Consumer Protection Finance & Banking Privacy

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Banking Regulators Invite Comment On Cybersecurity Standards For Large Banks

On Thursday, October 20, the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation jointly issued an advance notice of proposed rulemaking, requesting comments on...more

FFIEC Releases Answers To FAQs About Cybersecurity Assessment Tool

On October 17, 2016, the Federal Financial Institutions Examination Council (“FFIEC” or the “Council”) released a set of answers to frequently asked questions about its cybersecurity assessment tool (the “CAT”). The FFIEC, an...more

NYS Cyber Crack Down Looms: What Every Financial Institution, Insurer and Their Board Must Know

With the public comment period closing in a few days, the New York Department of Financial Services (DFS) “first in the nation” cybersecurity regulation is one step closer to becoming law. The regulation – which covers a...more

Cybersecurity Requirements Proposed for New York Financial Companies

The New York Department of Financial Services has proposed new cybersecurity regulations “designed to promote the protection of customer information as well as the information technology systems of regulated entities...more

The New York State Department of Financial Services Proposes Robust Cybersecurity Rules

On September 13, 2016, the New York State Department of Financial Services (DFS) proposed new rules that would require certain “Covered Entities” to establish and implement cybersecurity programs designed to protect nonpublic...more

Bitcoin: Cybersecurity Regulations on the Horizon?

As legislators grapple with creating legislation intended to bring virtual currencies, such as bitcoin, within the scope of anti-money laundering regulations, the vulnerability of Bitcoin exchanges to theft and other cyber...more

Federal Reserve Board’s OIG Issues Reports Highlighting The Importance of Cybersecurity

In two reports issued on September 29, 2016, the Federal Reserve’s Office of Inspector General (“OIG”) discussed major management challenges facing the Federal Reserve Board (the “Board”) and the Consumer Financial Protection...more

Breaches of Mobile-Banking Apps — What can you do?

American banks maintain many levels of protection against fraud. Institutions accurately and quickly can detect suspicious account activity, credit-card charges and funds transfers. But it seems the sophisticated software...more

In Data Breach Suit, Federal Court Holds Banks To Higher Standard Than Customers

On Wednesday, September 28, 2016, an Illinois federal district judge dismissed data breach-related claims brought by numerous banks against a grocer citing the sophistication of the business relationship between the banks and...more

CFPB Management Challenges Include Information Security

On September 29th, the Office of the Inspector General (OIG) that oversees the CFPB released a memorandum detailing the major management challenges facing the CFPB.  The memo identified four areas of improvement that, unless...more

FFIEC Offers Guidance on Information Security Exams

How will examiners review the information security programs of financial institutions? Revised guidance from the Federal Financial Institutions Examination Council (FFIEC) provides help to banks by articulating the...more

New York State Department of Financial Services Proposes Far-Reaching Cybersecurity Rules

The New York State Department of Financial Services (the DFS) has issued a proposed regulation that would impose cybersecurity-related requirements on entities it supervises. In some cases, these requirements would go beyond...more

TechConnect - Your Law Firm Link to Industry News - September 2016

Letter from the Editors - Dear Readers, The world of raising capital for emerging companies has experienced a revolution. Prior to the enactment of the JOBS Act in 2012, raising capital for private companies was...more

FSOC’s Annual Report Focuses On Cyber Threats And FinTech

In June 2016, the Financial Stability Oversight Council (“FSOC” or the “Council”) released its Annual Report. The Council discussed the continued “pressing concern” of cyber threats and vulnerabilities and also focused on...more

New York DFS Announces New Proposed Cybersecurity Regulations

On September 13, 2016, the New York State Department of Financial Services (“DFS”) released proposed cybersecurity regulations for financial institutions.1 When the regulations become effective, they will make New York the...more

New York Regulators Propose Stricter Cybersecurity Rules

On September 13, 2016, New York Governor Andrew Cuomo proposed first-of-their-kind rules that would require financial institutions to develop and implement detailed cybersecurity programs. The proposed rules would apply only...more

New York DFS Proposes New Cybersecurity Regulations

Earlier this month, the New York State Department of Financial Services (“DFS”) announced proposed cybersecurity regulations for financial institutions. This proposal is, according to Governor Cuomo, a “new...more

Federal and State Authorities Take First Steps Toward Regulating Blockchain, Mobile Banking and Digital Financial Services

Last week, federal and state lawmakers took significant steps toward specific regulations targeting digital financial technology, mobile banking and cybersecurity, signaling the possibility of wholesale changes to the legal...more

N.Y. Moves Ahead with Proposed Cybersecurity Regulations for Financial Institutions

The New York Department of Financial Services (NYDFS) will require all institutions subject to NYDFS supervision to establish and maintain a cybersecurity program meeting "certain regulatory minimum standards." All financial...more

Three Actions to Take If You Are a Victim Of Identity Theft

You may be a victim of identity theft and not even realize it. Have you received a letter from a bank you do not recognize confirming that your new line of credit has been approved? Or maybe a phone call from a credit card...more

Consumer Agreement Audits: Reduce Risk Posed by Financial Aggregators and Cyber Attacks

Has your banking organization conducted its annual review of its electronic banking agreements? If you haven’t, your organization may want to consider whether revisions are required to your bank’s deposit agreements, online...more

FTC Requests Comments on Safeguards Rule

The Federal Trade Commission (FTC) issued a press release on August 29, 2016, indicating that it is seeking comments on the Standards for Safeguarding Customer Information, applicable to financial institutions....more

Tennessee District Court Denies Husband and Wife's Request for TCPA Class Certification on Alleged Calls to Collect Debt on...

Drozdowski v. Citibank, Inc., 2:15-cv-02786-STA-cgc (Aug. 31, 2016) Husband and wife Plaintiffs filed a class action lawsuit against Defendant regarding calls allegedly made to Plaintiffs’ cell phones to collect debt...more

Banking & Financial Services E-Note - August 2016

The Supreme Court’s ruling in Spokeo, Inc. v. Robins, continues to have a substantial impact on federal courts, especially with respect to alleged statutory violations of the Fair Debt Collection Practices Act. Please...more

AGG Litigation Insights Newsletter - Summer 2016

Even for companies accustomed to civil lawsuits, when the government is on the other side of the “v,” the prospect of litigation can be intimidating and unfamiliar. In this issue of the Litigation Newsletter, we explore how...more

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