On October 27, 2023, the Federal Trade Commission (FTC) announced it is amending the Safeguards Rule of the Gramm-Leach-Bliley Act (GLBA) to include a requirement for non-bank financial institutions to report certain data breaches and other security events to the agency.Continue Reading FTC Amends Safeguard Rule with Requirement for Non-Banking Financial Institutions to Report Data Security Breaches
Libby Weingarten
Coalition of States Sues Meta for Alleged Harms to Children and Teens, and Alleged COPPA Violations
Posted in Privacy
On October 24, 2023, a bipartisan coalition of 33 states’ attorneys general filed suit against Meta Platforms, Inc., alleging in a lengthy complaint that Meta’s social media platform features are unsafe and designed to induce young users’ compulsive and extended use.[1] According to the complaint, which is currently heavily redacted, Meta engaged in a four-part “scheme” to exploit young users for profit. The alleged scheme involved the following:Continue Reading Coalition of States Sues Meta for Alleged Harms to Children and Teens, and Alleged COPPA Violations
CFPB Announces Proposed Rules to Accelerate Open Banking
By Libby Weingarten, Doo Lee & Maneesha Mithal on
Posted in Uncategorized
On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) announced its long-awaited proposed rule regulating “Personal Financial Data Rights” (the proposed rule). The proposed rule implements Section 1033 of the Dodd-Frank Act, which provides consumers the right to access and port their financial information between banks and other financial entities. CFPB Director Rohit Chopra stated that the proposal would accelerate the shift towards open banking and jumpstart competition in the U.S. financial service sector by giving consumers “the power to walk away from bad service” and switch providers.Continue Reading CFPB Announces Proposed Rules to Accelerate Open Banking
FTC Seeks Comments on Proposed Rule Requiring Disclosure of Fees in Consumer Goods and Services
Posted in Privacy
Last week, the Federal Trade Commission (FTC) announced a proposed rule that would regulate a broad range of “junk fees” in consumer goods and services, from resort fees associated with travel and lodging, to delivery fees associated with meal and grocery delivery, to convenience fees associated with financial services (the proposed rule). The proposed rule would generally prohibit the omission of mandatory fees from advertised prices. If finalized, violations of the proposed rule could result in civil penalties of up to $50,120 per violation. The public has 60 days to comment after the proposal is published in the Federal Register.Continue Reading FTC Seeks Comments on Proposed Rule Requiring Disclosure of Fees in Consumer Goods and Services
FTC Extends Deadline to Comply with the Updated Safeguards Rule Until June 9, 2023
By Libby Weingarten, Edward Holman & Mudasar Khan on
Posted in Privacy
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, 2023FTC Holds Event on Digital Marketing and Blurred Advertising’s Impact on Children
Posted in Privacy
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