Consumer Protection Science, Computers & Technology Finance & Banking

Read Consumer Protection updates, news, and legal commentary from leading lawyers and law firms:
News & Analysis as of

Bill C-13: Cyberbullying Bill Introduces New Lawful Access Measures

On December 9, 2014, Bill C-13, An Act to amend the Criminal Code, the Canada Evidence Act, the Competition Act and the Mutual Legal Assistance in Criminal Matters Act, also known as the Protecting Canadians from Online Crime...more

President Obama Announces New Cybersecurity Proposals

On January 13, President Obama visited the National Cybersecurity and Communications Integration Center to announce a variety of legislative and administrative proposals, many of which were updates to his 2011 Cybersecurity...more

World Economic Forum Releases Framework to Quantify Cyber Threats

In conjunction with its annual meeting this week, the World Economic Forum released a report on its current efforts to develop a common framework to model and quantify the impact and risk of cyber threats. The report...more

EDPS publishes Guidelines on data protection in EU financial services regulation

The European Data Protection Supervisor published ‘Guidelines on data protection in EU financial services regulation’ (Guidelines) to be used as a “practical toolkit for ensuring that EU data protection rules are integrated...more

New York Banks Face New Cybersecurity Exam Process

Why it matters - Adding to the banks’ compliance obligations, effective immediately, banks chartered or licensed in New York will now face an updated cybersecurity examination process, Superintendent of the Department...more

In with the New: 2015 Privacy, Advertising and Digital Media Predictions – Part III

Part III of our 2015 predictions series comes from Of Digital Interest editor and McDermott partner, Heather Sussman, who predicts that states will be active with privacy and data security legislation during 2015....more

Treasury Official Advocates for Cyber Insurance

Why it matters - Reflecting the continued regulatory focus on cyber risks, Deputy Secretary of the Treasury Sarah Raskin has some advice for banks: buy cyber insurance. Speaking at the Texas Bankers’ Association...more

Looking Ahead in 2015: Obama Announces Push for Privacy Legislation in Final Term

President Obama provided a preview of his State of the Union address next week which will propose comprehensive data privacy legislation, including a nationwide data-breach notification law, a Consumer Privacy Bill of Rights,...more

Popular European Bitcoin Exchange Suffers Breach

BitStamp, one of the largest Bitcoin exchanges, suspended its services last week and asked customers not to make deposits following a security breach. On January 4, some of BitStamp’s “virtual wallets,” which permit customers...more

Data Breach Litigation – Financial Institutions Score Another Shot

Previously I wrote about banks joining the legal battle over data breaches. Anyone not living under a rock knows that there is multidistrict class action litigation involving Target’s massive data breach in December 2013...more

FINRA’s 2015 Exam Priorities

The Financial Industry Regulatory Authority (“FINRA”) released its 10th annual Exam Priority Letter earlier this week (Jan. 6, 2015). The so-called “Errico Letter” advises broker-dealer member firms of the operational risks...more

Treasury: Ten Questions for Bank Executives and Boards of Directors

On December 3, 2014, Sarah Raskin, Deputy Secretary of the U.S. Department of Treasury (Treasury), gave a speech before the Texas Banker’s Association Executive Leadership Cybersecurity Conference. Deputy Secretary Raskin’s...more

The Merchant Financial Cyber Partnership Issues Cybersecurity Recommendations

The Merchant Financial Cyber Partnership (“the Partnership”) recently released eight recommendations aimed at enhancing the data security of the payments system across the merchant and financial industries. The Partnership...more

Legal Departments: Are You Ready for The New PCI DSS Requirements?

Starting Jan. 1, 2015, the Payment Card Industry Data Security Standard (PCI DSS) Version 3.0 (click-through agreement required) will replace Version 2.0. The PCI DSS is a set of requirements developed by the four major...more

CSBS Emerging Payments Task Force Issues Virtual Currency Policy Framework

The recently formed Emerging Payments Task Force of the Conference of State Bank Supervisors (CSBS) issued a proposed policy on state virtual currency regulation on Dec. 16, 2014 (the “Policy”). The Policy identifies core...more

Banking and Financial Services E- Note - December 2014

In This Issue: - Congress Move to Roll Back Bank 'Push-Out' Regulation Meets Anger - NCUA Calls for Retailers to Cover Data Breach Costs - Regulators Propose 8 Biggest Banks Increase Capital...more

Deputy Treasury Secretary Discusses Cybersecurity Checklist for Banks

Deputy Treasury Secretary Sarah Raskin, who recently spoke at the Texas Bankers’ Association Executive Leadership Cybersecurity Conference, provided bank executives and boards some guidance on preventing, preparing for and...more

Massachusetts Fines Bank for Data Breach

On December 8, a large bank settled with the state of Massachusetts for $825,000 over a data breach that exposed the personal information of at least 260,000 customers. In March 2012, the bank allegedly lost unencrypted...more

Lawmakers Query Banks About Data Security

Why it matters - Suffered a cyber attack over the last year? Members of Congress want to hear about it, and all financial institutions should be prepared to competently respond to government inquiries if they are a...more

Executive Order Mandates Heightened Data Security Measures for Government Agencies

On October 17, 2014, President Obama signed an executive order for its BuySecure Initiative requiring government agencies to transition payment processing terminals and credit, debit and other payment cards to employ enhanced...more

Legal Issues With Mobile Payments

A short time ago, I stopped to pick up the family dry cleaning when an alert from a pharmaceutical retailer that noticed I was nearby popped up on my mobile phone. “Slide to activate your digital rewards card and come in for...more

Technology may reduce fraud but doesn’t fix regulatory confusion

President Barack Obama recently announced the administrtion’s BuySecure initiative. At a meeting at the Consumer Financial Protection Bureau Oct. 17, the president outlined the program, aimed at increasing the security of...more

EDPS has published Guidelines on Data Protection in EU Financial Services Regulation

On November 25, the European Data Protection Supervisor (EDPS) published guidelines on data protection in EU financial services regulation. The EDPS aims to ensure that the EU institutions and bodies are aware of data...more

Handling Customer Data In The Banking Industry

The Office of the Privacy Commissioner for Personal Data in Hong Kong (PCPD) on 6 October 2014 released new Guidance on the Proper Handling of Customers' Personal Data for the Banking Industry (Guidance Note). The...more

Lawmakers Seek Details On Consumer Data Breaches From Financial Institutions

On November 18, 2014, several major financial institutions received requests from lawmakers for detailed information about recent data breaches and for briefings from their corporate data security officials. The lawmakers...more

187 Results
|
View per page
Page: of 8

Follow Consumer Protection Updates on: