On May 16, 2024 the U.S. Supreme Court handed down a 7-2 decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America, holding the Consumer Financial Protection Bureau’s (“CFPB”) funding mechanism does not violate the Appropriations Clause and is therefore constitutional… Read More
Month: May 2024
FTC Amendment To Safeguards Rule Now Effective
As of Monday May 13, 2024, the Federal Trade Commission’s recent amendments to the Safeguards Rule are effective. The new amendments to the Safeguards Rule require a financial institution to submit a notice to the FTC of any unauthorized acquisition of unencrypted customer data, referred to as a “notification event,” that involves 500 or more customers… Read More
Fifth Circuit Stays Effective Date Of CFPB Late Fee Rule
In a decision coming just under the wire set by the Fifth Circuit, Judge Pittman of the District Court of Texas, Fort Worth Division granted the U.S. Chamber of Commerce’s motion for preliminary injunction in its case against the Consumer Financial Protection Bureau (“CFPB”), staying the CFPB’s late fee rule effective date of May 14, 2024… Read More