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SEC Issues Risk Alert To Improve Cybersecurity Readiness

by King & Spalding on

On August 7, 2017, the U.S. Securities and Exchange Commission (“SEC”) published a risk alert directed to the financial advisory industry, identifying cybersecurity vulnerabilities that could make the industry’s networks...more

SEC Observations from Recent Cybersecurity Examinations Identify Best Practices

by Morgan Lewis on

The SEC continues to focus on cybersecurity as an area of concern within the investment management industry....more

And So It Begins: The First DFS Transition Period Comes to an End August 28

by King & Spalding on

In September 2016, the New York Department of Financial Services (“DFS”) introduced the first draft of its cybersecurity regulation, which is now in a position to lead a new trend in industry-specific cybersecurity...more

Financial Services Weekly News - August 2017 #2

by Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) released prototypes of “Know Before You Owe” overdraft disclosure forms and provided an updated rulemaking agenda for 2017; the Federal Reserve...more

DFS Provides Answers to Cybersecurity FAQs

Hoping to provide greater clarity to financial institutions subject to its new cybersecurity requirements, New York’s Department of Financial Services (DFS) published a Frequently Asked Questions (FAQ) document to assist...more

Revocation of Consent Under TCPA: Not So Fast

In a recent case under the Telephone Consumer Protection Act (TCPA), the U.S. Court of Appeals for the Second Circuit held that the TCPA does not permit a consumer to revoke prior consent to be contacted by telephone when...more

Financial Services Weekly News - July 2017 #2

by Goodwin on

Editor's Note - In This Issue. After making a splash with the finalized version of its Arbitration Rule, the Consumer Financial Protection Bureau (CFPB) proposed temporary adjustments to the reporting requirements for...more

The State AG Report Weekly Update

by Cozen O'Connor on

Republican Chess Bedsole Announces Bid for Alabama Attorney General- Chess Bedsole, who previously served as the Alabama campaign chairman for President Trump, announced his candidacy to become the Alabama AG. Bedsole is...more

Advertising Law - July 2017

Court Rules That ADA Applies to Website - In what is believed to be the first court to hold a trial on the applicability of the Americans with Disabilities Act (ADA) to a retailer’s website, a federal court judge in...more

FTC Settles Complaint Against Lead Generation Business Selling Consumers’ Sensitive Data

The Federal Trade Commission (FTC) has announced that it has settled its Complaint against operators of the lead generation business Global Media, LLC and its CEO Christopher Kay for $104 million. The judgment has been...more

Financial Services Quarterly Report - Second Quarter 2017: China Cybersecurity Law: Key Takeaways for Financial Services Firms in...

by Dechert LLP on

China’s Cybersecurity Law came into force on 1 June 2017, despite speculation that there would be a delay in its launch. The new law covers a wide range of activities relating to the cyberspace, including personal data...more

CFPB files proposed stipulated final judgments in actions against credit repair companies and individuals

by Ballard Spahr LLP on

The CFPB announced that it had simultaneously filed two complaints and corresponding proposed stipulated final judgments in a California federal district court in actions against four credit repair companies and three...more

Second Circuit Holds That TCPA Does Not Permit Unilateral Revocation of Consent Obtained Contractually

by Ballard Spahr LLP on

The U.S. Court of Appeals for the Second Circuit recently held, in Reyes v. Lincoln Automotive Financial Services, that the Telephone Consumer Protection Act (TCPA) "does not permit a consumer to revoke its consent to be...more

Hogan Lovells Obtains Major TCPA Consent Revocation Victory

by Hogan Lovells on

On June 22, 2017, in Reyes v. Lincoln Automotive Financial Services, the U.S. Court of Appeals for the Second Circuit agreed with Hogan Lovells attorneys representing the defendant and held that the Telephone Consumer...more

Going Down For A Third Time – Barnes & Noble Consumer Data Breach Claims Are Dismissed Again for Lack of Injury

Despite some courts’ evident confusion about the impact of payment card theft on consumer cardholders, other courts are getting it right. Just this week, a judge in the Northern District of Illinois issued an order dismissing...more

French Data Protection Authority Approves Implementation of Biometric Authentication Tools in Banking Sector

by Jones Day on

On May 29, 2017, the French Data Protection Authority (Commission Nationale Informatique et Libertés, or "CNIL") announced that it had authorized nine banking institutions to implement, on an experimental basis,...more

Banks Settle Data Breach Suit for $5.2M

In the latest settlement agreement reached in a lawsuit brought by banks following a retailer’s data breach, an Illinois federal court judge signed off on a $5.2 million deal involving a major U.S. retailer....more

Consumer Financial Data Aggregation & the Potential for Regulatory Intervention

A confluence of regulatory activity and policy debates seems to be laying the groundwork for future regulation of consumer financial data aggregation activities. The outcome of these activities could significantly affect how...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Hoping to reverse recent years of struggles, J. Crew is bidding farewell to CEO Mickey Drexler (though he’ll stay on as chairman) in favor of West Elm’s James Brett....more

OIG reports on CFPB’s public website security controls

by Ballard Spahr LLP on

The Office of Inspector General for the Fed and CFPB has completed a report setting forth its findings from an audit in which it evaluated “selected security controls for protecting the [CFPB’s] consumerfinance.gov website...more

New York’s Cybersecurity Regulations Are in Effect

The New York Department of Financial Services’ (DFS) cybersecurity regulations took effect March 1—is your entity in compliance?...more

Accenture Survey Report Highlights Banking Cybersecurity Concerns And Offers Solutions

by King & Spalding on

On April 19, 2017, professional services company Accenture released the results of its survey of security executives in the banking sector relating to cybersecurity strategy and priorities. The survey results and...more

Guilt by Association: Bitcoin and the WannaCry Ransomware Attack

by Perkins Coie on

The recent so-called “WannaCry” ransomware cyber-extortion attack has thrust bitcoin as a means of payment back into the debate surrounding illegal online activity. Much in the way that the internet, in its early days, was...more

Financial Services Weekly News - May 2017 #4

by Goodwin on

Editor's Note - Memorial Day. On Memorial Day, we will be celebrating the men and women whose service and sacrifice ensures the preservation of freedom and opportunity across the United States. Rather than summarize the...more

Federal Court Stands By Earlier Decision Holding Financial Institutions To Higher Standard Than Customers When Pursuing Data...

by King & Spalding on

On May 1, 2017, an Illinois federal district judge dismissed data breach-related claims brought by financial institutions against a grocer. The court distinguished the case from similar lawsuits aimed at Home Depot and...more

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Cybersecurity

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