Is Knowing Enough? The FTC’s Concerns Regarding Mobile Banking Practices May Force You to Do …

CFPB  •  FCRA  •  FTC  •  Mobile Banking  •  Privacy/Data Security
On September 10, 2014, the Federal Trade Commission (FTC) posted a comment in response to the Consumer Financial Protection Bureau’s (CFPB) request for information regarding the use of mobile banking services and products specifically utilized […]

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Interagency Guidance: Regulators Will Enforce UDAAP Laws Notwithstanding Repeal of Regulation AA

CFPB  •  Dodd-Frank  •  Enforcement  •  Fair Lending / Fair Servicing  •  FDCPA  •  FDIC  •  FRB  •  OCC  •  State AGs  •  UDAP/UDAAP
The Federal Reserve Board recently made headlines when it repealed its Regulation AA to comply with the Dodd-Frank Act, leading some to wonder how, and to what extent, regulation of financial institutions might change going forward. But the federal agencies charged with regulating […]

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Money Remittance Improvement Act Eases Regulatory Requirements for MSBs

BSA  •  FinCEN  •  Money Transmission  •  Small Dollar Lending/Lenders  •  U.S. House  •  U.S. Senate
On August 1, Congress passed the Money Remittances Improvement Act of 2014 (signed by President Obama on August 8, 2014), which reduces regulatory hurdles and duplication between state and federal regulation of money services businesses.  Specifically, […]

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GAO Report: Consumer Protections Against Virtual Currency Risks Still Lacking; CFPB Should Step In

BSA  •  CFPB  •  DOJ  •  FinCEN  •  SEC  •  Virtual Currency
On June 26, 2014, the Government Accountability Office (GAO) issued a report entitled “Virtual Currencies: Emerging Regulatory, Law Enforcement, and Consumer Protection Challenges.”  The report discusses the benefits and disadvantages of virtual currency and reviews […]

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Committee of Banking Regulators Begins Cyber-Security Assessments of 500 Financial Institutions

CFPB  •  FDIC  •  FRB  •  OCC  •  Privacy/Data Security
On June 24, 2014, in response to the “increasing volume and sophistication of cyber threats,” the Federal Financial Institutions Examination Council (“FFIEC”) began a month-long cyber-security assessment of 500 community financial institutions and credit unions.  […]

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FTC Settles with Auto Lender over Improper Servicing, Collection, and Quality Control Practices

Auto Finance  •  Consumer Reporting  •  Debt Collection  •  FCRA  •  FTC
The Federal Trade Commission (FTC) recently announced a $5.5 million monetary and injunctive settlement with auto lender Consumer Portfolio Services, Inc. (CPS) concerning allegations that the company used illegal tactics in servicing and collecting consumers’ […]

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