CFPB- Possible Appellate Court Outcomes
American Banker provides analysis on the possible outcomes of the CFPB appellate litigation. Read this and sound smart at networking events. Edited with BlogPad Pro
Appeals Court to Reconsider CFPB Ruling
A US Court of Appeals in DC “granted the CFPB’s request to reconsider an October decision that stripped Cordray of his job protection…,” Bloomberg reported on Feb. 16. “The director’s future has been uncertain ever since Trump’s surprise win in November. Republicans have repeatedly called on the president to dismiss him and Trump could still try…
CFPB on its Own
The U.S. Court of Appeals denied requests by Democratic lawmakers and consumer groups to intervene in the PHH Corp. v CFPB case that could determine the fate of its director, American Banker reported. “The same panel ruled in October that the CFPB’s single-director structure was unconstitutional. … If the D.C. Circuit denies the CFPB’s appeal,…
PHH Corp. v CFPB- a lot is riding on the outcome
PHH Corp. filed two motions last week to keep Democratic state attorney generals from intervening in a court case that found the CFPB’s structure unconstitutional, American Banker reported. “The … mortgage servicing firm alleges that the state AGs have no legally protected interest in the case and that they failed to meet the standard for…
Silicon Valley faces fear and loathing in Europe – FT.com
That has made Europe’s failure to create homegrown platforms a source of increasing political risk for American tech companies and their investors. Silicon Valley may be right in arguing that it is impossible to turn back the digital tide, but that does not mean the headlines will get any friendlier. Source: Silicon Valley faces fear…
Are Model Clauses Now in Jeopardy? – AO Digital Hub
Max Schrems is busy again. As many predicted, this time he is going after Facebook’s use of model clauses. He argues that the reasoning for the invalidation of Safe Harbor applies equally to transfers to the US by way of model clauses because the data is subject to the same mass indiscriminate access by the…
7th Circuit Revives P.F. Chang’s Data Breach Class Action Suit | Orrick Trust Anchor: Trends in Cybersecurity, Data Privacy, Compliance.
The court used statements that P.F. Chang’s made in response to the breach and protective remediation measures it implemented to draw inferences that customers were at a risk of identity theft and harm, and then used those inferences to find that plaintiffs had standing to proceed with their litigation. The case raises new issues that…
Poor Disclosures Cost Banks $25B in 2012
John Byrne, chief executive of Corlytics, said client reporting failures were the source of substantial fines for banks in a wide variety of cases, including misleading customers about investments and not communicating clearly enough with borrowers. “It can involve any aspect of client disadvantage or loss due to inaccurate or misleading reports or communication,” he…
This Is the Real Reason Apple Is Fighting the FBI | TIME
If the FBI wins, it could open the door to massive surveillance Source: This Is the Real Reason Apple Is Fighting the FBI | TIME
The Most Thankless Job on Wall Street Gets a New Worry – WSJ
Bank compliance officers—in charge of ensuring that traders and other employees stay on the right side of laws and regulations—are themselves increasingly the focus on regulators’ attention. Source: The Most Thankless Job on Wall Street Gets a New Worry – WSJ
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