On October 27, 2023, the Federal Trade FTC (FTC) approved amendments to its version of the Standards for Safeguarding Customer Information Rule (the Safeguards Rule) to require non-banking financial institutions regulated by the FTC, including financial technology companies, mortgage brokers, credit counselors, financial planners, and tax preparers, among others, to report certain data breaches and other security events directly to the FTC.1
WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, and U.S. Senator Roger Marshall, M.D. (R-KS) today released the following statement applauding key unions’ endorsement of their Credit Card Competition Act, including the International Brotherhood of Teamsters and the Service Employees International Union (SEIU):
LANSING – Michigan Attorney General Dana Nessel has filed suit in the 6th Judicial Circuit Court in Oakland County to dissolve two business entities in response to their purported practice of ‘cloning’ legitimate businesses and procuring their organizations with the Michigan Department of Licensing and Regulatory Affairs (LARA) by fraud.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered online lender Enova International Inc. to pay a $15 million penalty for widespread illegal conduct including withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions.
On November 3, the U.S. District Court of Nevada granted a payday lender’s motion to stay a case brought by the CFPB, pending a SCOTUS’s decision in Community Financial Services Association of America v. Consumer Financial Protection Bureau (see InfoBytes here and here). The CFPB issued a civil investigative demand (CID) in late 2022 to the lender, as part of an investigation into its lending practices.
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