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NY DFS Proposes New Cybersecurity Regulations for Financial Institutions

The New York Department of Financial Services (NYDFS) has distributed a letter to various federal and state regulatory agencies and associations proposing the development of new cybersecurity regulations for financial...more

UK and US carry out cyber-testing exercise

The UK and US Governments have carried out a joint exercise with leading global financial firms to enhance cooperation...more

Supreme Court Hears Argument in Spokeo, a Case That Could Impact Many Statutory-Damages Class Actions

Article III of the U.S. Constitution extends the federal judicial power only to “Cases” and “Controversies.” The Supreme Court has long held that no case or controversy exists unless the party invoking federal jurisdiction...more

Advertising Law - November 2015 #3

FTC Flushes Claims for "Flushable" Wipes - Reminding advertisers about the importance of environmental marketing claims, the Federal Trade Commission approved a final consent order in an enforcement action against...more

Supreme Court Conducts Oral Argument On Spokeo Case

On November 2, 2015, the United States Supreme Court conducted oral argument in a case that will decide the question of whether violation of a statute alone, without other “concrete” injury, can give a plaintiff access to...more

FTC Finalizes Rule Banning Telemarketer Use of Remotely Created Payments

The Federal Trade Commission (FTC) has finalized changes to its telemarketing sales rule (TSR) that will prohibit sellers and telemarketers from creating or accepting remotely created payment orders or checks, cash-to-cash...more

Expect New Cybersecurity Regs from New York DFS

DFS identified several areas that would be the subject of specific requirements in the potential regulations. These include requirements for (i) cyber security policies and procedures, (ii) third-party service provider...more

NY DFS Signals a Detailed Framework for Cybersecurity Compliance

On November 9, 2015, the New York State Department of Financial Services (“DFS”) sent a letter to a number of state and federal financial regulators signaling that DFS may issue comprehensive cybersecurity regulations for...more

DOJ Unseals Indictment Against Individuals for Alleged Involvement in Hacks Against Various U.S. Institutions

On November 10, the DOJ unsealed an indictment against three individuals, Gery Shalon, Joshua Samuel Aaron and Ziv Orenstein, for allegedly orchestrating and committing computer hacking crimes against U.S. financial...more

Tougher Scrutiny on Cybersecurity at Banks in 2016

Cybersecurity has been a focus as part of bank exams for years. Now the Federal Deposit Insurance Corp. (FDIC) is increasing its scrutiny of banks’ cybersecurity practices to ensure that the issue is getting appropriate...more

NIST issues draft IT Asset Management special publication

The National Cybersecurity Center of Excellence (NCCoE) has issued its draft practice guide entitled “IT Asset Management” designed for the financial sector. The comment period for the guide is open through January 8,...more

New York Department of Financial Services Previews Upcoming Cybersecurity Regulations for Banks and Insurers

Anthony Albanese, the head of the New York Department of Financial Services, issued a letter to more than 20 federal and state regulators outlining proposed cybersecurity regulations for banks and insurance companies...more

New York DFS Submits Letter to Federal Regulators Regarding Potential Cybersecurity Regulations

On November 9, the New York DFS sent a letter to federal regulators and other interested parties, including the CFPB, Federal Reserve Board, and the OCC, regarding potential new regulations aimed at increasing cybersecurity...more

Financial Institutions Council Publishes Statement On Hacker Extortion

Amid the recent increase in hacker extortion cases, the Federal Financial Institutions Examination Council (“FFIEC”) issued a statement on November 3 (the “Statement”) describing steps financial institutions should take to...more

Supreme Court Hears Oral Argument In Spokeo

Last Monday, the Supreme Court heard argument in Spokeo, Inc. v. Robins, one of this Term’s closest-watched cases, especially in the data-privacy field. While attempting to “read the tea leaves” from oral argument can be...more

The EU-U.S. Safe Harbor Decision: Implications for the Asset Management Industry

In our recent OnPoint, we reported that the Court of Justice of the European Union (CJEU) declared that the “Safe Harbor,” upon which many companies in the EU and U.S. relied to share data both within and outside of their...more

CFPB seeking Assistant Director to advise on small business lending data collection rules

The CFPB’s Division of Research, Markets & Regulations recently posted a job opening for an individual to serve as the “Assistant Director for Small Business Lending Markets.” According to the job posting, the Assistant...more

What is the TCPA and Why is it of Concern to Long Term Care Facilities?

The Telephone Consumer Protection Act (TCPA) was enacted in 1991 to protect consumers, especially cell phone consumers, from unwanted robocalls and texts. The Act applies to virtually any company that utilizes auto-dialing...more

CFPB Reports on Access to Mobile Financial Services

The Consumer Financial Protection Bureau (“CFPB”) this week shed new light on the growing mobile financial services sector, publishing a report compiling responses to its 2014 request for information on these services....more

TCPA FCC Petitions Tracker

On November 2, President Obama signed into law the Bipartisan Budget Agreement of 2015. While much of the attention surrounding the bill focused on the decision to raise the debt ceiling, the legislation also quietly...more

FFIEC Issues Joint Statement Regarding Cyber Attacks Involving Extortion

On November 3, the FFIEC issued a statement notifying financial institutions of the increasing frequency and severity of cyber attacks involving extortion. The joint statement urges financial institutions to take steps to...more

Bipartisan Budget Act Creates New TCPA Exemptions

Prior to the amendment, these calls would have been prohibited absent the recipient’s prior express consent if placed to a cellular telephone and if they were made by an automatic telephone dialing system or included an...more

FTC Announces Agenda for Cross-Device Tracking Workshop

On November 3, the FTC announced the agenda for its Cross-Device Tracking workshop, which is scheduled to take place on November 16 in Washington, D.C. FTC Chairwoman Edith Ramirez will deliver opening remarks, with FTC...more

German Data Protection Authorities Issue Position Paper In Light of Schrems EU Court Decision

Recently, German data protection authorities issued a position paper to address potential consequences of the Court of Justice of the European Union’s (CJEU) Schrems ruling on the handling of personal data. The first section...more

Background check companies to pay $13 million for FCRA violations

General Information Services (GIS) and Inc. (e-Background) agreed to pay $13 million in restitution and fines to settle their violations of the Fair Credit Reporting Act (FCRA) charged by the Consumer...more

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