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China’s New Cybersecurity Policies: Is the Price of Compliance Worth the Risk of Disclosure?

Tensions recently escalated in the United States and China’s ongoing exchange over online security and technology policies, as China adopted the first in a series of policies it previously approved at the end of last year. ...more

FFIEC Provides Overview of Cybersecurity Priorities

On March 17, the FFIEC released a summary of its cybersecurity priorities for the remainder of 2015. The FFIEC intends to enhance its cybersecurity preparedness in seven main ways: (i) issuing a cybersecurity self-assessment...more

CFPB Issues Compliance Bulletin On Confidentiality of Supervisory Information

On January 27, 2015, the Consumer Financial Protection Bureau (“CFPB”) issued a compliance bulletin reminding supervised financial institutions (including large depository institutions, credit unions and their affiliates,...more

Financial Institutions File Class Action Suit In Response to Data Breach

On March 13, a federal credit union filed a class action suit against a national retailer and parent company, alleging their actions during a September 2014 data breach injured credit unions, banks, and other financial...more

Cybersecurity: Mitigating the Legal Risks of On-Line Banking With Business Customers

On-line or electronic banking (“e-banking”) offers many well-known advantages to financial institutions engaged in banking and to their business customers. A significant risk of on-line bank accounts for both financial...more

Update: Proposed Settlement in Target Data Breach Litigation

The proposed settlement agreement in the Target data breach consumer litigation that we reported on on March 19, 2015 has been approved by the judge, and a final approval hearing set for November 10, 2015. Based on this...more

New York Attorney General and Credit Bureaus Reach Deal Affecting Furnishers of Information to Credit Bureaus

The New York Attorney General announced a settlement with credit bureaus Equifax, Experian and TransUnion regarding credit reporting policies and practices, including methods of addressing inaccuracies identified by...more

EMV Credit Cards Are Coming, But Consumers Must Stay Vigilant

Major credit card companies, including Visa, MasterCard, Discover, and American Express, have announced plans to switch to EMV cards in the United States over the course of 2015. ...more

Food Industry Continues to Face Data Privacy and Security Risk

In 2014, grocers and restaurants continued to be plagued by attacks leading to the theft of credit card information. Among others, Supervalu Inc. and Jimmy John’s both experienced intrusions in 2014, extending the string of...more

Financial Services Report - Spring 2015

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

Massachusetts Mortgage Lender Fined For Conducting Business at Unapproved Branch Location

On February 27, the Massachusetts Division of Banks entered into a consent order with a mortgage lender resolving allegations that it violated state and federal regulations. Under the terms of the consent order, the mortgage...more

Alert: The Second Payment Services Directive

The first Payment Services Directive (PSD1) was proposed by the European Commission in 2005, and adopted by the European Parliament and Council in 2007. ...more

President Obama’s Proposed Privacy Bill of Rights - Part 3: Who’s Covered

This week we have brought you a multi-part series analyzing the Obama administration’s proposed Consumer Privacy Bill of Rights, which would require greater transparency by businesses in their privacy practices, and grant...more

New Measures Clarify Consumer Protection Rights in China, Stipulate Penalties for Misconduct

On Jan. 5, 2015, the Chinese State Administration for Industry and Commerce (“SAIC”) promulgated the Penalty Measures for Infringement on the Rights and Interests of Consumers (the “Measures”), which will take effect on March...more

Two-Factor Authentication May Be Coming to a Bank Near You

When I was at the SEC and online broker-dealers’ customers were the victims of hacking incidents, I used to wonder, why don’t the broker-dealers require multi-factor authentication to gain access to accounts? It was a silly...more

What General Counsel Need To Know About The Latest Cybersecurity Developments

In the wake of reported security breaches at a number of significant financial institutions, cybersecurity is garnering more attention and concern than ever before — both within the financial services industry and among...more

Boom or Bust? Cyber Security and Data Breach Loss in Latin America

Every day in the news we are assaulted by reports of cyber security and data breaches of industry giants, major retailers and financial conglomerates that compromise the privacy and security of millions. In the wake of such...more

FINRA Issues its Cybersecurity Report, Providing Tools and Encouragement to Broker-Dealers

FINRA recently issued a Report on Cybersecurity Practices (“Report”), growing out of its targeted examination of firms last year. To issue the Report, FINRA gave careful consideration to the needs of many broker-dealers for...more

Standing in Data Breach Cases – Still a Moving Target

Where do we stand on standing in data breach cases? It depends on which court you ask. In December 2014, two courts considered whether plaintiffs alleged sufficient injury in their complaints involving well-known data...more

Communicating with Family Members After the Death of a Customer

Your bank customer has died. Her husband, who is well known to the bank, calls to discuss his deceased wife’s account and seeks to “add” his name to the account so he can access some of the funds for funeral expenses. You...more

Eye on Privacy Newsletter - February 2015

In this issue: - Privacy and Data Security in Transactions: What's the Deal? - Consumer and Financial Institution Class Actions Survive Motions to Dismiss in Target Data Breach Litigation - California Amends...more

Industry Trade Groups Urge Congress to Pass Legislation to Protect Consumers from Data Breaches

On February 12, seven industry trade associations co-authored a letter to Congress regarding anticipated data breach legislation. The letter urges Congress to protect its constituents from the impact of identity theft and...more

Protecting Consumer Data in Sale of Debt Portfolio

On February 5, 2015, the Federal Trade Commission sent a letter to the Consumer Financial Protection Bureau (“CFPB”) describing its consumer protection efforts in 2014 in the area of debt collection. As reflected in the...more

Update on President Obama’s “Summit on Cybersecurity and Consumer Protection,” Part III: Five Key Lessons for Business

Concluding our three-part analysis of the White House’s first Summit on Cybersecurity and Consumer Protection, we turn to some practical advice coming out of the Summit’s afternoon session, including an address by Maria...more

Time for an Updated Cyber Risk Approach; BPI Data Breach

Our traditional approach to cyber risk and security has been focused on privacy and financial data. The data breach or loss concerns that typically rank high on our risk ratings are private and confidential data like names...more

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