Bank Law Monitor

Bank Law Monitor

A Legal Blog for the Financial Services Industry

Category Archives: Trending News

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FTC Shares Concerns about Fraudulent or Unfair Practices Related to Mobile Banking with CFPB

Posted in CFPB, Trending News
The CFPB announced in June 2014 that it is studying how mobile technologies affect under-served consumers who have little access to traditional banking systems. The Federal Trade Commission (FTC) provided comments to the CFPB, detailing concerns that mobile banking is ripe for fraudulent transactions. In particular, consumers could be potentially liable for unauthorized charges using… Continue Reading

Regulators Warn Banks about “Shellshock” Virus

Posted in Trending News
On September 26, 2014, the Federal Financial Institutions Examination Counsel (FFIEC) warned financial institutions to quickly address a “Shellshock” vulnerability that  affects a common software tool that is found in many operating systems. The software tool is known as “Bash or Bourne-again Shell” and is found on most UNIX, Linux and Mac OS X operating… Continue Reading

CFPB Found Unfair and Deceptive Practices Related to Add-On Identity Theft Protection Products

Posted in CFPB, Trending News
On September 24, 2014, the CFPB announced a consent order with a large bank relating to allegations that customers were unfairly billed by a third-party service provider to the bank’s customers for identity theft protection products. According to the CFPB, the third party service provider either never obtained customer authorization or allowed significant time to… Continue Reading