Privacy Finance & Banking Consumer Protection

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FTC $19 Million Settlement with Google: Unauthorized In-App Charges Are Not Child’s Play

The FTC recently approved a final Order resolving allegations that Google unfairly billed customers millions of dollars for unauthorized charges made by children using mobile apps downloaded from the Google Play app store....more

Deputy Treasury Secretary Discusses Cybersecurity Checklist for Banks

Deputy Treasury Secretary Sarah Raskin, who recently spoke at the Texas Bankers’ Association Executive Leadership Cybersecurity Conference, provided bank executives and boards some guidance on preventing, preparing for and...more

Massachusetts Fines Bank for Data Breach

On December 8, a large bank settled with the state of Massachusetts for $825,000 over a data breach that exposed the personal information of at least 260,000 customers. In March 2012, the bank allegedly lost unencrypted...more

Lawmakers Query Banks About Data Security

Why it matters - Suffered a cyber attack over the last year? Members of Congress want to hear about it, and all financial institutions should be prepared to competently respond to government inquiries if they are a...more

SEC Issues Regulation SCI Upping Information Security Requirements for Key Market Participants

The SEC today published in the Federal Register its Regulation SCI (Regulation Systems Compliance and Integrity), which requires key market participants to have and implement written policies and procedures reasonably...more

Executive Order Mandates Heightened Data Security Measures for Government Agencies

On October 17, 2014, President Obama signed an executive order for its BuySecure Initiative requiring government agencies to transition payment processing terminals and credit, debit and other payment cards to employ enhanced...more

Legal Issues With Mobile Payments

A short time ago, I stopped to pick up the family dry cleaning when an alert from a pharmaceutical retailer that noticed I was nearby popped up on my mobile phone. “Slide to activate your digital rewards card and come in for...more

Technology may reduce fraud but doesn’t fix regulatory confusion

President Barack Obama recently announced the administrtion’s BuySecure initiative. At a meeting at the Consumer Financial Protection Bureau Oct. 17, the president outlined the program, aimed at increasing the security of...more

EDPS has published Guidelines on Data Protection in EU Financial Services Regulation

On November 25, the European Data Protection Supervisor (EDPS) published guidelines on data protection in EU financial services regulation. The EDPS aims to ensure that the EU institutions and bodies are aware of data...more

Financial Institutions May Post Online Privacy Disclosures

The Consumer Financial Protection Bureau ("CFPB") recently amended Regulation P, which requires – in connection with the Gramm-Leach-Bliley Act – that financial institutions provide an annual disclosure of their privacy...more

Handling Customer Data In The Banking Industry

The Office of the Privacy Commissioner for Personal Data in Hong Kong (PCPD) on 6 October 2014 released new Guidance on the Proper Handling of Customers' Personal Data for the Banking Industry (Guidance Note). The...more

Lawmakers Seek Details On Consumer Data Breaches From Financial Institutions

On November 18, 2014, several major financial institutions received requests from lawmakers for detailed information about recent data breaches and for briefings from their corporate data security officials. The lawmakers...more

Congressional Leaders Send Letters to Financial Service Providers Regarding Data Breaches

On November 18, Representative Elijah Cummings (D-MD) and Senator Elizabeth Warren (D-MA) sent letters to 16 financial service institutions regarding recent data breaches. The letters requested that the institutions provide...more

Privacy Tuesday - November 2014 #2

Here are three privacy stories to start your week - 1. Dear “financial institution” : how is your data security?! Senator Elizabeth Warren (D-Mass) announced (press release) that on November 18 the Senator...more

TCPA Connect - November 2014

Ruling on ATDS Capability, California Court Dismisses TCPA Suit - Siding with courts that evaluate a system’s present – not potential – capacity to store or produce telephone numbers when considering whether a system...more

NY Financial Regulators Push Institutions to Tighten Cybersecurity

Following a string of publicly disclosed cyberattacks against both retailers and financial institutions, New York's top financial regulator called on the financial sector to be more proactive in its cybersecurity efforts. A...more

PCI-DSS 3.0's Focus on the Data Security Practices of Service Providers

Preventing the unauthorized access to and fraudulent use of credit and debit cards has been a high priority of the payment card industry for years. As the threat environment evolves, so too do the applicable data security...more

FFIEC: Financial Institutions Need to Share Cyberthreat Information

Why it matters: Financial institutions of all sizes need to share cyberthreat information with each other, the Federal Financial Institutions Examination Council (FFIEC) urged based upon an assessment performed of the...more

Just In Time for the Holidays: More Security Requirements From NIST

National Institute of Standards and Technology (NIST) has published draft recommendations aimed at securing the confidentiality of sensitive federal information located within non-federal entities’ information technology...more

FCC Accepting Comments on ABA Petition to Exempt Data Breach Notification Requirements from the TCPA

On November 6, 2014, the Federal Communications Commission (“FCC”) issued a Public Notice requesting comments on a petition by the American Bankers Association (“ABA”) to exempt informational calls and texts to mobile devices...more

FTC Settles With Debt Broker That Posted Consumer Financial Information

The Federal Trade Commission (“FTC”) has settled a complaint against consumer debt broker Bayview Solutions, LLC, as well as its principal, Aron Tomko, based on allegations that they had publicly disclosed the personal...more

Online Privacy Notice Rule Finalized by CFPB

Why it matters - A rule allowing financial institutions to post their annual privacy notices online (rather than having to mail them to customers individually) has been finalized by the Consumer Financial Protection...more

Data Privacy And Cybersecurity For Investment Funds

In This Presentation: - WHY IS DATA PRIVACY AND SECURITY IMPORTANT? ..Why is it important to protect data? ..SEC Cybersecurity Risk Alert ..FINRA Scrutiny - BEFORE THE BREACH ...more

American Bankers Association Asks FCC for Exemption From TCPA Liability

Why it matters - Seeking an exemption from Telephone Consumer Protection Act (TCPA) liability, the American Bankers Association (ABA) filed a petition with the Federal Communications Commission (FCC) to allow financial...more

Bank to Make $850,000 Payout for 2012 Data Breach

A major national bank will pay $850,000 for allowing a data breach to compromise the personal information of 260,000 of its customers. Nine states — Connecticut, Florida, Maine, Maryland, New Jersey, New York, North Carolina,...more

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