Federal Regulators Adopt New Computer-Security Incident Notification Requirements for Banks and Service Providers

In response to increasingly frequent and sophisticated cybersecurity attacks on banks and bank service providers, the federal prudential banking regulators—the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC)—have adopted a new rule that requires banks to report cyber incidents to their primary regulator.

Colorado Privacy Act: New Protections for Consumers in the Centennial State

On July 1, 2023, the Colorado Privacy Act (CPA) will go into effect as the third state law generally governing consumer data privacy and was the second enacted in 2021.  If you do business with consumers in Colorado, regardless of your location, you should begin familiarizing yourself with the requirements of the CPA now.  While the CPA is similar to the California Privacy Rights Act (CRPA) and Virginia’s Consumer Data Privacy Act (VCDPA), certain elements distinguish the Colorado law from its counterparts.

The FTC and CFPB Target Big Tech, While the Chamber of Commerce Pushes Back

The first full year of the Biden Administration has seen an overhaul of the leadership of executive agencies, coupled with an intense focus on how big business affects the United States economy. Nowhere are these changes more apparent than in the new leadership and enforcement initiatives of the Consumer Financial Protection Bureau (“CFPB”) and the Federal Trade Commission (“FTC”). After a lengthy confirmation process, former Federal Trade Commissioner Rohit Chopra, previously one of the staunchest consumer advocates at the Commission, took over as the new head of the CFPB in October 2021. 

New Privacy Rules Could Derail User Data Collection by Companies

Both tech giants and governments have been debuting new rules that could throw off the flow of user data that is used by companies for targeting with online ads, The Wall Street Journal (WSJ) reported Thursday (Dec. 2).

Joint Statement from FTC, DOJ Antitrust Division, and UK Competition and Markets Authority Leadership Following the G7 Competition Enforcers Summit

Leadership of the Federal Trade Commission and the Antitrust Division of the Department of Justice attended meetings in London this week as part of the Competition Enforcers Summit, which took place under the 2021 G7 Digital and Technology Track in connection with the UK’s G7 presidency. The U.S. agencies expressed their appreciation to the UK’s Competition and Markets Authority (CMA) for hosting them during this event, and for the opportunity to meet in person with the CMA to discuss cooperation between our respective jurisdictions. Following the meeting’s conclusion, the Federal Trade Commission, the Antitrust Division of the Department of Justice, and the Competition and Markets Authority, issue this joint statement:

Senators urge Congressional leaders to include SAFE Banking Act in NDAA

U.S. Sen. Jacky Rosen (D-NV) is among a group of Senators urging members of the House and Senate Armed Services Committees to keep the Secure and Fair Enforcement (SAFE) Banking Act in the National Defense Authorization Act for Fiscal Year 2022 (NDAA).

Solutions by Text Secures $35M Growth Investment Led by Edison Partners

DALLAS, TX and PRINCETON, NJ (November 30, 2021) — Solutions by Text, provider of the text messaging platform for consumer financial services institutions, today announced raising $35 million in growth financing. Edison Partners led the transaction with participation from Stifel Venture Bank, a Division of Stifel BankThe company is also announcing the appointment of payments industry leader David Baxter as Chief Executive Officer. Under Baxter’s leadership, the company will use investment proceeds to accelerate the adoption and extensibility of compliant text-based solutions across the consumer finance lifecycle.

Thousands could soon lose – or sell – their homes as Covid mortgage bailouts expire

Hundreds of thousands of homeowners could soon lose or sell their homes as Covid-related mortgage bailout programs expire. There are not a lot of options for borrowers who lost too much income or their businesses during the pandemic, although they could take advantage of high equity in their homes and sell.

Americans are ready to take on credit card debt again

After pulling back on borrowing during much of the pandemic, Americans are ready to pile on the debt as they edge closer to their pre-pandemic spending ways, according to recent figures.

PCA inflexibility hampers CUs’ ability to improve financial well-being

CUNA sent a letter on Wednesday to the House Committee on Financial Services in response to the hearing entitled, “CARES Act Oversight of Treasury and the Federal Reserve: Building a Resilient Economy.”