Privacy Finance & Banking Consumer Protection

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Payment Method Security and the Expanding Role of Chip & Pin

With the increased awareness of major data breaches and the ever-expanding prevalence of credit card fraud, payment transaction security has become an important discussion in this country. ...more

House passes regulatory reform bills

Earlier this week, the House of Representatives, in bi-partisan votes, passed the following regulatory reform bills: The “Eliminate Privacy Notice Confusion Act, H.R. 601, would create an exemption from the Gramm-Leach-Bliley...more

Consumer Protection and Your Business

You’ve been hearing for a while now that the regulatory environment has been changing, and you follow the Consumer Financial Protection Bureau (“CFPB”) alerts to see if this new regulator will be looking at your type of...more

Update on State Breach Notification Laws

In the first few months of 2015, a number of states have introduced data breach notification bills and proposed legislative amendments designed to enhance consumer protection in response to increasingly high profile data...more

Report Highlights Bank Vendor Cybersecurity Vulnerabilities

On April 9, the New York State Department of Financial Services (NYDFS) released a report on bank vendor cybersecurity that highlights the risk that hackers will use third-party service providers to gain access to bank data....more

Congressional Payments Technology Caucus Formed

Innovation in the payments industry continues to accelerate as both established and emerging companies invest significant resources in the development of new payment systems and technologies. Recognizing the challenge that...more

FFIEC’s Seven Cybersecurity Priorities for 2015

While others were waiting for spring to arrive, community bank officers and directors were waiting for the Federal Financial Institutions Examination Council (FFIEC) to provide additional guidance on its cybersecurity...more

FFIEC Releases Statements on How Financial Institutions Can Identify and Mitigate Cyber Attacks

On March 30, the FFIEC announced two separate statements regarding cyber attacks at financial institutions: Statement on Destructive Malware and Statement on Compromising Credentials. The statements come in light of the...more

Financial and Merchant Industries Group and Obama Administration to Address Privacy Concerns

On behalf of its 19 participating trade association members from the merchant and financial services industries, the Merchant Financial Cyber Partnership (MFCP) announced "8 Next Steps" to protect customers and their...more

Obama Administration Recognizes Cyber Threats to U.S. Critical Infrastructure as a National Emergency

Many cybersecurity experts have warned that the United States is already engaged in covert cyber warfare against hostile actors around the world. The latest cybersecurity Executive Order reflects formal recognition that,...more

President Obama Issues New Executive Order Authorizing Sanctions Against Cyber Attackers

President Obama issued an Executive Order (the “Order”) on April 1, 2015 that authorizes financial sanctions against certain “persons” (including both individuals and entities) designated by the Treasury Secretary to be...more

[Webinar] Compliance with EU Data Protection for US Companies - April 29, 1:00-2:00 EDT

This webinar, the fourth in our Privacy Series, will consider issues faced by US companies who do business in Europe or simply interact with European customers. We will look at how to determine whether EU data protection laws...more

Treasury Deputy Secretary Raskin Delivers Remarks On Cyber Security

On March 25, Department of the Treasury’s Deputy Secretary Raskin delivered remarks regarding the agency’s efforts to enhance cybersecurity as the number of cyber-attacks continue to increase. Raskin outlined three specific...more

New rules on mobile payments!

Time is up for companies operating in the mobile payments’ arena, as from April 1, 2015 the new set of rules issued by the Italian Data Protection Authority (Garante per la protezione dei dati personali, the “Italian DPA”)...more

Update on Cybersecurity Issues – New York Section 308 Letter & NAIC Spring National Meeting

Cybersecurity continues to be an emerging regulatory issue in the insurance industry, as evidenced by recent actions taken by the New York Department of Financial Services (the “DFS”) and the National Association of Insurance...more

New York Regulators Implement New Measures to Strengthen Cybersecurity in the Insurance Industry

The February 4, 2015 announcement of a data breach at a national health insurer highlighted the need for tighter cybersecurity measures in an industry entrusted with the security of large amounts of sensitive personal...more

Wyoming Broadens Data Breach Notification Law

Wyoming recently joined the list of states passing laws that broaden the scope of their data breach notification laws. On March 2, 2015, Wyoming signed into law two bills (S.F. 35 and S.F. 36) that expand the definition of...more

NYDFS to Collect Data on Cyber Security, but Could Hackers Use This Database as a Road Map to Launch Targeted Attacks?

On March 26, 2015, the New York State Department of Financial Services (NYDFS) announced that it is broadening the scope of questions and topics in its current information technology (IT) examination framework. In addition,...more

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

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