Court of Appeals ruling may broaden bank liability for unauthorized internet funds transfers *

USA - July 16 2012
On July 3, the U.S. Court of Appeals for the First Circuit overturned a district court ruling and allowed a lawsuit by Patco Construction Co. (“Patco”) to proceed against Peoples United Bank (the “Bank”) over $345,000 that was stolen from Patco’s bank accounts through internet fraud in 2009.

Co-authors: Andrew J. Lorentz.

Consumer Financial Protection Bureau gives important guidance on supervisory jurisdiction *

USA - April 2 2012
On February 17, 2012, the Bureau of Consumer Financial Protection (the “Bureau”) published a proposed rule (the “Rule”) regarding “Defining Larger Participants in Certain Consumer Financial Product and Service Markets.”

Co-authors: Andrew J. Lorentz.

Consumer Financial Protection Bureau seeks comments on streamlining regulation *

USA - December 12 2011
On December 5, 2011, the Bureau of Consumer Financial Protection (the “Bureau”) announced a project to streamline the regulations it has inherited from other federal agencies by “updating, modifying, or eliminating outdated, unduly burdensome, or unnecessary provisions.”