Privacy Finance & Banking

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The CFPB Takes First Enforcement Action Related to Data Security Practices

The Consumer Financial Protection Bureau (CFPB ) has taken its first UDAAP action against a consumer financial service provider related to data security practices. Since its launch in December 2009, Dwolla, Inc. ("Dwolla"),...more

CFPB: The Quarterly Review - April 2016

If the first quarter is any indication, 2016 is going to be a busy year for the CFPB and market participants alike. The CFPB Speaks - Regulation by enforcement - On March 9, during his prepared remarks to...more

Privacy Tip #32 – Online banking privacy

I am no doubt one of the few individuals in the world that does not have an online banking account. I just know too much. Although banks have some of the highest security measures of any industry, they are also prime targets...more

FireEye report shows PoS attacks have compromised more than 20 million cards

FireEye recently issued a report that indicates that bank card data of over 20 million individuals has been compromised since 2014. According to the report, point of sale attacks that have affected the retail and hospitality...more

Blog: European Parliament: Opinion on virtual currencies – regulation’s on its way (part 2)

The European Parliament’s Internal Market & Consumer Protection Committee has published an Opinion about virtual currencies. In the Opinion, which was prepared by rapporteur Ulrike Trebesius, the Committee calls on the...more

Governor of the US Board of Governors of the Federal Reserve System Addresses Challenges of Distributed Ledger Technologies

Federal Reserve Board Governor Lael Brainard, in a speech given at the Institute of International Finance Blockchain Roundtable, discussed the key challenges involved in the use of distributed ledger technologies in payment,...more

EBA Publishes Final Report on Provision of Information in Summary or Collective Form

On April 19, 2016, the European Banking Authority published its final report providing guidelines on the provision of information in summary or collective form for the purposes of Article 84(3) of Directive 2014/59/EU. ...more

Venture Capital Coast to Coast – April 2016

VC WATCH - The Venture Capital “Reset” – We Were Expecting You - Venture capital fundraising declined in 2015, with total money raised down more than 9 percent and a 13 percent decrease in the number of fund...more

UK Financial Regulatory Developments - April 2016 #16

Payments UK launches Standards Collaboration Framework - Payments UK has launched a new Standards Collaboration Framework to help the industry better access and implement the standards it relies on. Payments UK also...more

Negotiating Cybersecurity Contractual Protections for Retirement Plans

The ERISA Advisory Council1 recently announced that, as part of its goals for 2016, it will be focusing on cybersecurity issues affecting retirement plans and, in particular, the extent to which such issues relate to...more

UK Financial Regulatory Developments - April 2016 #15

ESAs finalise proposal for RTS on KIDs for PRIIPs - The Joint Committee of the ESAs has finalised its proposal for regulatory technical standards (RTS) on key information documents (KIDs) for packaged retail and...more

Cybersecurity Compliance Just Got Tougher

Companies need specific, well-executed plans to meet growing demands of federal and state agencies. While cybersecurity risks have increased, government regulation has traditionally lagged behind. Recently, some...more

Investment Management Update - April 2016

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management...more

What You Need To Know About The FCA’s Business Plan For 2016/17

On 5 April 2016, the UK Financial Conduct Authority (FCA) published its Business Plan for 2016/17. The Business Plan sets out a roadmap for the FCA’s principal areas of focus over the coming year. Overall, there was...more

Seventh Circuit (Again) Finds Consumers Have Standing To Sue Over Data Breaches

On April 14, 2016, the Seventh Circuit held in Lewart v. P.F. Chang’s that customers who may have had personal information compromised in a P.F. Chang’s data breach have standing, at the motion-to-dismiss stage, to sue the...more

CFPB Steps Up Scrutiny of FinTech Companies

On March 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will begin collecting complaints from consumers about online marketplace lenders, signaling its intention to increasingly regulate the...more

TCPA Exemption for Collection of Federal Debts Applies Retroactively, CA Federal Court Rules

The new Telephone Consumer Protection Act (TCPA) exemption for calls made to cellular numbers to collect debts owed to or guaranteed by the United States applies retroactively to calls made before the exemption's effective...more

Employment Law This Week: Paid Parental Leave, NLRB’s Top Issues, Health History Forms, Final Fiduciary Rule [Video]

We invite you to view Employment Law This Week - a weekly rundown of the latest news in the field, brought to you by Epstein Becker Green. We look at the latest trends, important court decisions, and new developments that...more

44,000 FDIC customers’ data “inadvertently” taken by former employee

In a memo outlining a security incident as required by the Federal Information Security Modernization Act of 2014, the FDIC has admitted that the data of 44,000 FDIC customers was “inadvertently” taken by an employee as the...more

Boston Fed President Comments on the “Ever-Changing” Nature of Cyber Risk

On April 4, the Federal Reserve Bank of Boston’s President Eric S. Rosengren delivered remarks at the 2016 Cybersecurity Conference. Rosengren commented on the status of the U.S. economy and the “ever-changing” nature of...more

FTC Releases 2015 Annual Highlights

On April 6, the FTC released its 2015 Annual Highlights report, which is comprised of four key sections: (i) enforcement; (ii) policy; (iii) education; and (iv) stats and data. Regarding enforcement highlights in 2015, the...more

FDIC’s Corporate Governance Guidance Reinforces Board of Directors’ Role in Cybersecurity Preparedness

The Federal Deposit Insurance Corporation has long considered a community bank’s board of directors as one of the most important elements in the successful operation of a bank. Nearly thirty years ago, the FDIC issued its...more

How Many Times Do We Have to Tell You Not to Open the Cat Video

Everyone has been in a movie theater when one of the actors approaches that door to the basement behind which strange noises are coming. They reach out to turn the knob and in unison the audience is thinking “Fool, haven’t...more

In Case You Missed It: Launch Links - April 2016

Some interesting links we found across the web this week: - Startup Funding Deals Fall to Lowest Level in Four Years - The Q1 numbers came in this week and they’re not pretty, showing the fewest total venture...more

Valuable Information Security Lessons from the Olympus Mortgage vs. Guaranteed Rate Case

Late last month a jury awarded Mount Olympus Mortgage Company (MOMC) more than $25 million for their claims against Guaranteed Rate (Guaranteed), which alleged Guaranteed along with other former employees of MOMC illegally...more

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