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General Business Finance & Banking Privacy

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.

Equifax Data Suppliers Urged by DFS to Give Hack “Highest Degree of Attention”

Yesterday, New York’s top financial regulator asked state-chartered banks and insurers to take immediate precautions to protect consumers and the financial markets “in light of the cybersecurity attack” at Equifax Inc....more

Equifax Breach is a Category 5 Incident Affecting You – Our Recommendations on How to Safeguard Your Data

On September 7, 2017, Equifax announced what appears to be the largest breach of consumer data in US history. According to Equifax, it discovered on July 29, 2017 that it had suffered a cyber-attack which lasted from May to...more

Second Circuit Holds Contractually Provided Consent Cannot Be Revoked

by Burr & Forman on

Reyes v. Lincoln Automotive Financial Services, No. 16-2104-cv (2nd Cir. August 21, 2017) - Plaintiff leased a car from Defendant. A term of the lease stated: You [Reyes] also expressly consent and agree that Lessor...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Equifax is not exactly ending the week on a high note. The credit reporting agency revealed yesterday that a cyberattack [uncovered nearly 2 months ago] rendered potentially vulnerable the information of 143 million people....more

New York DFS Cyber Rules Go Live: Here’s Your Roadmap

by Orrick - Trust Anchor on

August 28, 2017 marks the end of the initial 180-day grace period for compliance under the New York Department of Financial Services’ “first-in-the-nation” cybersecurity regulations (the “Rules”). The initial regulations...more

Singapore Legal Update - August 2017

by Allen & Overy LLP on

SIC Takeovers Bulletin 3/2017: Management Buy-Outs and Other Matters - The SIC’s most recent bulletin sets out its views on the following matters: The information to be provided to a competing offeror in the case of a...more

SEC’s Cybersecurity Risk Alert Reflects Advisory Firms are Gambling with Your Data

by Burr & Forman on

In August 2017, the SEC’s Office of Compliance Inspections and Examinations issued a Cybersecurity risk alert directed at financial advisory firms. As part of the SEC’s 2014 Cybersecurity Initiative, seventy-five firms,...more

Deadline to Meet DFS Cyber Regulation Is Monday

Banks, insurance companies and other financial institutions have only a few days left to comply with the first wave of requirements under New York’s controversial new cybersecurity regulation....more

Developments in New York and Colorado Cybersecurity Regulations

by Wilson Elser on

New York - For the first time since New York’s Cybersecurity Regulation (23 NYCRR Part 500) became effective on March 1, 2017, the Department of Financial Services (DFS) has issued Frequently Asked Questions to assist...more

DFS Cyber Regulation Countdown: Who Should Certify Compliance?

Companies subject to New York’s Department of Financial Services (DFS) new cybersecurity regulation should be preparing to comply with the first round of requirements by the upcoming August 28th deadline: enacting a...more

A Guide to NYDFS Cybersecurity Regulations’ August 28 Implementation Deadline

by Hogan Lovells on

As a follow-up to our previous reports (December 30, 2016 Alert; February 24, 2017 Alert) regarding the cybersecurity regulations issued by the New York State Department of Financial Services (NYDFS), we would like to remind...more

Financial Services Weekly News - August 2017 #2

by Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) released prototypes of “Know Before You Owe” overdraft disclosure forms and provided an updated rulemaking agenda for 2017; the Federal Reserve...more

New Cybersecurity Rules for Colorado Investment Advisers and Broker-Dealers

by Snell & Wilmer on

Colorado has adopted new rules that add cybersecurity requirements for certain entities with Colorado securities licenses. The rules are from the regulatory agency the Division of Securities. It licenses securities...more

Key Regulatory Topics: Weekly Update - 29 July 2017 – 3 August 2017

by Allen & Overy LLP on

BREXIT - HM Government to introduce an International Sanctions Bill - On 2 August, the government published plans for a bill that would give it the legal power to impose sanctions after it leaves the EU. The Queen's...more

SEC Chair Speaks at the Center for Capital Markets Competitiveness

On Tuesday, July 25, 2017, SEC Chairman Jay Clayton spoke at the U.S. Chamber of Commerce Center for Capital Markets Competitiveness (CCMC). During the panel, Chairman Clayton discussed the Commission’s priorities on a...more

Colorado District Court Dismisses Data Breach Class Action Against Noodles & Company

by Ballard Spahr LLP on

The U.S. District Court for the District of Colorado recently dismissed a proposed class action lawsuit filed by financial institutions relating to a 2016 data breach that involved hundreds of Noodles & Company (Noodles)...more

NYDFS Updates FAQs to Clarify Cybersecurity Regulations

by Ballard Spahr LLP on

The New York Department of Financial Services (NYDFS) recently updated frequently asked questions (FAQs) about its cybersecurity regulations, 23 NYCRR 500, to address four new issues. NYDFS published its initial set of FAQs...more

DFS Cyber Compliance Nightmare? Detailed survey results indicate compliance is far from reach

New York’s powerful Department of Financial Services (DFS) upended cybersecurity regulation with its new and sweeping “Cybersecurity Requirements for Financial Services Companies,” which took effect on March 1, 2017. But is...more

The State AG Report Weekly Update

by Cozen O'Connor on

Republican Chess Bedsole Announces Bid for Alabama Attorney General- Chess Bedsole, who previously served as the Alabama campaign chairman for President Trump, announced his candidacy to become the Alabama AG. Bedsole is...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Tesla’s rise to the top of the US car heap in terms of market value raised a lot of eyebrows a few months ago. GM bumped it back down yesterday, but its three months as #1 marked what felt like a serious shift in the auto...more

Investment Funds Update: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

FCA Issues New Guidance on Cyber Resilience and Notification of Cyber Attacks - The FCA published a new page on its website providing informal guidance on cyber resilience on 18 May 2017. Following the recent global...more

Second Circuit Holds That TCPA Does Not Permit Unilateral Revocation of Consent Obtained Contractually

by Ballard Spahr LLP on

The U.S. Court of Appeals for the Second Circuit recently held, in Reyes v. Lincoln Automotive Financial Services, that the Telephone Consumer Protection Act (TCPA) "does not permit a consumer to revoke its consent to be...more

Hogan Lovells Obtains Major TCPA Consent Revocation Victory

by Hogan Lovells on

On June 22, 2017, in Reyes v. Lincoln Automotive Financial Services, the U.S. Court of Appeals for the Second Circuit agreed with Hogan Lovells attorneys representing the defendant and held that the Telephone Consumer...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Troubled Japanese auto parts maker Takata, “crippled by vast airbag recalls,” has filed for bankruptcy protection in the US and is planning to sell its surviving operations to Key Safety Systems, an American rival owned by a...more

NYS Cyber Regulation Countdown: Continuous Monitoring

In our series of posts leading up to the August 28th deadline for the first phase of requirements under New York’s cybersecurity regulation, the Patterson Belknap team looks at issues that institutions face as they implement...more

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