Technology & Intellectual Property Update

On January 17, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a long awaited rule that, if adopted, will significantly impact how overdraft services are offered by (large) banks and credit unions today. The proposal requires large financial institutions – banks and credit unions with more than $10 billion in […]

The Securities and Exchange Commission (“SEC”) adopted new regulations this year that took effect September 5, 2023, and require disclosure of a “material” cyber-attack in all annual reports beginning December 15, 2023, and in all 8-K’s starting December 18, 2023.[1] 8-K Rules: Disclosures, Materiality, and Timing The SEC now requires […]

On December 7, the Consumer Financial Protection Bureau (“CFPB”) announced that it was taking action against Atlantic Union Bank over practices the CFPB says misled consumers into enrolling in overdraft services without the proper disclosures. The end result of the action is a $1.2 million penalty owed by Atlantic Union […]

Earlier this month, the Consumer Financial Protection Bureau (“CFPB”) leveled a $15 million dollar penalty against online lender Enova in connection with what the CFPB characterized as widespread illegal conduct. The order follows a 2019 order from the CFPB against Enova that resulted in a $3.2 million penalty. At issue […]

The information contained in this report is a summary of the data collected by a variety of sources regarding data breaches.  By studying the breach reports submitted to various government agencies we can draw conclusions surrounding breaches over the past year, including: the type of breaches being used by hacking […]