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On February 16, 2023, the National Credit Union Administration Board unanimously approved a final rule requiring federally insured credit unions to notify the NCUA as soon as possible, within 72 hours, after the FCIU “reasonably believes” that a reportable cyber incident has occurred.
Continue Reading NCUA Board Approves Cyber Incident Reporting Requirement for Credit Unions

Earlier this month, the Federal Trade Commission reached a $1.5 million settlement with loan application company ITMedia Solutions LLC over alleged violations of the FTC Act and Fair Credit Reporting Act. The FTC alleged that ITMedia deceptively acquired and indiscriminately shared consumers’ sensitive personal information under the guise of connecting them with lenders.
Continue Reading FTC Settles with Loan Application Company Over Alleged Misuse of Sensitive Personal Information

On July 22, 2019, the FTC announced that Equifax agreed to pay at least $575 million, and potentially up to $700 million, as part of a global settlement agreement with the FTC, the CFPB, and 50 U.S. states and territories to resolve investigations into the colossal data breach the company suffered in 2017. This is the largest data breach settlement in U.S. history. …
Continue Reading Equifax Agrees to Pay Up to $700 Million to Resolve 2017 Breach, the Largest Data Breach Settlement in U.S. History

Effective September 21, 2018, Section 301 of the Economic Growth, Regulatory Relief, and Consumer Protection Act requires consumer reporting agencies to provide free credit freezes and year-long fraud alerts to consumers throughout the country. …
Continue Reading New Federal Credit Freeze Law Eliminates Fees, Provides for Year-Long Fraud Alerts

On June 25, 2018, the New York Department of Financial Services issued a final regulation requiring consumer reporting agencies with “significant operations” in New York to (1) register with NYDFS for the first time and (2) comply with the NYDFS’s cybersecurity Regulation.
Continue Reading NYDFS Cybersecurity Regulation to Apply to Consumer Reporting Agencies

As reported in the Hunton Employment & Labor Perspectives Blog:

On November 2, 2015, a putative class action was filed against retailer Big Lots Stores, Inc. in Philadelphia, stemming from allegations that the company “systematically” violated the Fair Credit Reporting Act’s (“FCRA’s”) “standalone disclosure requirement” by making prospective employees sign a document used as a background check consent form that contained extraneous information. Among other things, the plaintiff alleges that Big Lots’ form violates the FCRA because it includes the following three categories of extraneous information: (1) an “implied liability waiver” (specifically, a statement that the applicant “fully understand[s] that all employment decisions are based on legitimate nondiscriminatory reasons”); (2) state-specific notices; and (3) information on how background information will be gathered and from which sources, statements pertaining to disputing any information, and the name and contact information of the consumer reporting agency.…

Continue Reading Retailer Sued over Allegations that Background Check Consent Form Includes Extraneous Information

Today, the White House announced that the President signed a new executive order focused on cybersecurity. The signed executive order, entitled Improving the Security of Consumer Financial Transactions, focuses on securing consumer transactions and sensitive personal data handled by the U.S. Federal Government.
Continue Reading Obama’s New Executive Order Focuses on Securing Consumer Payments

On November 15, 2013, the People’s Bank of China issued Administrative Measures for Credit Reference Agencies. The measures, which will take effect on December 20, 2013, are intended to enhance the supervision and regulation of credit reference agencies and serve as yet another example of the Chinese government’s increased attention to personal information protection issues.
Continue Reading People’s Bank of China Issues Administrative Measures for Credit Reference Agencies