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Tag Archives: Privacy

CFPB Evaluates Use of Alternative Data and Modeling Techniques in the Consumer Lending Credit Process

Posted in CFPB, Fair Lending, Privacy

On February 16, 2017, the CFPB issued a Request for Information regarding use of alternative data and modeling techniques in the consumer lending “credit process.” The CFPB defines the “credit process” broadly as all processes and decisions made by a creditor during the full life cycle of the credit product, including marketing, pre-screening, fraud prevention,… Read More

NYDFS Significantly Revises Cybersecurity Proposal, Burdens Remain

Posted in Privacy, Regulatory Developments

On December 28, 2016, the New York State Department of Financial Services (NYDFS) released a significantly revised version of its controversial, proposed cybersecurity rules, initially proposed in September of last year. As we noted in our Client Alert at that time, the rules as originally proposed would have created one of the most comprehensive and… Read More

Financial Services Report – Winter 2016

Posted in Arbitration, Auto Lending, CFPB, Credit Cards, Disparate Impact, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Military Issues, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, UDAAP

Hope you survived all of those awkward Thanksgiving holiday conversations—amazing how divided people are on whether the court got it right in the PHH case, isn’t it? So on we go into the holiday season, while visions of Dodd-Frank repeal dance in our heads. No long winter’s nap for the CFPB, not with the inauguration… Read More

CFPB Requests Information Regarding Data Aggregation Services

Posted in CFPB, Privacy

On November 17, 2016, the CFPB held a field hearing in Salt Lake City, Utah, and published a Request for Information (“RFI”) regarding access to consumer financial account data. Through the RFI, the CFPB is seeking information regarding consumers’ ability to access, control and share personal financial data relating to them in a usable electronic… Read More

Federal Banking Agencies Signal Enhanced Cyber Standards

Posted in Privacy, Regulatory Developments

On October 19, 2016, the Federal Deposit Insurance Corporation, the Federal Reserve Board and the OCC (collectively, the Agencies) released an Advanced Notice of Proposed Rulemaking (ANPR) laying out a framework for enhanced cyber risk management standards that the Agencies are considering requiring of certain “large and interconnected” financial institutions.  The Agencies have not yet proposed… Read More

NY Department of Financial Services Issues Significant Cybersecurity Proposal

Posted in Privacy, Regulatory Developments

On September 13, 2016, the New York State Department of Financial Services (NYDFS) proposed cybersecurity rules that, if finalized in their current form, would create one of the most comprehensive, detailed and onerous cybersecurity standards in the country. While the proposed rules would apply only to financial institutions subject to the NYDFS’s authority under New… Read More

Is the CFPB the New Cop on the Data Security Beat?

Posted in CFPB, Enforcement Actions, Privacy, UDAAP

On March 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) broke new ground (at least for the CFPB) when it released a consent order against Dwolla, Inc., an online payment platform, regarding data security. While in many respects the data security “message” sent by the CFPB is not a new one (e.g., companies must live up to… Read More

#ThrowbackThursday: Federal Agencies Issue Model GLBA Privacy Form

Posted in Privacy

In December 2009, Morrison & Foerster published the client alert “Federal Agencies Issue Model GLBA Privacy Form.” The federal banking agencies and the CFTC, FTC, NCUA and SEC (“Agencies”) have issued a final rule amending their privacy rules under Title V of the Gramm-Leach-Bliley Act (“GLBA”).  The purpose of the amendments is to provide a… Read More

Big Data, Big Deal

Posted in Disparate Impact, Enforcement Actions, Privacy

The FTC rang in the New Year with a report, Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues. The report wrestles with the implications of using big data analytics to target and make decisions about customers. Some of the FTC’s observations are common sense, but others require more careful analysis. For example,… Read More

Congress Close to Approving Limited GLBA Regulatory Relief

Posted in Privacy, Regulatory Developments

On December 1, 2015, House and Senate conferees reached a deal on a long-term highway bill, the “Fixing America’s Surface Transportation Act” (H.R. 22). While the bill’s more than 1,300 pages are largely focused on highway, transportation, and safety issues, the bill includes amendments to two federal financial privacy laws, the Gramm-Leach-Bliley Act (“GLBA”) and… Read More

NY DFS Signals a Detailed Framework for Cybersecurity Compliance

Posted in Privacy, Regulatory Developments, State Regulators

On November 9, 2015, the New York State Department of Financial Services (“DFS”) sent a letter to a number of state and federal financial regulators signaling that DFS may issue comprehensive cybersecurity regulations for financial institutions subject to DFS’s authority. The stated purpose of the letter was to “spark additional dialogue, collaboration and, ultimately, regulatory… Read More

CFPB Lays Out Consumer Protection Principles for New Payment Systems

Posted in CFPB, Mobile Payments, Privacy

Earlier today, the CFPB released a series of consumer protection principles for the development of new payment systems (“Principles”). The CFPB’s stated purpose in releasing the Principles is to ensure that consumer interests remain top of mind throughout system development. According to the CFPB, the Principles are based on the CFPB’s experience in advocating for the development… Read More

Financial Services Report – Summer 2015

Posted in Arbitration, CFPB, Credit Cards, Credit Reports, Enforcement Actions, Fair Lending, Investigations, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, UDAAP

June is crowded with celebrations. It feels like a Tokyo subway. June is the month of weddings, graduations, flag days, and dad daze. June 15 is the 800th anniversary of the Magna Carta. This month we acclaim Summer Solstice, Gay Pride Month, and National Aquarium Month. And who could forget National Accordion Awareness Month? Seriously?… Read More

Second Time’s the Charm? Supreme Court Takes Up Landmark FCRA Case to Address Whether Congress Can Create Standing

Posted in CFPB, Credit Reports

Zombie or no-injury plaintiffs seeking to represent zombie or no-injury classes are on the rise. In these suits, plaintiff was not injured, and there’s no way to prove who, if anyone, in the class was. Thomas Robins is one of those plaintiffs who brought suit on behalf of a class of similarly situated consumers against… Read More

CFPB Issues Final Privacy Notice Rule

Posted in CFPB, Privacy

On October 28, 2014, the Consumer Financial Protection Bureau (CFPB) published a final rule in the Federal Register amending the annual privacy notice requirement under the Gramm-Leach-Bliley Act and Regulation P. The GLBA and Regulation P require financial institutions to provide an initial privacy notice to consumers when they establish a customer relationship with the… Read More