Technological advancements and cyber threats are keeping privacy and data security issues at the forefront of lawmaker and regulatory agency agendas on “the Hill,” in particular the US Federal Communications Commission (FCC), Federal Trade Commission (FTC), and Securities and Exchange Commission (SEC). Their latest actions, which include the revival of net neutrality principles, expanding FTC enforcement authorities, and impending comprehensive data privacy laws such as the American Privacy Rights Act (APRA), have companies across various sectors grappling with a complex array of legal requirements and risks associated with data protection.
SAN ANTONIO – Texas Attorney General Ken Paxton is investigating multiple car manufacturing companies after reports that they have secretly collected driver data and sold it to third parties. Paxton’s office said the reports noted that massive amounts of data were sold to insurance providers. “The technology in modern vehicles enables manufacturers to collect millions of data points about the people driving them,” Paxton said.
The Consumer Financial Protection Bureau (CFPB) has issued its final rule requiring nonbank entities, including debt collectors, to register with the bureau when they are subject to local, state, or federal court or agency enforcement actions. Debt collection companies that bring in more than $10 million annually are considered a nonbank entity. This substantial move to enhance consumer protection involves the creation and maintenance of a registry to collect information about specific publicly available agency and court orders.
ALEXANDRIA, Va. (June 6, 2024) – The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to Fair Break Federal Credit Union in Memphis, Tenn. Fair Break Federal Credit Union is the second federal credit union to receive a charter under the NCUA’s provisional charter pilot initiative.
The Predatory Loan Prevention Act1(“SSB 6025”) is effective on June 6, 2024. The Department
of Financial Institutions (“Department”) is providing this Interim Guidance to: (1) provide
additional information on the Consumer Loan Act; (2) describe changes to the Consumer Loan
Act as set forth in SSB 6025; and (3) grant a grace period for licensure and enforcement of
unlicensed activity. The Department anticipates rulemaking on this matter in Fall 2024.
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