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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

Spotlight On Federal Tax Developments In 2014

This article highlights a number of interesting federal tax developments that were brought to the table during the 2014 calendar year. Developments discussed in this article include the 18-month transitional period for the...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

New York Establishes New Cyber Security Examination Process for Financial Institutions

New York’s Department of Financial Services released a letter on December 10, 2014, announcing the details of its plan to focus more attention on cyber security matters in conducting examinations. Directed at New...more

A Primer on EMV Technology for Merchants

With the new year just around the corner, retailers should make a resolution to learn more about EMV technology. That’s because 2015 is slated to be the year EMV technology makes significant inroads in the United States, and...more

SEC Sanctions Operator of Unregistered Virtual Currency Exchanges

On December 8, the Securities and Exchange Commission sanctioned a computer programmer for operating two online exchanges that traded securities using virtual currencies without registering them as broker-dealers or stock...more

Five Things You Should Know About New York State’s Taxation of Convertible Virtual Currency

On December 5, 2014, the New York State Department of Taxation and Finance issued TSB-M-14(5)C, (7)I, (17)S, explaining its policy regarding convertible virtual currency....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

California Public Utilities Commission to Approve Grant Program to Promote Broadband Internet for Public Housing

Application Submission Scheduled for Mid-December Through Mid-January - The California Public Utilities Commission is scheduled to approve the California Advanced Services Fund Public Housing Broadband Grant Guidelines...more

New York State Department of Financial Services Issues Expanded Cyber Security Examination Procedures

As part of an ongoing effort to combat cyber attacks on financial institutions and promote enhanced cyber security, the New York State Department of Financial Services (“DFS”) has issued expanded examination procedures...more

SEC Settles with Bitcoin/Litecoin Exchange Operator

The SEC recently announced a settlement in connection with the operation of unregistered virtual-currency-based stock exchanges. The settlement is instructive as to how the SEC will evaluate crypto-currency trading platforms...more

Treasury Official Urges Banks to Consider Cyber Insurance, Assess Cybersecurity Readiness

On December 3, Deputy Secretary Raskin delivered remarks at the Texas Bankers’ Association Executive Leadership Cybersecurity Conference. During her prepared remarks, Raskin noted recent data security breaches across many...more

The Treasury Recommends Cyberinsurance For Banks

If you think you are being overly paranoid about the recent cyber attacks on Sony, JP Morgan, and Target, think again. You aren’t the only one that has been paying attention – hackers are also front-and-center on the minds...more

Cybersecurity Continues as a Major Focus of Financial Industry’s Concerns

With only three official days left of the current Congress, conversations Wednesday turned towards cybersecurity in the financial sector. The Commodity Futures Trading Commission, Office of the Comptroller of the Currency,...more

SEC Issues Revisions to Regulation AB Telephone Interpretations

On December 9, the SEC issued Compliance and Disclosure Interpretations (“C&DIs”) that comprise the SEC’s interpretations of the rules adopted under Regulation AB II and the Securities Act and the Exchange Act. The new C&DIs...more

Sophisticated Hackers Target Insider Information

A security consulting firm has discovered a sophisticated hacking campaign that has targeted more than 100 public companies, investment banks and law firms. In a report released December 1, cybersecurity firm FireEye...more

Financial System Inquiry - Final Report Summary of Recommendations re Innovation

On 7 December 2014 the Final Report was issued by the Financial System Inquiry, chaired by David Murray. Below is a summary of the key points relevant only to innovation. This update does not seek to address matters in the...more

NYS DFS Publishes All BitLicense Comments; California Considers Regulation

On December 3, the New York State Department of Financial Services (DFS) published all 3,746 public comments it received on the proposed “BitLicense” regulatory framework that would cover businesses participating in “virtual...more

Court Allows Financial Institutions To Proceed With Data Breach Class Action Against Target

On December 2, 2014, a U.S. District Court in Minnesota ruled that a group of banks and other financial institutions (collectively, “FIs”) could proceed with a class action against large national retailer Target arising from...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

Minnesota Federal Judge Allows Data Breach Suit Against Target to Proceed

On December 2, District Judge Paul Magnuson denied Target’s motion to dismiss the class action suit brought by banks in response to its 2013 data breach. In re: Target Corporation Customer Data Security Breach Litigation,...more

Trade Associations Submit Letter to Congress regarding Cybersecurity Information Sharing

On December 3, the Merchant and Financial Associations Cybersecurity Partnership (“Partnership”) submitted a letter to Congress requesting its consideration of adopting cybersecurity information sharing legislation. ...more

An Early Christmas Present for Consumers? Court Rules that Retailers Can Be Liable to Banks Arising from Data Breaches.

Cyber-Monday sales weren’t the only good thing that happened for consumers last week. Later in the week a federal judge in Minnesota thwarted Target’s attempt to dismiss a lawsuit brought by banks and credit unions arising...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

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