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New rule defines non-bank financial firms for purposes of Dodd-Frank

Kelley Drye & Warren LLP
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USA
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April 10 2013

Last Wednesday, the Federal Reserve approved a final rule that sets the parameters for when a non-bank company can be designated by the Financial

Bank of America agrees to $10 billion settlement with Fannie Mae

Kelley Drye & Warren LLP
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USA
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January 7 2013

This morning, various news outlets reported that Bank of America agreed today to pay more than $10 billion to Fannie Mae to settled claims over troubled

Washington state enacts PCI bill

Kelley Drye & Warren LLP
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USA
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March 25 2010

Washington has enacted a statute to provide financial institutions with a cause of action against certain entities involved in payment card transactions that fail to take reasonable care to guard against unauthorized access to account information where that failure is found to be the proximate cause of the breach

New Senate financial reform bill released

Kelley Drye & Warren LLP
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USA
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April 15 2010

Today, Senate Banking Committee Chairman Chris Dodd (D-CT) released a revised financial regulatory reform bill, which would create the Bureau of Consumer Financial Protection

California Supreme Court agrees to review issue of whether collecting customer ZIP codes and reverse data mining for additional customer information violates California's Song-Beverly Credit Card Act

Kelley Drye & Warren LLP
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USA
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March 25 2010

If you or your company collect zip codes in California as part of a loyalty program or otherwise, and reverse data mine for additional customer information, you should be aware that the California Supreme Court recently granted a petition to review the issue of whether a retailer violates California's Song-Beverly Credit Card Act if, in connection with a credit card transaction, it records a customer's zip code for the purpose of later using it and the customer's name to obtain the customer's address through a reverse search database

DOJ reaches landmark settlement of claims regarding racial discrimination in mortgage lending

Kelley Drye & Warren LLP
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USA
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April 8 2010

Last month, two subsidiaries of American International Group (“AIG”) agreed to pay $7.1 million to settle claims by the United States Department of Justice (“DOJ”) that the companies unlawfully charged African-American borrowers higher mortgage fees over a period of three years as compared to white borrowers

Senate bill may make it more difficult for large banks to satisfy capital reserve requirements

Kelley Drye & Warren LLP
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USA
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May 26 2010

The Restoring American Financial Stability Act passed by the Senate on May 20 (discussed in an earlier post ) includes an amendment authored by Sen. Susan Collins (R-Maine), which would toughen the risk-and size-based capital standards facing financial institutions

Payment demand is not an absolute requirement for communication to be "made in connection with" under FDCPA

Kelley Drye & Warren LLP
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USA
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July 29 2010

Camille Gburek’s mortgage was serviced by Litton Loan Servicing

New FACTA rules take effect on July 1, 2010

Kelley Drye & Warren LLP
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USA
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June 5 2010

Businesses have until July 1, 2010 to comply with the new rules and guidelines under the Fair and Accurate Credit Transactions Act ("FACTA"), which amended the Fair Credit Reporting Act ("FCRA"), adopted by the Federal Trade Commission nearly a year ago relating to information provided to credit reporting agencies

Scrutiny on payment card data pass

Kelley Drye & Warren LLP
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USA
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June 2 2010

On April 27, Visa announced a new rule to expressly restrict online marketers from sharing cardholder information to other companies without the consumer's knowledge or active consent - a practice referred to as "data pass."

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