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Market Solutions, Volume 26, No. 1

Sanctions: Will the Trump Administration Stay the Course? President Trump made many statements during the campaign regarding actions he plans to take to reverse Obama administration sanctions policies. These included...more

Proposed Federal Cybersecurity Regulations for Financial Institutions Face an Uncertain Future

Last year’s proposed comprehensive framework for cybersecurity rules for large financial institutions is suddenly facing an uncertain future. With the comment period having closed as of February 2017, the framework was facing...more

Privacy and Information Security a Top Priority in California under Xavier Becerra

Governor Jerry Brown’s selection of Congressman Xavier Becerra to succeed (now Senator) Kamala Harris as the new Attorney General of California was a surprising move that brings into power in California a seasoned advocate of...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

"Despite Aversion to Regulation, Trump May Expand Cybersecurity Efforts"

President Donald Trump’s statements to date on regulation in general and cybersecurity regulation in particular suggest a conflict between his desire to strengthen the country’s cybersecurity efforts and his general antipathy...more

Parting Shot: Outgoing Administration Releases FinTech White Paper

On January 13, 2017, a week before the change in Administration, the Obama White House issued a white paper entitled “A Framework for FinTech” (“White Paper”). The White Paper highlights various financial technology...more

Senior MP Calls for Regulatory Crackdown on Banks’ IT Systems: 3 Things You Can do to Prepare

The recent cyberattack on Tesco Bank’s IT systems has prompted Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, to call on regulators to take action against vulnerable bank IT systems... ...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

Senators Urge President Obama To Raise Cybersecurity During G20 Summit

In advance of the 2016 Group of 20 (“G20”) Summit, which convened in Hangzhou, China, on September 4 and 5, several Democratic Senators sent a letter to President Obama urging him to make cybersecurity a priority. The...more

Five Ways that Brexit Will Complicate Cross-Border M&A

This week's referendum in the UK and the decision for Great Britain to exit the European Union (EU) has caused turmoil in financial markets. For M&A practitioners, however, the impact is only just beginning. Below are five...more

FDIC reports five “major” data incidents to Congress

The Federal Deposit Insurance Corporation (FDIC) reported on Monday, May 16, 2016, that it had experienced five “major incidents” involving the disclosure of taxpayers’ personal information since the last incident we reported...more

In Case You Missed It: Launch Links - April 2016

Some interesting links we found across the web this week: - Startup Funding Deals Fall to Lowest Level in Four Years - The Q1 numbers came in this week and they’re not pretty, showing the fewest total venture...more

Financial Services Legislation: 2015 in Review and What to Expect in 2016

To the surprise of many, Congress passed a number of financial services bills in 2015, including six that amended the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010....more

Congress Eliminates Annual Privacy Notice Requirement for Certain Financial Institutions

President Obama signed into law on December 4, 2015 a bill that amended Section 503 in Title V of the Gramm-Leach-Bliley Act (G-L-B Act), with the result that financial institutions – including investment companies and...more

New Rhode Island Law Protects Victims of Businesses’ Data Breaches in 2016

Cyber data breaches affect individuals, businesses, and the government. Tens of millions of Americans are affected by data breaches every year. In 2014, CNN estimated that 47% of U.S. adults in the U.S. had their personal...more

Congress Considers Changes to FCRA to Expand Consumer Credit Files and Limit Use of Credit Reports for Employment Decisions

Two bills amending the Fair Credit Reporting Act (FCRA) intended to benefit consumers are making their way through Congress. H.R. 4172, "The Credit Access and Inclusion Act of 2015," has bipartisan support, although it is...more

FAST Act Drives Long-Awaited Gramm-Leach-Bliley Amendment

In late 2015, Congress passed the Fixing America’s Surface Transportation Act - a vehicle for an amendment to the Gramm-Leach-Bliley Act (GLBA) meant to eliminate the need for certain companies to provide annual privacy...more

OFAC Publishes Cyber-Related Sanctions Regulations

On December 31, 2015, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued regulations implementing Executive Order 13694 of April 1, 2015, which authorized the imposition of economic sanctions on...more

FAST Act loosens financial institutions’ privacy policy notice requirements

In addition to providing long-term funding for highway infrastructure improvements and other transportation projects, the newly enacted Fixing America’s Surface Transportation Act (FAST Act) seeks to reduce consumer confusion...more

Sanction rules adopted for cyberattackers

The federal government issued The Cyber-Related Sanctions Regulation on December 31, 2015, which allows the freezing of assets of suspects who aid in cyberattacks. The Regulation follows an Executive Order from April, 2015,...more

Cybersecurity Legislation Stalks Bank Directors

To avoid potential personal liability for cybersecurity breaches, bank directors should take proactive steps to make sure their institution complies with all applicable regulations. In the wake of recent well-publicized...more

Federal Highway Bill Eliminates Annual Privacy Notice Requirement for Financial Institutions

On December 4, President Obama signed the “Fixing America’s Surface Transportation Act’’ or the ‘‘FAST Act.” In addition to providing for highway and transportation spending, section 750001 of the FAST Act amended Section 503...more

Gramm-Leach-Bliley Act Amendment Eliminates Annual Privacy Notice Requirement for Many Advisers and Funds

On December 4, 2015, President Obama signed into law the nearly 500-page Fixing America’s Surface Transportation Act, which included an amendment of the consumer privacy provisions within the Gramm-Leach-Bliley Act (the...more

Financial Services Committee Reports Data Security and Breach Notification Bill

On December 9, 2015, the House Financial Services Committee favorably reported H.R. 2205, the Data Security Act of 2015, sponsored by Reps. Randy Neugebauer (R-TX) and John Carney (D-DE). The bill, which would direct...more

President Signs Bill Creating Exception to GLBA Annual Notice Requirement

An amendment creating an exception to the annual privacy notice delivery requirement for financial institutions has been signed into law by President Obama as part of the “Fixing America’s Surface Transportation Act” (FAST...more

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Cybersecurity

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