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 […]
Technology & Intellectual Property Update
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 […]
Protection of Personal Digital Data is Common Law
In a recently issued opinion by the United States Court of Appeals for the Eleventh Circuit, Ramirez v. The Paradies Shops, LLC[1], the court found that a plaintiff may allege negligence under common law for an employer’s failure to protect the personal, sensitive information of an employee. The facts of […]