debt Collection Licensing Act.” A copy of the proposed rulemaking text is here. The proposed regulations cover: requirements to… Read More

SCOTUS Hamstrings the FTC’s Ability to Obtain Restitution

by Scott J. Hyman |

In Amg Capital Mgmt. v. FTC, No. 19-508, 2021 U.S. LEXIS 2108, at *1-4 (Apr. 22, 2021), the Supreme Court held that the FTC Act does not authorize the FTC to seek monetary restitution in a suit that the FTC brings in the first instance (i.e., without a prior administrative proceeding) in federal court under section 13(b) of the FTC… Read More

CFPB Issues Interim Final Rule Regarding Debt Collectors Providing Written Notice of CDC Eviction Moratorium

by Scott J. Hyman |

The CFPB issued an interim final rule that is effective May 3, 2021 to address certain debt collector conduct associated with an eviction moratorium issued by the CDC. The rule provides that debt collectors, as defined in the FDCPA, are required to provide written notice to certain consumers of their protections under the CDC Order’s eviction moratorium. Also, debt collectors… Read More

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