Privacy Finance & Banking Consumer Protection

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California Bill Imposes Tough Data Retention Restrictions and Broad Liability for Customer Data Breaches

In response to the recent high-profile data breaches involving the personal and financial information of millions of consumers, California legislators have advanced a bill that would hold businesses doing business in...more

Cybersecurity Issues in the Financial Services Industry: Fasten your cyber belts, it's going to be a bumpy night

Few topics are as hot as cybersecurity. Recent high-profile data breaches at national retailers have made cybersecurity a frequent topic on Capitol Hill and an issue of growing concern to average Americans. Not surprisingly,...more

FFIEC Advises Financial Institutions On “Heartbleed” Risks

On April 10, the FFIEC issued an alert advising financial institutions of risks associated with “Heartbleed”, a recently discovered material security vulnerability in a commonly used encryption method known as the OpenSSL...more

CFPB general counsel gives glimpse into CFPB’s upcoming agenda

On Monday, April 7, CFPB General Counsel Meredith Fuchs warned that debt collection, payday lending, prepaid cards and privacy notices are priorities for the Bureau in the coming months. Appearing before the Practicing Law...more

FTC Announces Settlements with Data Brokers over Alleged FCRA Violations

The Federal Trade Commission recently announced two more settlements with data brokers for alleged violations of the Fair Credit Reporting Act (FCRA). The settlements with Instant Checkmate, Inc., InfoTrack Information...more

Agencies Issue Denial of Service Guidance and Guidance on ATMs

On April 3, the members of the Federal Financial Institutions Examination Council (FFIEC), including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union...more

Closing The Gap Between Privacy Policies And The Use Of Portable Storage Devices

The Office of the Privacy Commissioner of Canada has released its Report of Findings from a year-long investigation into a significant incident involving the loss of personal data at the former Ministry of Human Resources and...more

Visa, MasterCard Announce Payment Security Working Group

On March 7, Visa and Mastercard announced the formation of a cross-industry payment security working group, which the payment system providers state will be focused on “enhancing payment system security to keep pace with the...more

EBA Report on Consumer Trends 2014

On February 28, the European Banking Authority (EBA) published a report on consumer trends in the areas of consumer protection and financial innovation as well as the approaches the EBA will be taking in 2014 to address them....more

Comptroller Curry Comments On Outsourcing Risks

On March 4, Comptroller of the Currency Thomas Curry addressed the annual meeting of the Independent Community Bankers Association where he stressed the need for banks to effectively manage risk presented by the outsourcing...more

New Report on PCI-DSS Compliance Finds Room for Improvement

Data breaches are increasingly common, with an estimated $11 billion in global credit-card fraud in 2012 alone. Yet according to a new report, many organizations still fail to take the necessary security measures to prevent...more

CFTC Staff Issues Best Practices for Customer Information Safeguards

The CFTC’s Division of Swap Dealer and Intermediary Oversight issued a Staff Advisory outlining recommended best practices for covered financial institutions to comply with Title V of the Gramm-Leach-Bliley Act of 1999...more

New Privacy Regulations Exempt Commercial Credit Providers From EDR

Commercial credit providers and utilities are not required to join a recognised external dispute resolution scheme to participate in credit reporting until 12 March 2015. ...more

CFTC Issues Advisory on Compliance with Gramm-Leach-Bliley Act Security Safeguards

On February 26, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission issued Advisory 14-21 to provide futures commission merchants, commodity trading advisors, commodity...more

FTC, PIRG complaint reports highlight consumer dissatisfaction with debt collection industry

The FTC released its annual Consumer Sentinel Network Data Book on February 27, 2014, providing national and state-by-state data on consumer complaints received by the FTC, all U.S. and Canadian Better Business Bureaus, the...more

Attorney General Holder Calls on Congress to Establish Strong National Data Breach Notification Standard

Yesterday, in his weekly video address, Attorney General Eric Holder urged Congress to create a national data breach notification standard requiring companies to quickly notify consumers of a breach of their personal or...more

FRB Proposes to Repeal Regulations P and DD and Amend Regulation V

The FRB issued a Notice of Proposed Rulemaking to repeal its regulation implementing the Truth in Savings Act, Regulation DD, and the regulation implementing the provisions of the Gramm-Leach Bliley Act protecting the privacy...more

Cyber-Security in Corporate Finance

The ICAEW has partnered with a task force, including the Law Society, the London Stock Exchange, the Takeover Panel and the Confederation of British Industry, to publish a guide on ‘Cyber-Security in Corporate Finance’ for...more

Senate Committees Hold Data Security Hearings

On Monday, February 3, and Tuesday, February 4, the Senate Banking and Senate Judiciary Committees (respectively) held hearings on the topic of data security and breach notification. Witnesses at both hearings included...more

CFPB Issues Advisory Regarding Recent Retailer Data Breaches; Congressional Activity Increases

On January 28, the CFPB issued a consumer advisory in response to recent reports of data breaches at several large retailers. In addition to providing tips for consumers in the wake of a retail breach, the advisory encourages...more

3 Bitcoin Lessons for Designing a Private and Secure Payment System

Although reasonable people may disagree about whether Bitcoin is that ideal payment system, Bitcoin is worth studying for its privacy and security lessons and its potential to emerge as an important additional payment system....more

CFPB issues data breach advisory for consumers

In the wake of the recent publicity about data breaches at several major retailers, the CFPB has issued a consumer advisory. Written in easy to understand language, the advisory describes steps consumers can take to protect...more

Are You Another Target for Hackers? 2014 Cybersecurity Risk Disclosure Reminder

As calendar-year public companies approach annual reporting season, issuers should consider whether or not their current risk factor disclosures, as well as their “forward looking statements” language, are adequate in light...more

New Personal Data Protection Law

On 21 May 2013, the Parliament of the Republic of Kazakhstan adopted the Law “On Personal Data” (the “Personal Data Law”), which entered into force on 25 November 2013. The Personal Data Law affects all commercial and...more

Broker-Dealer Cybersecurity: Protect Yourself or Pay the Price

In its recently issued 2014 Regulatory and Examination Priorities Letter, FINRA stated that cybersecurity remains a priority given the ongoing cybersecurity issues reported across the financial services industry, including...more

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