Last month (July 2023), the California Attorney General announced a new California Consumer Protection Act (“CCPA”) investigatory sweep focused on employee data. The Attorney General’s Office reported that it sent inquiry letters to large California employers seeking information on how those employers are complying “with the CCPA with respect to […]
Technology & Intellectual Property Update
The Fed Shuts Down Bank over Failure to Obtain Approval for Stablecoin Venture
In a banking environment that sees ever increasing competition among financial institutions, middleware companies, and fintechs, the push to “innovate” and get to market “yesterday” can be hard to resist. To this end, fintechs, and often the middleware companies they partner with, spend a lot of time “working” their bank […]
Three More States Adopt Consumer Privacy Laws
Tennessee The Tennessee Information Protection Act (“TIPA”) was signed into law by Gov. Bill Lee on May 11, 2023, with an effective date of July 1, 2025. The threshold for coverage by TIPA is narrower than state consumer privacy laws, applying to companies that make more than $25 million in revenue and control or […]
Iowa Passes Cybersecurity Affirmative Defense Law
On May 3, 2023, Iowa became the fourth state to pass a law providing companies with an affirmative defense against suits alleging that the organization failed to implement reasonable information security controls which then led to, or resulted in, a data security breach. The other states that have passed similar […]
CFPB Hits Bank of America for Junk Fees, Withholding Card Awards, and Opening Fake Accounts
Earlier this month, the Consumer Financial Protection Bureau (“CFPB”) announced it was entering into multiple consent orders with Bank of America (collectively, the “Orders”) in connection with its consumer account programs. The Orders impose $150 million in penalties against Bank of America ($90 million payable to the CFPB, $60 million […]