The California Privacy Protection Agency (CPPA) released the second version of draft regulations under the California Privacy Rights Act (CPRA) on Oct. 17. Because California was initially required to provide final regulations by July 2022, having another draft issued just three months before CPRA takes effect in January 2023 creates challenges for businesses preparing for CPRA compliance. Adding further frustration, many changes within the updated draft regulations include qualifying language that certain requirements were removed “to simplify implementation of these regulations at this time.” This seemingly leaves the door open to additional CPRA compliance requirements in the future.
On September 29, the CFPB released its annual report on residential mortgage lending activity and trends for 2021. Notably, the report shows a shift from refinance loans in 2020 to home purchase loans in 2021—with a greater share of home purchase loans going to Asian, Black, and Hispanic white borrowers relative to the share of home purchase loans for non-Hispanic white borrowers.
Consumer Financial Protection Bureau Director Rohit Chopra recently announced that the bureau will launch a new approach to market regulation and will ask for public input on the long-awaited data-sharing rule.
Chegg, Inc., sells educational products and services directly to high school and college students. That includes renting textbooks, guiding customers in their search for scholarships, and offering online tutoring. But according to the FTC, the ed tech company’s lax security practices resulted in four separate data breaches in a span of just a few years, leading to the misappropriation of personal information about approximately 40 million consumers. The FTC complaint and some notable provisions in the proposed settlement suggest that it’s time for a data security refresher course at Chegg. Are there lessons your company can learn from where the FTC says Chegg failed to make the grade?
Today, the U.S. Department of Education (Department) released final regulations that streamline and improve the rules for major targeted debt relief programs. The regulations expand eligibility, remove barriers to relief, and encourage automatic discharges for borrowers who are eligible for loan relief because their school closed, they have a total and permanent disability, or their loan was falsely certified. The rules also establish a fairer process for borrowers to raise a defense to repayment, while preserving borrowers’ day in court by preventing institutions of higher education (institutions) from forcing students to sign away their legal rights using mandatory arbitration agreements and class action waivers
.jpg)
.jpg)