FTC

The terms of the settlement between Equifax and federal regulators over the massive data breach that exposed millions of consumers’ personally identifiable information have been criticized for not providing sufficient funds for redress.

The terms also are unacceptable to Sen. Elizabeth Warren (D-Mass.), who is calling for an investigation as to whether the Federal Trade Commission (FTC) was “misleading” in its statements about the sort of redress the public could expect as a result of its agreement with Equifax.

Read on to learn more about this situation, and what specifically Warren had to say regarding the settlement.

The Credit Union National Association (CUNA) wrote to the Federal Trade Commission (FTC) in support of amendments to the Safeguards Rule, which requires financial institutions to develop, implement and maintain a comprehensive security program to keep consumer information secure.

Although CUNA generally was supportive of proposed changes by the FTC, it reiterated its strong support for national data security standards from Congress, adding the FTC was “in the position to help lead the effort for robust protection for all consumers.”

Read on for more details from CUNA’s comment letter.

The Department of Justice recently announced it had reached a settlement with the financing arm of an auto provider, alleging violations of the Servicemembers Civil Relief Act (SCRA).

The settlement, for $3 million, is the department’s 10th settlement with an auto finance provider since 2015, DOJ stated, settling allegations that the company repossessed vehicles without first obtaining required court orders, and failed to refund up-front amounts to servicemembers who lawfully terminated their leases early after receiving military orders.

Read on for details from the action.

With the dust far from settled on the largest data breach to date, Capital One revealed that it too has suffered a major breach, exposing personal information for 106 million credit card customers in U.S. and Canada.

The incident already has caught the ire of the New York Attorney General’s office and could be the subject of federal regulatory action similar to that recently taken against Equifax.

Learn more about the breach and its potential regulatory implications.

Responding to the massive amount of claims being filed in the wake of Equifax’s recent data-breach settlement with the Federal Trade Commission (FTC) and state regulators, the FTC has advised affected consumers to opt for the free credit-monitoring settlement option rather than seeking a one-time cash payment of $125.

The commission’s reasoning is simple: There’s not enough cash to go around.

Find out more details about the situation.

A pair of enforcement actions by the Federal Trade Commission (FTC) offer reference points as to what companies should do to adequately protect consumers’ personal data in the eyes of federal regulators.

The operators of two companies recently agreed to implement a comprehensive information security program before collecting personal information as part of final settlements with FTC related to allegations that he failed to take reasonable steps to protect personal data.

Find out what steps companies should take to secure data in line with FTC standards.

Regulation by enforcement has not been a major concern for the financial industry since former Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s departure in November 2017.

However, the term was broached regarding a recent settlement by another federal agency – the Federal Trade Commission (FTC).

Find out why commissioners dissented from two charges levied against an online lender as a result of “regulatory overreach.”

Former Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and Rohit Chopra, who serves on the Federal Trade Commission (FTC), were the keynote speakers during the University of Michigan’s two-day Consumer Protection in an Age of Uncertainty forum.

They offered warnings about the potential negative consequences to law-abiding businesses and consumers resulting from the loosening of federal consumer protection policies.

Find out more about their takes on the current state the regulatory environment.

The Federal Trade Commission (FTC) recently proposed to amend a pair of rules promulgated under the Gramm-Leach Bliley Act (GLBA) that would bring broad new requirements for financial institutions to protect the privacy and security of the customer information they hold. Both proposals are intended to align the FTC’s interpretations of the rules with those of other agencies.

In separate notices of proposed rulemaking, the FTC is seeking comments on proposed changes to enhance the effectiveness of the federal Safeguards Rule and the Privacy Rule, both of which implement portions of the GLBA.

Find out more details about the proposed amendments and what feedback the FTC is seeking.

Recognizing that phishing is an ever-growing cybersecurity threat, the American Bankers Association (ABA) and the Federal Trade Commission (FTC) released an infographic designed to highlight the impact it is having on consumers and the financial industry.

The infographic offers advice for how people can identify potential scams, how to protect themselves against phishing attempts and how to notify the proper authorities if they suspect such an attempt.

Read on to get more details about phishing attacks and methods to avoid being victimized.