On November 15, 2022, the Federal Trade Commission (FTC) announced it is extending the deadline for covered financial institutions to comply with the updated Safeguards Rule of the Gramm-Leach-Bliley Act (GLBA) by six months.

The

Continue Reading FTC Extends Deadline to Comply with the Updated Safeguards Rule Until June 9, 2023

On October 19, 2022, the Federal Trade Commission (FTC) held a virtual event to explore the concept of “blurred” advertising in digital media and its impact on children. As the FTC is considering updates to

Continue Reading FTC Holds Event on Digital Marketing and Blurred Advertising’s Impact on Children

On June 3, 2022, members of the U.S. Congress released a bipartisan, bicameral discussion draft of a comprehensive national data privacy and data security framework. The draft is notable in that it reflects a compromise on the two issues that have for years vexed lawmakers angling for federal privacy legislation: preemption and private right of action. The House Energy and Commerce Committee has announced a hearing for June 14 to discuss the draft.

The discussion draft has become widely known as the “three corners” bill, because it has the support of three of the four “corners” of the relevant committees: the Chair and Ranking Member of the House Energy and Commerce Committee and the Ranking Member of the Senate Commerce Committee. Notably, the fourth “corner,” Senate Commerce Committee Chair Maria Cantwell, is circulating her own draft.[1] While there are similarities between the two drafts, the differences reflect the likely sticking points among the negotiators.Continue Reading Privacy Legislation Update: The “Three Corners” Bill and the Cantwell Draft

As a fintech company, platform offering payment services, or a cryptocurrency business, you may be used to operating in uncharted waters; the Consumer Financial Protection Bureau (CFPB), however, is ready to start drawing some maps. It has announced that it will begin to exercise its supervisory authority over non-bank consumer financial entities that the CFPB has reason to believe pose risks to consumers. It also announced a new procedural rule to govern when CFPB decisions related to these supervisory actions will be made available to the public.
Continue Reading CFPB and Fintech Companies: Charting a New Course on Regulatory Supervision

On April 19, 2022, the BBB National Programs’ Center (BBB NP) for Industry Self-Regulation launched the TeenAge Privacy Program (TAPP) Roadmap, a new operational framework to help companies develop digital products and services attuned to privacy risks facing teenage consumers. In the United States, children 12 and under are protected by the Children’s Online Privacy Protection Act (COPPA). Once these children become teenagers, they age out of COPPA’s protections and, with limited exceptions, are treated as adults online. Yet a growing body of research indicates that these teenage consumers are uniquely affected by privacy risks resulting in harms ranging from cyberbullying, to platform addiction, to amplified insecurities.1 Regulators are increasingly interested in investigating these harms. For instance, in a widely publicized incident, a coalition of state Attorneys General recently opened an investigation into Instagram following news reports of a whistleblower’s allegations that Facebook’s privacy practices harmed teenage users. Despite increased public and regulatory scrutiny, no federal law has been enacted to provide companies with guidance on these issues. While it is not legally binding, the TAPP Roadmap aims to help fill this guidance gap by providing organizations with concrete operational considerations and best practices to address teen privacy risks.
Continue Reading BBB National Programs’ Center for Industry Self-Regulation Launches Roadmap for Teen Privacy