Links in “Consumer Protection”

With its launch of Apple Pay, a mobile payments service, did Apple just make itself subject to regulation under the Consumer Financial Protection Act? Some experts think so. [9/17/14]

The FTC has responded to the CFPB’s request for information concerning the use of mobile financial systems. The FTC highlights five consumer protection issues and the risk mitigation steps that are in place to address these issues. [9/15/14]

Ever trying to protect consumers, the CFPB has offered guidance on four simple steps to take if you think your debit or credit card data may have been hacked. This guidance seeks to mitigate the mess caused by several high-profile security breaches and to help consumers help themselves during uncertain times. [9/10/14]

Due to recent data breaches, legislators are evaluating reasonable expectations for effected institutions in protecting consumers' privacy and financial security. A key point of discussion has been whether free credit monitoring for effected consumers should be required of financial institutions following a data breach. Though it is currently up to the discretion of the institution, that may not be the case for long. [8/29/14]

Personal privacy issues aside, consistency of behavioral patterns (same phone, same general location, same general time) in aggregate is a better risk than asking the consumer for his or her mother's maiden name, which can easily be obtained via social media. [8/11/14]

The state is proposing licensing dealers of virtual currency, including strict anti-money-laundering safeguards and consumer protections. [7/25/14]

Federal Trade Commission settles with a Florida-based payday lender. According to the complaint, the defendant used consumers’ personal financial information it had collected through its websites on the pretense of helping them to get a loan to withdraw $30 from the bank accounts of tens of thousands of consumers, without authorization and without providing anything of value in return. [7/14/14]

Spotlight shines on a culture of discrimination and retaliation, “abnormal” numbers of breaches of consumers’ personally identifiable information, and examination procedures like “fishing expeditions,” where examiners were told to expand their sample size if their initial examination did not come up with any violations. [6/20/14]

The Federal Reserve has appointed Eric Belsky, currently director at Harvard's Joint Center for Housing Studies, to oversee compliance with consumer protection and fair lending laws. [6/9/14]

Physical safety and well-being comes first, but a financial preparedness plan will go a long way to expediting recovery from a natural disaster. ICBA offers several tips for consumers. [5/21]