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Privacy Finance & Banking

Read Privacy Law updates, news, and legal commentary from leading lawyers and law firms:

Equifax Week Two: Hack Headaches Continue

The barrage of bad news for Equifax Inc. keeps getting worse. Here’s a recap of yesterday’s events: ? Mass AG Files Lawsuit – In the first enforcement action filed against Equifax Inc., the Massachusetts Attorney General...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Systemic Risk Council—a heady group of “former top financial regulators, regulators, policymakers and academics”—is warning that the rollback of Dodd-Frank and other financial regulators could lead to bank failures and...more

Equifax: The Empire State Strikes Back

Yesterday, New York Governor Andrew M. Cuomo announced that he has directed the Department of Financial Services (DFS) to issue a new regulation requiring “credit reporting agencies to register with” the DFS, as well as...more

Equifax Data Suppliers Urged by DFS to Give Hack “Highest Degree of Attention”

Yesterday, New York’s top financial regulator asked state-chartered banks and insurers to take immediate precautions to protect consumers and the financial markets “in light of the cybersecurity attack” at Equifax Inc....more

Protection of servicemembers, Equifax data breach provide mistaken justifications for CFPB arbitration rule

by Ballard Spahr LLP on

In a mistaken attempt to justify the CFPB’s arbitration rule, supporters are pointing to the need to protect the rights of military servicemembers and the recent Equifax data breach. On September 20, Democratic Senator Jack...more

Equifax Week Two: It Keeps Getting Worse

The drumbeat of bad news continues for credit monitoring agency Equifax Inc., after its disclosure on September 7th of a massive data breach – compromising Social Security numbers, dates of birth and other personally...more

Legal Implications and Initial Takeaways from the Equifax Data Breach

On September 7, Equifax, one of three nationwide credit-reporting agencies that compile and evaluate the financial history of consumers, announced that it suffered a security breach in which sensitive information of...more

So…Everyone’s Been Compromised? What To Do In The Wake Of The Equifax Breach

by Dickinson Wright on

By now, you’ve probably heard that over 143 million records containing highly sensitive personal information have been compromised in the Equifax data breach. With numbers exceeding 40% of the population of the United States...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The CFPB issued a no-action letter to Upstart Network this week that will allow the online lender to “continue using alternative credit data to evaluate borrowers in exchange for providing data to the federal consumer finance...more

After Equifax: What Should the Public Do?

As we have discussed in previous posts, Equifax Inc. suffered a cybersecurity breach potentially affecting 143 million individuals in the United States. Although Equifax’s investigation is ongoing, the data at risk includes...more

The Equifax Breach: Protecting Yourself Against Threats to Your Finances and Identity

On September 7, U.S. credit reporting agency Equifax reported that it had been hacked and more than 140 million people might have had their information stolen. The breach could have global implications: Equifax has stated...more

Equifax Breach is a Category 5 Incident Affecting You – Our Recommendations on How to Safeguard Your Data

On September 7, 2017, Equifax announced what appears to be the largest breach of consumer data in US history. According to Equifax, it discovered on July 29, 2017 that it had suffered a cyber-attack which lasted from May to...more

Equifax Breach: Three Takeaways from the First Four Days

by Mintz Levin on

On September 7, 2017, Equifax, one of the three large credit reporting bureaus, announced a cybersecurity incident impacting approximately 143 million U.S. consumers. According to Equifax, the breach occurred mid-May through...more

OCIE Releases Cybersecurity Risk Alert

by Bracewell LLP on

On August 7, 2017, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert summarizing its most recent cybersecurity examination findings. As a part of its Phase...more

Data Breach Exposing 143 Million Americans' Personal Information Hits Equifax

by Benesch on

Equifax, the international credit reporting agency, confirmed that a data breach exposed the personal information of approximately 143 million U.S. consumers. The breach occurred from May through July of this year. Breached...more

ETA To Hold Annual Fintech Policy Forum

by Ballard Spahr LLP on

The Electronic Transactions Association (ETA) will hold its Annual FinTech Policy Forum on September 14, 2017 at Google’s DC offices.  ...more

Equifax Announces Breach Affecting 143 Million Consumers

by Selman Breitman LLP on

On September 7, credit reporting giant Equifax Inc. announced that it had been hit by hackers over the summer exposing the names, birthdates, Social Security numbers, and other personal information of approximately 143...more

Hack Hangover: The News Keeps Getting Worse for Equifax

Since the massive data breach at Equifax Inc. was disclosed late Thursday, the news has only gotten worse for the Atlanta-based credit monitoring agency. Here’s a brief chronological recap of what we know so far...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Times’ tech guru—Farhad Manjoo—gets all indignant regarding the Equifax breach. Namely, if Equifax can’t handle its one job of safeguarding personal info, should it really be allowed to keep going at all now?...more

More Companies Must Comply with the Gramm-Leach-Bliley Act, But Don’t Know It. Are You One of Them?

by Dickinson Wright on

When the topic of data privacy and cyber security comes up, most people automatically think of data breaches, especially given the high-profile nature of so many of them. Breaches and hacks are certainly an issue about which...more

Equifax Hack: The Morning After

Within hours after Equifax disclosed yesterday that hackers had compromised the personal information of nearly 143 million Americans, the Atlanta-based credit reporting agency was hit with a class action lawsuit in U.S....more

8th Circuit Affirms Standing as Barrier in Data Breach Class Actions

by Hogan Lovells on

The U.S. Court of Appeals for the Eighth Circuit has become the latest appellate court to enter the contested debate over Article III standing in data breach litigation. The Eighth Circuit held that 15 of 16 named plaintiffs...more

Second Circuit Holds Contractually Provided Consent Cannot Be Revoked

by Burr & Forman on

Reyes v. Lincoln Automotive Financial Services, No. 16-2104-cv (2nd Cir. August 21, 2017) - Plaintiff leased a car from Defendant. A term of the lease stated: You [Reyes] also expressly consent and agree that Lessor...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Equifax is not exactly ending the week on a high note. The credit reporting agency revealed yesterday that a cyberattack [uncovered nearly 2 months ago] rendered potentially vulnerable the information of 143 million people....more

New York’s Cybersecurity Regulations For Financial Institutions Take Effect

by King & Spalding on

On August 28, 2017, regulations first announced by the New York Department of Financial Services (“DFS”) in September 2016 took effect, marking the start of the first compliance period for covered financial institutions...more

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Cybersecurity

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