Subject to Inquiry

Subject to Inquiry

THE LATEST ON GOVERNMENT INQUIRIES AND ENFORCEMENT ACTIONS

Government Investigations and White Collar Litigation Group

Ashley B. Matthews

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Ashley advises retailers and financial institutions with respect to consumer financial services, privacy and security, and governance matters.

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CFPB Issues Proposed Revisions to GLBA Annual Privacy Notice Requirement

By Ashley B. Matthews on Financial Institution Regulation
Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued its proposed rule amending the Gramm-Leach-Bliley Act’s annual privacy notice requirement set forth in Regulation P. The rule is in response to Congress’ December 2015 amendment to the act, which eliminated the need for certain companies to provide annual privacy disclosures to consumers.  Under the… Continue Reading

Marketplace Lenders May Be Supervised by CFPB in 2017

By Ashley B. Matthews and Justin Opitz on Compliance, Financial Institution Regulation
The Consumer Financial Protection Bureau (CFPB) plans to begin supervising online “peer-to-peer” or “platform” lenders as soon as late 2017, according to the Wall Street Journal. The Journal reported that this oversight is part of the agency’s previously announced intent to monitor the largest lenders offering small-dollar loans and lenders that offer loans secured by… Continue Reading

FAST Act Drives Long-Awaited Gramm-Leach-Bliley Amendment

By Ashley B. Matthews and Jodie Herrmann Lawson on Financial Institution Regulation
In late 2015, Congress passed the Fixing America’s Surface Transportation Act − a vehicle for an amendment to the Gramm-Leach-Bliley Act (GLBA) meant to eliminate the need for certain companies to provide annual privacy disclosures to consumers. The amendment, which took effect immediately, eliminates the annual notice requirement for financial institutions that: do not share… Continue Reading

FFIEC Assessment Helps Financial Institutions Prevent Cyber Attacks

By Ashley B. Matthews and Government Investigations Group on Financial Institution Regulation, Fraud, Deception and False Claims
The Federal Financial Institutions Examination Council (FFIEC) recently issued an assessment tool meant to assist financial institutions in the detection of cybersecurity vulnerabilities and the prevention of cyber attacks. The FFIEC is an interagency body that develops the principles and standards used by agencies and organizations empowered to examine financial institutions, such as the Consumer… Continue Reading

CFPB PROPOSAL TO END “PAYDAY DEBT TRAPS” MEETS SERIOUS CRITICISM

By Ashley B. Matthews and Government Investigations Group on Compliance, Enforcement and Prosecution Policy and Trends, Financial Institution Regulation
A recently released Consumer Financial Protection Bureau (CFPB) plan meant to end “payday debt traps” is meeting serious criticism from industry experts who say the rule, as proposed, would seriously limit short-term borrowing options for American consumers. According to the CFPB, the proposed rulemaking would require lenders to take steps to ensure that consumers are… Continue Reading

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