Saturday, August 30, 2014

BNA INSIGHTS: Controversial New Regulator Begins With Aggressive Enforcement Settlement Against Financial Services Company

September 25, 2012 in BNA's Banking Report · Leave a Comment 

On July 17, 2012, the CFPB reached a groundbreaking $165 million settlement with Capital One in its first enforcement action, ordering the credit card issuer to refund $140 million to 2 million customers who purchased its credit card “add-on” products and to pay a $25 million fine into the CFPB’s Civil Penalty Fund…

BNA INSIGHTS: The FTC v. Google Saga—Episode II: What Lessons for U.S. Businesses?

The Federal Trade Commission recently announced that Google Inc. agreed to a $22.5 million civil penalty to settle FTC claims that the internet search giant circumvented the privacy settings of Apple Inc.’s Safari web browser to allow the tracking of user activity…

Google Agrees to Pay $22.5 Million Penalty, Largest Fine by FTC for Violation of an Order

Google Inc. agreed to a $22.5 million civil penalty to settle FTC claims that the internet search giant circumvented the privacy settings of Apple Inc.’s Safari web browser to allow the tracking of user activity…

Treasury Unveils New Model Agreement for FATCA Intergovernmental Data Sharing

August 6, 2012 in Banking Report · Leave a Comment 

In an effort to keep current with advances in technology, the Federal Trade Commission announced Aug. 1 that it is seeking public comments onadditional proposed modifications to the Children’s Online Privacy Protection Act (COPPA) Rule…

Consumer Financial Protection Bureau’s First Enforcement Action Penalizes Capital One for Deceptive Marketing

July 26, 2012 in Banking Report · Leave a Comment 

Capital One Financial Corporation will pay $60 million in penalties to financial regulators and set aside $150 million to provide refunds to credit card customers who were subjected to allegedly deceptive telephone marketing…

Consumer Financial Protection Bureau Adopts Final Rule to Protect Privileged Bank Information

July 9, 2012 in Banking Report · Leave a Comment 

The Consumer Financial Protection Bureau (CFPB) has moved ahead with a final rule on the protection of privileged information submitted by banks and other financial institutions during the supervisory process, despite industry concerns about its effectiveness.

Court Orders Robocallers in FTC Action To Pay Record $30 Million in Civil Penalties

A federal court has ordered two defendants who operated a robocall scheme to pay $30 million in civil penalties for more than 2.7 million calls placed to phone numbers on the National Do Not Call Registry—the largest such penalty ever imposed—according to an April 2 announcement by the FTC (FTC v. Navestad, W.D.N.Y., No. 6:09-cv-06329-MAT-JWF, summary judgment granted 3/23/12).

FTC’s Final Report on Consumer Privacy Calls for Federal Legislation, Industry Codes

The Federal Trade Commission’s long-awaited final report on consumer privacy, released March 26, revealed several consequential changes in the FTC’s position on federal privacy policy.
In the final report, the FTC for the first time asserted a clear call “that Congress consider enacting general privacy legislation, data security and breach notification legislation,” according to a March 26 FTC statement. The report is intended to articulate best practices and to guide Congress as it considers privacy legislation, FTC said.

White House Consumer Privacy Blueprint Seeks Framework Law, Business Conduct Codes

The White House Feb. 23 officially released a white paper with recommendations for creating a new consumer privacy protection regime in the United States.

Privacy experts generally lauded the administration’s two-pronged blueprint for federal legislation establishing a set of baseline privacy principles in a consumer “bill of rights” (see box), coupled with a co-regulatory set of voluntarily created and implemented codes of conduct for businesses backed up with enforcement by the Federal Trade Commission and state attorneys general.

Legal Challenge to Compel FTC Enforcement on Google Privacy Policy Breaks New Ground

In an unprecedented move, the Electronic Privacy Information Center in a Feb. 8 complaint asked a federal court to compel the FTC to exercise what EPIC says is the regulator’s mandatory duty to enforce a 2011 privacy consent order with Google Inc. in response to the company’s plans to significantly change its user privacy policy (EPIC v. FTC…

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