In the wake of last month’s historic cyber breach of Equifax, which resulted in the theft of sensitive personal information belonging to over 140 million Americans, states have wasted no time in seeking a greater role in...more
10/13/2017
/ Credit Reporting Agencies ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Enforcement Actions ,
Equifax ,
Government Investigations ,
Hackers ,
Personally Identifiable Information ,
Popular ,
Proposed Legislation ,
Regulatory Oversight ,
Regulatory Standards ,
Risk Management
Ending months of speculation about when regulators would wade into the world of Bitcoin and other digital currencies, the U.S. Securities and Exchange Commission (“SEC”) recently brought its first enforcement actions against...more
10/13/2017
/ Blockchain ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Financial Markets ,
Initial Coin Offering (ICOs) ,
Initial Public Offering (IPO) ,
Ponzi Scheme ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Token Sales ,
Unregistered Securities ,
Virtual Currency
On September 7, 2017, Equifax, one of the country’s three primary credit reporting bureaus, announced it had suffered a major cybersecurity breach that could potentially affect half of the U.S. population. According to the...more
9/25/2017
/ Class Action ,
Corporate Counsel ,
Credit Reporting Agencies ,
Cyber Attacks ,
Data Breach ,
Disclosure Requirements ,
Equifax ,
Hackers ,
Identity Theft ,
Non-Public Information ,
Personally Identifiable Information ,
Popular ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Securities Violations
In its latest effort to combat money laundering within the real estate sector, the Financial Crimes Enforcement Network (“FinCEN”) has issued a new Geographic Targeting Order (“GTO”) broadening its scrutiny of shell companies...more
Last week’s massive ransomware attack should serve as a wake-up call that companies across all industries and regions must take the threat of global cyber attacks seriously. Although investigators are still uncovering...more
5/17/2017
/ Cyber Attacks ,
Cyber Crimes ,
Cyber Threats ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Hackers ,
Malware ,
Personally Identifiable Information ,
Phishing Scams ,
Popular ,
Ransomware
Last year’s proposed comprehensive framework for cybersecurity rules for large financial institutions is suddenly facing an uncertain future. With the comment period having closed as of February 2017, the framework was facing...more
3/13/2017
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Cyber Attacks ,
Cybersecurity ,
Cybersecurity Framework ,
Deregulation ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Gramm-Leach-Blilely Act ,
NIST ,
NYDFS ,
Popular ,
Regulatory Oversight ,
Risk Management ,
Risk Mitigation ,
Trump Administration
In a case of “cyber meets securities fraud,” the United States Attorney’s Office for the Southern District of New York (“SDNY”) recently indicted three foreign nationals on charges of insider trading, wire fraud, and computer...more
1/17/2017
/ Acquisitions ,
Confidential Information ,
Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Security ,
Electronically Stored Information ,
Email ,
Foreign Nationals ,
Hackers ,
Insider Trading ,
Internet ,
Legal Representatives ,
Malware ,
Mergers ,
Non-Public Information ,
Popular ,
Risk Management ,
Securities Exchange Act ,
Wire Fraud
The Supreme Court in Shaw v. United States recently held that the federal bank fraud statute does not require that defendants cause, or intend to cause, an actual financial loss to the financial institutions they seek to...more
12/20/2016
/ Bank Fraud ,
Bank Fraud Act ,
Banking Sector ,
Banks ,
Criminal Prosecution ,
Cyber Crimes ,
Cybersecurity ,
Financial Institutions ,
Hackers ,
Popular ,
SCOTUS ,
Shaw v United States
After a conventional presidential campaign, determining the policy priorities and direction of the incoming administration with respect to the Justice Department’s white collar law enforcement responsibilities can be a...more
11/30/2016
/ Affordable Care Act ,
Anti-Bribery ,
Bribery ,
BSA/AML ,
Corruption ,
Cybersecurity ,
Decriminalization of Marijuana ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Export Controls ,
False Claims Act (FCA) ,
FBI ,
Foreign Corrupt Practices Act (FCPA) ,
Generic Drugs ,
Healthcare ,
Healthcare Fraud ,
Medical Marijuana ,
National Security ,
Non-Prosecution Agreements ,
Office of Foreign Assets Control (OFAC) ,
Pharmaceutical Industry ,
Popular ,
Prescription Drugs ,
Regulatory Oversight ,
RICO ,
Securities and Exchange Commission (SEC) ,
Surveillance ,
White Collar Crimes
On October 11, 2016, the United States Court of Appeals for the D.C. Circuit issued its long-awaited opinion in PHH Corp. v. Consumer Financial Protection Bureau, in which the Court held that the structure of the Consumer...more
10/14/2016
/ Administrative Proceedings ,
Article II ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Due Process ,
HUD ,
Insurance Industry ,
Kickbacks ,
Mortgage Insurance ,
Mortgages ,
PHH Corp. v CFPB ,
Popular ,
Referral Fees ,
Reinsurance ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statute of Limitations ,
Statutory Interpretation
The Consumer Financial Protection Bureau (“CFPB”) last week announced long-awaited proposed rules governing payday loans and other high-cost credit products, including that lenders must take steps to ensure prospective...more
6/9/2016
/ Ability-to-Repay ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Online Marketplace Lending ,
Payday Loans ,
Popular ,
Title Loans
Last week, decisions by the United States Supreme Court and the Northern District of Georgia provided further guidance regarding the narrow path required for a class action plaintiff to successfully establish Article III...more
5/24/2016
/ Article III ,
Class Action ,
Cybersecurity ,
Data Breach ,
Fair Credit Reporting Act (FCRA) ,
Home Depot ,
Injury-in-Fact ,
Malware ,
Popular ,
SCOTUS ,
Spokeo v Robins ,
Standing ,
Statutory Damages
On January 13, 2016, the Financial Crimes Enforcement Network (“FinCEN”) announced that it had issued a Geographic Targeting Order (“GTO”) which will temporarily require certain title insurance companies to report the...more
On October 6, 2015, the UK Financial Conduct Authority (“FCA”) issued final rules formalizing whistleblower procedures to be implemented by certain banks, building societies, credit unions, investment firms, and insurance and...more
10/16/2015
/ Anti-Retaliation Provisions ,
Banking Sector ,
Banks ,
Credit Unions ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Insurance Industry ,
Investment Firms ,
Popular ,
Prudential Regulation Authority (PRA) ,
Regulatory Standards ,
Reinsurance ,
Securities and Exchange Commission (SEC) ,
Whistleblower Awards ,
Whistleblower Protection Policies ,
Whistleblowers