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OCC Issues Draft Licensing Supplement for Fintech Companies Seeking National Bank Charters

The Office of the Comptroller of the Currency (OCC) has taken another step toward implementing its proposal to allow financial technology (fintech) companies to apply for a special purpose national bank (SPNB) charter,...more

New York Cybersecurity Regulations: What Do They Mean and When Do They Mean it By?

The New York State Department of Financial Services (NYDFS) has released guidance for covered financial institutions regarding its cybersecurity rule (the “Cybersecurity Rule” or “Rule”) that took effect on March 1, 2017. ...more

Consumer Financial Services Newsletter - March 2017

A Flawed Class Definition – Court Grants Defendant's Motion to Strike Consumer's Proposed Class - Cholly v. The Uptain Group., et al, 1:15-cv-05030 - In Cholly v. The Uptain Group Inc., et al, the defendant debt...more

Where Should Broker Dealers Invest Today? Cyber Security Compliance

With cyber security threats on the rise, broker dealers must prioritize protection of electronic investor information. What cyber security threats exist for broker dealers? In its 2015 Report on Cyber Security Practices,...more

Financial Services Report - Spring 2017

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

Lawmaker seeks CFPB fair lending investigation of fintech small business lenders

A Democratic congressman has raised concerns about potentially discriminatory lending practices used by fintech companies that extend credit to small businesses, calling on the CFPB “to vigorously investigate whether [such...more

Financial Services Weekly News - March 2017 #3

Editor's Note - The Return of Glass-Steagall? On March 13, Federal Deposit Insurance Corporation Vice Chairman Thomas M. Hoenig made a speech to the Institute of International Bankers Annual Washington Conference...more

FTC Hosts FinTech Forum on Artificial Intelligence and Blockchain Technologies

On Thursday, March 9th, the Federal Trade Commission (FTC) hosted a forum on the consumer implications of recent developments in artificial intelligence (AI) and blockchain technologies. This was the FTC’s third forum on...more

Your Cyber Minute: Intersection of cybersecurity and the automotive industry  [Video]

Technological vulnerabilities, regulators’ watchful eyes, and personal connections with our vehicles – create a collision course for cyber risk. Partners Harriet Pearson and Tim Tobin dissect these three simple reasons why...more

Does Class Settlement Of Bank Claims In Home Depot Data Breach Litigation Pass The “Superiority” Test?

Counsel for a class of card-issuing banks filed a settlement agreement on March 8 proposing a class settlement to resolve claims arising from the 2014 theft of payment card data from Home Depot point-of-sale terminals. The...more

Cybersecurity And Financial Institutions: How New York’s “First-In-The-Nation” Data Security Regulations May Impact You

March 1, 2017 marked the implementation of New York’s cybersecurity regulations, subjecting covered financial institutions to arguably the most burdensome cybersecurity regime yet. The regulations, promulgated by the New...more

Director Cordray and Comptroller Curry speak at LendIt USA conference

Earlier this week, we attended the LendIt USA conference in New York City, a leading annual fintech conference, at which CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry both spoke....more

Financial Services Weekly News - March 2017

Editor's Note - In This Issue. The New York Department of Financial Services issued its highly anticipated cybersecurity regulation in its final form, the Securities and Exchange Commission (SEC) issued updated guidance...more

Spring has Sprung — and so have New York Cybersecurity Regs

The beginning of March, and a spell of unseasonably warm weather, graced the Northeast this week. So too did New York’s first-in-the-nation cybersecurity regulations. As we reported here in January, the initial launch of...more

New York's Far-Reaching Cybersecurity Law Takes Effect March 1 - Are You Ready?

New York’s Department of Financial Services Cybersecurity regulation became effective March 1. According to the press release issued with the regulation, the regulation is intended to require banks, insurance companies and...more

Financial Services 2016 Year-End Report

Welcome to the 2016 Year-End Report from BakerHostetler’s Financial Services Industry Team. We are pleased to share our analysis of some of the key legal developments in the financial services industry in the past year and...more

Your Cyber Minute: Importance of the GDPR to the global business community [Video]

Ambitious and broad-reaching, the Global Data Protection Regulation is impacting companies around the world. Listen as Partner Harriet Pearson and Head of our Privacy and Cybersecurity practice in Europe Eduardo Ustaran talk...more

It’s March 1: The Cybersecurity Goal Post Has Been Moved

In an effort to combat the growing prevalence of large-scale corporate cyberattacks, the New York Department of Financial Services (“NYDFS”) is rolling out a revamped cybersecurity regulation for financial services companies...more

ABA comments on CFPB’s RFI on consumer access to financial information

The American Bankers Association has submitted a comment letter in response to the CFPB’s request for information regarding consumer access to financial information. The ABA observes that while larger institutions have...more

New Regulatory Developments in Blockchain Finance

Blockchain technology combines several features of existing financial infrastructure. It is partly a mass repository of historical transactions, partly a decentralized clearinghouse, and partly a digital currency. It is also...more

Your Cyber Minute: Current GDPR regulatory and enforcement landscape  [Video]

The conversation continues with Partner Harriet Pearson and Head of our Privacy and Cybersecurity practice in Europe Eduardo Ustaran as they go deeper into what clients need to know when it comes to compliance around the...more

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

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Cybersecurity

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