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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

California Court Strikes Fail-Safe TCPA Class Definition

Dixon v. Monterey Fin. Services, Inc., No. 15-cv-03298 (N.D. Cal. Aug. 22, 2016) - At issue before the Court was Plaintiff’s Amended Complaint, and Defendant’s second motion to strike class definition as a fail-safe...more

European Banking Authority Consults on Draft Standards for Payment Service Providers

The European Banking Authority published a consultation paper on draft Regulatory Technical Standards specifying the requirements of strong customer authentication and secure communication under the revised Payment Services...more

FCC and Federal Debt Collectors, More Restrictions under TCPA

In July we wrote about the exemption for robocalls made by the federal government (or its contractors) from the restrictions of the Telephone Consumer Protection Act (TCPA). Now, the Federal Communications Commission (FCC)...more

TCPA Connect - August 2016

FCC Issues Report and Order on Budget Act Exemptions - On August 11, 2016, the Federal Communications Commission issued a Report and Order implementing Section 301 of the Bipartisan Budget Act of 2015, which amended the...more

The FCC’s 2016 BBA Implementing Ruling Digested (Volume I): The 10 Things You NEED to Know Before Making Calls to Collect on...

On August 11, 2016 the FCC issued its long-awaited ruling implementing the 2016 Bi-Partison Balanced Budget Act (“BBA”) Amendment that carved out collection calls on government-backed debt from TCPA coverage. In re Rules &...more

Consumer Financial Services Newsletter - July 2016

Eighth Circuit Holds That Filing Accurate Proof of Claim on Time-Barred Debt Does Not Violate the FDCPA - Nelson v. Midland Credit Mgmt., Inc., No. 15-2984, 2016 WL 3672073 *1 (8th Cir. July 11, 2016) - On July 11,...more

Yet Another Bank Reaches Multimillion-Dollar TCPA Deal

Following the lead of other banks facing putative class actions under the Telephone Consumer Protection Act (TCPA), JPMorgan Chase Bank agreed to pay recipients of unwanted phone calls $3.75 million....more

FinTech Companies Face Big Privacy Challenges in 2016

According to the FBI, “there are only two types of companies: those that have been hacked and those that will be.” It does not take an actual data breach, however, for a company to be liable for its data security practices. ...more

FSOC on Fintech Risks, Cybersecurity Vigilance

An annual report from the Financial Stability Oversight Council (FSOC) recently focused on the risks presented by the burgeoning fintech industry as well as the continuing "pressing concern" of cyber threats and...more

Federal Regulators Focus on Minimum Cyber Standards For Banks

A new set of federal banking regulations are on the horizon aimed at helping financial institutions put in place minimum compliance standards to prevent future cyber-attacks. Bloomberg Law has reported that the Federal...more

CFPB Issues Proposed Revisions to GLBA Annual Privacy Notice Requirement

Earlier this month, the Consumer Financial Services Bureau issued its proposed rule amending the Gramm-Leach-Bliley Act’s annual privacy notice requirement set forth in Regulation P....more

District Court Holds Professional Plaintiff Lacks Article III Standing to Bring TCPA Action Under Supreme Court’s Spokeo, Inc. v....

Following the Supreme Court’s ruling in Spokeo, Inc. v. Robins, 136 S. Ct. 1540 (U.S. May 16, 2016), it is clear that “Article III standing requires a concrete injury even in the context of a statutory violation,” such that a...more

CFPB Amends GLBA Rules to Permit Exemption from Annual Notice Requirement

On July 1st, the CFPB proposed to amend Regulation P under the Gramm-Leach-Bliley Act (GLBA) to implement the statutory changes made by the Fixing America’s Surface Transportation Act (see prior post) that provided financial...more

SEC Steps Up Cybersecurity Enforcement with $1 Million Fine Against Morgan Stanley

The Security and Exchange Commission’s (“SEC”) recent $1 million settlement with Morgan Stanley Smith Barney LLC (“MSSB”) marked a turning point in the agency’s focus on cybersecurity issues, an area that the agency has...more

IRS Issues New Requirements for IVES Participants

On June 23rd, the IRS dropped a bombshell on the lending industry. As of Midnight on July 1, 2016, many lenders will no longer be able to verify directly borrower income except through snail mail. If the IRS sticks to its...more

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