Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •FTC Accuses Cash-Advance App of Misleading Consumers - ...more
The CFPB has reached a settlement with VyStar Credit Union to resolve allegations that its defective new online banking platform violated the Consumer Financial Protection Act of 2010. According to the consent order, VyStar’s...more
The CFPB recently took action against VyStar Credit Union in connection with allegations that the credit union “botched” its rollout of a new online banking system....more
On October 31, the CFPB entered into a consent order with a Florida-chartered credit union for harming consumers in connection with the botched launch of a new online banking system, in violation of the Consumer Financial...more
In 2024, it’s fair to say that most people have some form of digital assets. This asset type can include digital photos, video and music collections; social media accounts; online banking and brokerage accounts; or...more
In December 2023, the Federal Deposit Insurance Corporation (FDIC) finalized amendments to its rules on official FDIC signage, bank advertisements, deposit insurance misrepresentations, and the misuse of the FDIC’s name or...more
On November 22, 2023, the Financial Crimes Enforcement Network (“FinCEN”), in close coordination with the Internal Revenue Service (“IRS”) Criminal Investigation (“CI”), issued an alert (“Alert”) regarding the COVID-19...more
The IRS concluded its special summer series with important reminders to tax professionals and taxpayers to protect themselves against Identity theft. The reminders for tax professionals and taxpayers to reduce identity...more
Every industry is digitalizing, with banking more advanced than most. The goals are improved efficiency, better customer service, and higher revenues, but new technology is not without its risks....more
In contrast with the White House’s position, the Vice Chairman denied that loosened Dodd-Frank rules contributed to the recent bank failures. On April 12, 2023, Federal Deposit Insurance Corporation (FDIC) Vice Chairman...more
Banking looks very different today than it did even 20 years ago. Banks have far fewer face-to-face interactions as more customers migrate to online or app-based banking services....more
“What’s that password again? Where did I write these log-ins down again? Was it this password or the one I came up with three years ago?” Consider the daily frustrations we encounter with the bevy of passwords we need for...more
Few industries have been subject to so much change, so fast, as banking in the last 20 years. Banks have been at the forefront of adopting digital processes to drive their business forward....more
This week I read a worried headline claiming that, in a recent consumer data breach, the hackers had managed to access consumers’ telephone numbers. This was treated as an important and troubling revelation....more
The Federal Financial Institutions Examination Council (FFIEC), an interagency body of leading financial regulators, including the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency,...more
On August 11, 2021, the Federal Financial Institutions Examination Council (FFIEC), the multi-agency authority responsible for issuing uniform principles and standards for supervision of financial institutions, published new...more
On August 11, 2021, the Federal Financial Institutions Examination Council (FFIEC) issued new guidance, titled “Authentication and Access to Financial Institution Services and Systems” (“Guidance”), which provides examples of...more
Electric truck-maker Lordstown (that “aimed to revive a shuttered General Motors factory in Ohio”) revealed this week in a regulatory filing that it does “not have enough cash to start commercial production of its electric...more
Key Takeaways: ..According to FINRA, the number of reported instances involving broker-dealer fraudulent account takeovers (ATO) and related theft is on the rise. ..As set forth in recently released FINRA Regulatory...more
The Financial Industry Regulatory Authority (FINRA) recently published Regulatory Notice 21-18 about roundtable discussions with 20 firms of various sizes and business models concerning customer account takeover incidents....more
Government Suggests that Unusual Pleas are Just the Tip of an Iceberg - Chinese law generally prohibits its citizens from converting more than $50,000 in Chinese yuan into foreign currency in a year. On Monday, two men...more
Sunday’s release of a long-awaited Labor Department final rule on joint employment spells trouble for workers hoping to “sue large companies for wrongdoing by contractors or franchisees.” The rule reverses Obama-era policies...more
Many cities in the United States utilize a self-pay portal for residents to pay bills online, known as Click2Gov. Click2Gov was compromised in 2017 and 2018, when hackers were able to access over 300,000 payment cards and...more
While on a plane last week, I read a great Wall Street Journal (WSJ) article called “How to Keep Your Mobile Banking Safe.” Although I question whether anyone can keep their online bank account completely safe, it was a good...more
We all remember Kronos—the malicious malware that was sold by Russian underground forums in 2014 for $7,000. If you bought it, you were promised updates and development of new modules. ...more