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Chip-and-PIN is Coming…To the US Government

Last Friday, in the wake of numerous data breaches, President Obama signed a new Executive Order that will change how federal agencies use payment cards and allow access to certain government portals. Those changes include...more

Federal Bills Pursue Comprehensive Data Breach Notification

The recent string of wide-scale data breach disclosures by major retailers has led to a growing call for federal legislation to protect consumer information and establish uniform data breach notification...more

Third Circuit Holds that Envelope Revealing Consumer’s Account Number Violates the FDCPA

The Third Circuit Court of Appeals recently held that an envelope revealing a consumer’s account number through a clear plastic window constitutes a violation of the Fair Debt Collection Practices Act (“FDCPA”). In doing so,...more

FDIC to Banks: Prep for “Urgent” Threat of Cyberattacks

Financial institutions are facing an “urgent” threat of hacks and cyberattacks causing regulators to take a closer look at banks’ efforts to combat such concerns, the Federal Deposit Insurance Corporation (FDIC) Chairman...more

Findings from ICO Visits to Credit Reference Agencies

On September 30, the UK Information Commissioner’s Office (ICO) published a review of the manner in which personal data is processed by credit reference agencies (CRAs). Although the report focuses on CRAs, the ICO...more

Banking & Financial Services E-Note - September 2014

In This Issue: - CFPB to Regulate Nonbank Institutions That Fund Auto Loans - DOJ Suggests Banks Turn In Employees to Avoid Criminal Charges - Regulators Requiring Banks to Carry Higher Capital...more

Release of the iPhone 6 — Is Apple Riding the Security Wave?

Another month brings another reported massive data breach. On September 8, 2014, Home Depot confirmed that its payment data systems had been breached, potentially impacting customers using payment cards at the retailer’s US...more

Federal Financial Regulators Issue Warning on ‘Shellshock’ Security Vulnerability

The Federal Financial Institutions Examination Council (FFIEC) recently issued an alert warning financial institutions of a security vulnerability nicknamed “Shellshock” in software commonly used in servers and other...more

FTC Comments on the CFPB’s Foray into Mobile Financial Services, Emphasizing Its Extensive Consumer Protection Efforts in the...

Earlier this month, the Bureau of Consumer Protection of the Federal Trade Commission (FTC) submitted comments to the Consumer Financial Protection Bureau (CFPB) in response to the CFPB’s June 2014 request for information...more

GAO Says CFPB Needs to Improve Data Privacy and Security

To fulfill its statutory responsibilities, the CFPB collects large amounts of consumer financial data on credit card accounts, mortgage loans, and other products through one-time or ongoing collections. While the CFPB has...more

Five Basic Steps for Dealing with Cybersecurity Threats

Recent legal headlines have been filled with news about data breaches and lapses of information security across all sectors of the economy. Hospitals, colleges, and even major international retailers such as Target and Home...more

Financial Services Report - Fall 2014

In This Issue: - Beltway Report - Bureau Report - Mobile and Emerging Payments Report - Mortgage and Fair Lending Report - Operations Report - Preemption Report - Privacy...more

Cybersecurity Litigation Monthly Newsletter

As we discussed in July, Tiversa, a “cyber-intelligence” company, notified the FTC in 2009 that a file containing the personal information of about 9,300 LabMD patients was available on a peer-to-peer file sharing network....more

Mobile payments update

Any mobile payment this summer? As you probably know, this is an ever growing market. According to a study of the Politecnico of Milan, the new “Mobile and App Economy” was worth 25.4 billion euro in 2013 and can reach...more

Class Action Plaintiffs Look to Fair Credit Reporting Act for Private Relief from Data Breaches Involving Health Information

A recent class action brought against the University of Miami (“University”) previews what could become an emerging trend among plaintiffs’ class action attorneys to seek damages for the unauthorized disclosure of personal...more

Capital One to Pay Largest TCPA Settlement on Record

Capital One Financial Corp. (“Capital One”) and three collection agencies have agreed to pay one of the largest settlement amounts in history — $75.5 million — to end a consolidated class action lawsuit alleging that the...more

Calif. Law Does Not Bar Recording of Cell Phone Calls by Participants, Federal Court Rules

A California federal court recently ruled that the state’s call recording statute does not apply to cell phone call participants. This decision should help companies that record consumer calls for monitoring purposes defeat...more

New York Becomes First State to Propose Virtual Currency Regulations

On July 17, 2014, the New York State Department of Financial Services (DFS) became the first state agency to release proposed regulations specifically governing the crypto-currency industry. The proposed regulations were...more

Payment Cards Security Standards Organization Publishes Third-Party Security Assurance Guidance

On August 7, the PCI Security Standards Council (PCI SSC), the open global forum responsible for setting payment security standards, published an information supplement titled “Third-Party Security Assurance Guidance,” which...more

Dutch court rules that asking clients to share their personal banking security credentials is unlawful

On Wednesday 30 July 2014, the District Court of Midden-Nederland ruled in preliminary relief proceedings (kort geding) that AFAS Software B.V. (AFAS) is acting unlawfully and must desist from asking customers of ING Bank...more

FTC Examines Pre-Download Consumer Disclosures of Mobile Shopping Applications; Makes Recommendations Applicable to All Consumer...

Continuing its examination of consumer protection issues in the mobile payments sphere, on August 1, 2014, the FTC released a staff report examining the pre-download disclosures of mobile shopping applications to evaluate the...more

Cybersecurity as an Investment Risk

PricewaterhouseCoopers LLP (PwC) and Investor Responsibility Research Center Institute (IRRCi) have weighed in on the cybersecurity issue from an investor’s point of view in their paper called What investors need to know...more

SPECIAL ALERT: CFPB Proposes Significant Expansion Of HMDA Reporting Requirements

On July 24, the Consumer Financial Protection Bureau (the CFPB or Bureau) issued a proposed rule that would expand the scope of the Home Mortgage Disclosure Act (HMDA) data reporting requirements and streamline certain...more

Mobile Application: Security Best Practices

The industry for mobile applications is growing rapidly. As companies and independent developers look to gain—or strengthen—footholds in this competitive space, the Federal Trade Commission (FTC) asks, “… is security keeping...more

Honing in on the new rules for the transfer of personal data outside of the EEA

Although no major legislative milestones for the EU Data Protection Regulation have occurred since March 2014 (see status update here), there has been some progress over the late spring and early summer of 2014. One key item...more

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