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One of a Kind: NYDFS Cyber Rule Finalized, Effective March 1, 2017

The closely watched New York State Department of Financial Services (NYDFS) cybersecurity standards for covered financial institutions are now final and take effect March 1, 2017 in less than a week. The final rule largely...more

Your Cyber Minute: The Implications of the GDPR for Cybersecurity [Video]

Partner Harriet Pearson and Head of our Privacy and Cybersecurity practice in Europe Eduardo Ustaran discuss the Global Data Protection Regulation and what companies need to know now. ...more

CFPB Evaluates Use of Alternative Data and Modeling Techniques in the Consumer Lending Credit Process

On February 16, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a Request for Information (RFI) regarding use of alternative data and modeling techniques in the consumer lending “credit process.” The...more

Rollback of SEC Regulations Promulgated Under Dodd-Frank Has Begun

In several uncoordinated actions, the dismantling of Securities and Exchange Commission (SEC) regulations promulgated under The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) has begun. In two...more

Is breach mitigation the next wave of cybersecurity regulation?

More and more, regulators are focusing their rulemaking power not just on how a company responds (or doesn’t respond) to a data breach, but the steps it took far in advance to prevent or mitigate such a breach. Two...more

PLI 22nd Annual Consumer Financial Services Institute – 25 Percent Discount Available

We are pleased to invite you to the 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, March 27-28, 2017, in New York City (and by live webcast and groupcast in Atlanta and...more

New York's DFS Tweaks Proposed Cybersecurity Regulations

The New York Department of Financial Services (DFS) rang in the New Year by releasing changes to the agency's proposed cybersecurity regulations. What happened - On December 28, 2016, as the result of extensive...more

Algorithms and bias: What lenders need to know

The algorithms that power fintech may discriminate in ways that can be difficult to anticipate—and financial institutions can be held accountable even when alleged discrimination is clearly unintentional....more

NY DFS’s Revised Cybersecurity Rules Are More Flexible, Still Mandatory For Banks And Financial Institutions

On December 28, 2016, the New York Department of Financial Services (“DFS”) issued a revised version of its proposed cybersecurity rule for banks, insurers, money service businesses, and regulated virtual currency operators...more

NYDFS Modifies, Delays Implementation of Cybersecurity Rules

The modified rules, which still remain among the most prohibitive, could be adopted in final form as early as this month. Since September 2016, the New York State Department of Financial Services (DFS) has been...more

New York’s “First in the Nation” Financial-Sector Cybersecurity Regulations Put on Hold.

In late December, New York’s Financial Services Superintendent Maria T. Vullo announced that the New York’s Department of Financial Services’ (“DFS”) new cybersecurity regulations would not go into effect on January 1, 2017...more

[Webinar] Should Your Fintech Company Apply for an OCC Charter? - January 24th, 12:00pm EST

During this webinar, panelists will address whether a fintech company should apply, and what is involved in obtaining the proposed fintech OCC charter....more

New York State Department of Financial Services Modifies Proposed Cybersecurity Regulations and Pushes Implementation Date Back to...

On Dec. 28, 2016, the New York State Department of Financial Services (NYDFS) published a revised version of its “Cybersecurity Requirements for Financial Services Companies” (the “Regulations”). The revised Regulations...more

FINRA fines again target financial firms for failure to follow regs

The Financial Industry Regulatory Authority (FINRA) has, of late, been very aggressive in enforcing its regulations in the area of cybersecurity. FINRA took a strong stance on cybersecurity earlier this year when it fined a...more

"Privacy & Cybersecurity Update - December 2016"

In this month's edition of our Privacy & Cybersecurity Update, we examine modifications to New York state's proposed cybersecurity regulations for financial institutions, a 5th Circuit ruling that a phishing scam is not...more

Nutter Bank Report, December 2016

OCC to Consider Fintech Applications for Special Purpose National Bank Charters - The OCC has announced that it will consider applications for special purpose national bank charters for financial technology...more

Financial Industry Groups Criticize New York Department of Financial Services Cybersecurity Proposal

As we previously reported, in September 2016 the New York Department of Financial Services (the “DFS”) proposed a regulation that would require banks, insurance companies and other financial services institutions regulated by...more

RFI on Consumer Data Sharing Shows CFPB Interest in Data Aggregators

The Consumer Financial Protection Bureau (CFPB or the “Bureau”) has recently expressed interest in how consumer financial information aggregators and financial services companies interact to share and protect financial data...more

CFPB Releases RFI About Consumer Choice, Security and Control

The Consumer Financial Protection Bureau plans to take a closer look at "the challenges consumers face in accessing, using, and securely sharing their financial records," asking for information about how much choice consumers...more

Innovation versus consumer protection: emerging battle lines

The announcement by the Office of Comptroller of Currency that it will allow financial technology (fintech) companies to apply for national bank charters as way of fostering “responsible innovation” has already drawn fire...more

OCC Explores Special Purpose National Bank Charter for Fintech Companies

On December 2, 2016, the Office of the Comptroller of the Currency (“OCC”) announced its plans to move forward with a proposal to consider applications from financial technology (“fintech”) companies to receive charters as...more

New Rules of the Cyber Road: Federal Banking Regulators Seek Comment by January 17, 2017 on Proposed Cybersecurity Regulations

Continuing the trend of recent years, cybersecurity has remained at the top of the regulatory agenda for several federal and state agencies. For financial institutions, keeping track of the dizzying array of proposed...more

Cybersecurity Risk: Latest Guidance from Bank Examiners

The Office of the Comptroller of the Currency has indicated in a recent bulletin that its examiners will gradually incorporate a Cybersecurity Assessment Tool into its examinations of national banks and other institutions...more

FINRA Fines Lincoln Financial Sub $650,000 For Cybersecurity Shortcomings

A Lincoln Financial Group subsidiary agreed to pay $650,000 to the Financial Industry Regulatory Authority (FINRA) to resolve allegations that it failed to implement sufficient security policies to protect confidential...more

US Consumer Financial Protection Bureau Releases Project Catalyst Report Highlighting Consumer Innovation

The US Consumer Financial Protection Bureau released a report highlighting market innovations with the potential for consumer benefits as part of its Project Catalyst, a collaborative effort for the CFPB to research and...more

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