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Cybersecurity Risk: Latest Guidance from Bank Examiners

The Office of the Comptroller of the Currency has indicated in a recent bulletin that its examiners will gradually incorporate a Cybersecurity Assessment Tool into its examinations of national banks and other institutions...more

FINRA Fines Lincoln Financial Sub $650,000 For Cybersecurity Shortcomings

A Lincoln Financial Group subsidiary agreed to pay $650,000 to the Financial Industry Regulatory Authority (FINRA) to resolve allegations that it failed to implement sufficient security policies to protect confidential...more

FINRA forces firms into the weeds on security policies

The Securities and Exchange Commission continues to be active in the area of cybersecurity. A recent Letter of Consent issued by the agency’s Financial Industry Regulatory Authority (FINRA) contained some startling new...more

FinCEN: Cyber Events Should Be Reported via SARs

The Financial Crimes Enforcement Network (FinCEN) reminded banks that they are required to report cyber-enabled crime and cyber events just like any other suspicious activity. What happened - Observing that...more

Federal Regulators Unveil Proposed Cybersecurity Standards for Large Financial Firms

On October 19, 2016, federal regulators issued an Advance Notice of Proposed Rulemaking titled “Enhanced Cyber Risk Management Standards.” The draft standards, jointly released by the Federal Reserve, the Federal Deposit...more

New York and Feds Leading the Charge on Financial Institution Cybersecurity Regulations

Both federal and state officials recently proposed new regulations aimed at the financial sector in an effort to promote protection against high-impact technology failures and cyberattacks...more

Federal Regulators Seek Comments on Proposed Cybersecurity Rulemaking

The Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) released joint Advanced Notice of Proposed Rulemaking addressing enhanced cybersecurity...more

Unpacking New York’s Cybersecurity Regulation: Part 1 in a 3-Part Series

This is the first installment in a three-part series examining the New York State Department of Financial Services (“DFS”) new cybersecurity regulation. The Patterson Belknap Privacy and Data Security Team has studied the...more

Disclosing personal data – new protections for regulated sector firms?

New protections are being proposed in the UK to allow regulated sector firms to share information regarding suspicions relating to money laundering and terrorist financing, in circumstances where law enforcement has been...more

Proposed NY Cybersecurity Regulations to Impose Rigorous Requirements on Financial Services Companies

The New York State Department of Financial Services recently announced proposed cybersecurity requirements that would apply to financial services companies, insurance companies and banks. Aimed at protecting customer...more

D.C. Court of Appeals checks, then balances CFPB’s power

A cornerstone of the Dodd-Frank Wall Street Reform and Consumer Protection Act was the creation of the Consumer Financial Protection Board (“CFPB”). The CFPB, as envisioned by the legislation, would be the independent...more

FinCEN Issues Advisory on the Reporting of Cyber-Events and Cyber-Enabled Crimes

The Financial Crimes Enforcement Network, or FinCEN, an arm of the United States Department of the Treasury, issued an advisory last week to remind financial institutions of their obligations to report cyber-events on...more

Nutter Bank Report, October 2016

Court Overturns RESPA Ruling and Holds That the CFPB is Unconstitutionally Structured The United States Court of Appeals for the District of Columbia Circuit has overturned an enforcement action under Section 8 of the...more

FinCEN Issues Advisory on Cyber Crime

On October 25, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) published an Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime and an accompanying Frequently Asked...more

Should Banks Be Held to Higher Standard in Data Breach Cases?

In a cautionary tale for banks, a federal court judge in Illinois dismissed a lawsuit filed by Community Bank of Trenton after concluding the bank’s sophisticated business dealings required a higher standard than consumer...more

Just Released Proposed Cyber Risk-Management Update for the Financial Sector

On October 19, US banking agencies released an advanced notice of proposed rulemaking (ANPR) seeking comments on enhanced cybersecurity standards. These standards potentially would apply to ..US bank holding companies...more

Mortgage Industry Seeks Exemption Under TCPA

The Federal Communications Commission (FCC) is expected in the near term to decide the fate of an exemption sought by the Mortgage Bankers Association (MBA) over the Telephone Consumer Protection Act's (TCPA) prior express...more

Banking Regulators Invite Comment On Cybersecurity Standards For Large Banks

On Thursday, October 20, the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation jointly issued an advance notice of proposed rulemaking, requesting comments on...more

FFIEC Releases Answers To FAQs About Cybersecurity Assessment Tool

On October 17, 2016, the Federal Financial Institutions Examination Council (“FFIEC” or the “Council”) released a set of answers to frequently asked questions about its cybersecurity assessment tool (the “CAT”). The FFIEC, an...more

NYS Cyber Crack Down Looms: What Every Financial Institution, Insurer and Their Board Must Know

With the public comment period closing in a few days, the New York Department of Financial Services (DFS) “first in the nation” cybersecurity regulation is one step closer to becoming law. The regulation – which covers a...more

Cybersecurity Requirements Proposed for New York Financial Companies

The New York Department of Financial Services has proposed new cybersecurity regulations “designed to promote the protection of customer information as well as the information technology systems of regulated entities...more

The New York State Department of Financial Services Proposes Robust Cybersecurity Rules

On September 13, 2016, the New York State Department of Financial Services (DFS) proposed new rules that would require certain “Covered Entities” to establish and implement cybersecurity programs designed to protect nonpublic...more

Bitcoin: Cybersecurity Regulations on the Horizon?

As legislators grapple with creating legislation intended to bring virtual currencies, such as bitcoin, within the scope of anti-money laundering regulations, the vulnerability of Bitcoin exchanges to theft and other cyber...more

Federal Reserve Board’s OIG Issues Reports Highlighting The Importance of Cybersecurity

In two reports issued on September 29, 2016, the Federal Reserve’s Office of Inspector General (“OIG”) discussed major management challenges facing the Federal Reserve Board (the “Board”) and the Consumer Financial Protection...more

Breaches of Mobile-Banking Apps — What can you do?

American banks maintain many levels of protection against fraud. Institutions accurately and quickly can detect suspicious account activity, credit-card charges and funds transfers. But it seems the sophisticated software...more

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