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FinTech Developments: Financial Services Innovation Bill Introduced

In September 2016, Representative Patrick McHenry (R-NC) introduced H.R. 6118, the “Financial Services Innovation Act of 2016” (“FSIA”). FSIA is intended to encourage the development of financial products and services by...more

FFIEC Releases Answers To FAQs About Cybersecurity Assessment Tool

On October 17, 2016, the Federal Financial Institutions Examination Council (“FFIEC” or the “Council”) released a set of answers to frequently asked questions about its cybersecurity assessment tool (the “CAT”). The FFIEC, an...more

Cyber in the Board Room: Balancing Risk and Oversight

Boards of directors remain increasingly exposed to the threat of liability arising from data breaches and other cyber-incidents. Nearly a year ago, Senators Jack Reed and Susan Collins introduced the Cybersecurity...more

New York Financial Regulators Introduce Robust Cybersecurity Regulations

New York’s Department of Financial Services (“NYDFS”) recently proposed cybersecurity regulations intended to protect consumers and financial institutions from the ongoing threat of cyber-attacks. NYDFS’s proposed...more

Cordray remarks/CFPB report on financial innovation and Project Catalyst include warning on limiting consumer access to financial...

In a new report, the CFPB discusses its approach to FinTech and financial innovation, its Project Catalyst initiative, and marketplace developments the CFPB views as potentially beneficial for consumers. The report, entitled...more

Your Daily Dose of Financial News

The latest from the CFPB and its “Project Catalyst,” which aims to “encourage the development of innovative consumer financial products that meet regulatory requirements” [think Fintech]....more

Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards

On October 19, 2016, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announced proposed rules relating to cybersecurity and risk management concerns that...more

Compliance into the Weeds-Episode 16-SOX reporting & disclosure controls and COSO Framework unity [Video]

In this episode, Matt Kelly and I discuss the differences between SOX 404 reporting controls and 302 disclosure controls. We then pivot to a discussion of the potential merging of the COSO 2013 Framework for controls with the...more

California Amends Identity Theft Requirements for Debt Collectors

The California legislature has amended the existing requirements for debt collectors who receive consumer claims of identity theft with the Identity Theft Resolution Act (“Act”). See AB 1723; Cal. Civ. Code § 1785.16.2. The...more

Medical Device Investor Forum - Oct. 27-28 in Irvine, CA - Knobbe Medical

OCTANe, an Orange County-based non-profit life sciences and technology accelerator organization, has announced the agenda for its 11th Annual Medical Device & Investor Forum (MDIF), which will be held on October 27-28, 2016,...more

International Cybersecurity Accord Adopted By Major World Economies

The Group of 7, comprised of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, adopted a non-binding agreement aimed at strengthening the cybersecurity and resiliency of the international...more

Federal regulators propose joint rules to enhance banks’ cyber-risk management

Earlier this week, the Federal Reserve Board, the OCC, and the FDIC issued a joint advanced notice of proposed rulemaking outlining expectations and seeking public comment on enhanced cyber-risk management standards. This is...more

In Case You Missed It: Launch Links - October, 2016 #3

Some interesting links we found across the web this week: The first 100 days of your startup: From registering a name to funding options - How to start a startup: Advice from startup founders - Techworld talks...more

Privacy Tip #57 – Do Those Chip Credit Cards Really Protect Me from Fraud?

There are a half a billion chip cards in the market right now. They have been touted to improve security and reduce credit card fraud. But do they? According to a new report, both Visa and MasterCard have reported that...more

FFIEC Issues FAQs on the Cybersecurity Assessment Tool

On October 18, 2016, the Federal Financial Institutions Examination Council (FFIEC) issued answers to frequently asked questions (FAQs) to clarify points in FFEIC’s Cybersecurity Assessment Tool (Assessment). FFIEC released...more

NYS Cyber Crack Down Looms: What Every Financial Institution, Insurer and Their Board Must Know

With the public comment period closing in a few days, the New York Department of Financial Services (DFS) “first in the nation” cybersecurity regulation is one step closer to becoming law. The regulation – which covers a...more

CFTC Extends No-Action Relief for Swap Execution Facilities from Certain “Block Trade” Requirements

On October 7, 2016, the U.S. Commodity Futures Trading Commission (“CFTC“) Division of Market Oversight extended time-limited no-action relief for swap execution facilities from the “occurs away” requirement from the...more

Banking Regulators Release Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards

Yesterday, the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (Fed), and the Federal Deposit Insurance Corporation (FDIC) issued a joint advanced notice of proposed rulemaking (ANPRM) seeking...more

Federal Banking Agencies Propose New Requirements for Managing Cyber Risk

Three federal banking agencies have announced plans to develop new rules that would establish cyber risk management and resiliency standards for large interconnected entities under the agencies' supervision, as well as those...more

This Week in FCPA-Episode 27, the Walla Walla Edition [Video]

Show Notes for Episode 27, week ending October 21, 2016-the Walla Walla Edition 1. Lennox Industries self-reports a $425 bribe; 2. Another guilty plea in FIFA corruption scanda; 3. Public Citizen letter to DOJ/SEC re:...more

Bank Regulators Issue Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards

Three federal banking regulatory agencies have approved an advance notice of proposed rulemaking (ANPR) inviting comment on a set of potential enhanced cybersecurity risk-management and resilience standards that would apply...more

Fintech in Hong Kong: Where There’s a Will, There’s a Way, or Hong Kong’s Measures To Become the Fintech Capital of Asia

Hong Kong is putting substantial focus on financial technology, or fintech, to compete with Singapore and Tokyo as the fintech capital of Asia. In April 2015, the Hong Kong Government (the “Government”) established the...more

Cybersecurity Requirements Proposed for New York Financial Companies

The New York Department of Financial Services has proposed new cybersecurity regulations “designed to promote the protection of customer information as well as the information technology systems of regulated entities...more

Feds Propose Enhanced Cyber Standards for Nation’s Largest Banks and Their Boards

Bank regulators are continuing to demand more accountability from corporate leaders when it comes to compliance with cybersecurity safeguards. In an advance notice of proposed rulemaking issued yesterday, federal...more

New Cybersecurity Regulations for Financial Services Companies in New York State

Action item: Banking, insurance, and other financial services companies in New York State must be aware of new comprehensive cybersecurity regulations proposed by the Department of Financial Services that will require covered...more

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