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Banking By Phone Requires More Demanding Responsibilities for Bank Management and the Board of Directors

Competition and technology are demanding that banks provide more convenient payment choices for consumers. Consequently, banks are offering mobile financial services (MFS) that can be accessed through mobile devices such as...more

Democratic Senators Commission GAO to Study Fintech Industry

On April 18, Senators Sherrod Brown (D-OH), Jeffrey Merkley (D-OR), and Jeanne Shaheen (D-NH) sent a letter to the Government Accountability Office (GAO) requesting that it complete a study on the fintech industry. Under the...more

Public Mining of Securities Regulatory Big Data

An article in this weekend’s Wall Street Journal called for FINRA to make the database underlying its BrokerCheck® system (of reports on stockbroker registration and disciplinary history) more widely available for data mining...more

This Week in FCPA-Episode 1 [Video]

In this initial This Week in FCPA, Episode 1, Jay Rosen and I review this week's happenings in the world of FCPA. Today we discuss the 4th anniversary of the New York Times story about Wal-Mart in Mexico, the Harder guilty...more

How to Avoid or Respond to Wire Transfer Fraud

Businesses are increasingly falling victim to wire fraud scams – sometimes referred to as “man-in-the-email” or “business email compromise” scams. Although there are multiple variants, a common situation involves an attacker...more

Your daily dose of financial news The Brief – 4.20.16

As Yahoo took stock of its suitors yesterday, it released word that its business “continued to deteriorate in the first quarter, putting more pressure on the company to find a buyer quickly for its Internet operations.”...more

Stakeholders Weigh-in on the NIST Cybersecurity Framework

In February 2014, the National Institute of Standards and Technology (NIST) published the Cybersecurity Framework, a voluntary framework designed to provide a “cost-effective means for critical infrastructure to identify,...more

Government Seeks Civil Forfeiture of Funds Stolen in Business E-Mail Fraud

On April 14, 2016, the U.S. Attorney for the Southern District of New York filed a civil forfeiture action seeking to recover nearly $100 million stolen from an unidentified U.S. company through a form of wire fraud or...more

Your daily dose of financial news The Brief – 4.18.16

Major oil-producing countries failed to reach an agreement to cap production at meetings held this weekend at Doha. Expect markets not to take this news well – WSJ and Bloomberg... IPOs have been down—way down—in the...more

Financial Services Weekly News - April 2016 #2

Regulatory Developments - Cordray Testifies before Senate Banking Committee - On April 7, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the Senate Banking Committee during the...more

FCC Reveals Consumer Broadband Labels; CFPB Director Cordray Weighs In

On April 4, the FCC released new broadband disclosure labels for Internet services. According to the FCC, consumers submit more than 2,000 complaints annually related to surprise fees associated with consumers’ Internet...more

Lenders & FinTech Companies Now Have an Opportunity to Shape Federal Regulation of FinTech

On March 31, 2016, the Office of the Comptroller of the Currency (“OCC”) issued its much anticipated white paper on the role of financial technology (“FinTech”) in the financial services industry. The paper, titled Supporting...more

OCC White Paper Promotes Framework for Supporting Responsible Innovation

Following the trend of federal agency interest in fostering (and potentially regulating) innovation in the field of financial technology (FinTech), the Office of the Comptroller of the Currency (OCC) released the white paper...more

CFPB Roundup: Monthly Complaint Snapshot, Supervisory Highlights, and Complaints About Online Marketplace Lenders

The Consumer Financial Protection Bureau (CFPB) has had a busy few weeks, releasing the latest monthly snapshot of consumer complaints, publishing its Supervisory Highlights newsletter to reveal the Bureau has recovered $14.3...more

FCC Adopts Plan to Distribute Additional Universal Service Subsidies to Rural Telecom Carriers

On March 30, the FCC released an Order and Notice of Proposed Rulemaking announcing $2 billion in new financial support to rural incumbent telecommunications carriers (so-called rate of return carriers) willing to deploy...more

NY DFS Brings First Data Security Action

The New York State Department of Financial Services (DFS) has announced that it has entered into a consent order with an online payday loan lead generator and its chief executive officer (CEO) (collectively, respondents) to...more

China Tightens Regulation of Online Publications

On Feb. 4, 2016, China’s State Administration of Press, Publication, Radio, Film and Television (“SAPPRFT”) and the Chinese Ministry of Industry and Information Technology jointly released the Administrative Rules on Network...more

Another New Day in Cuba: The Obama Administration Further Loosens U.S. Sanctions

On March 16, 2016, the Obama Administration further loosened sanctions on Cuba in accordance with President Obama’s policy previously announced on December 17, 2014, and partially implemented thus far, to engage and empower...more

Digital Insights & Trends: Potential Regulatory Pitfalls of the Mobile Payments Revolution

The mobile payments revolution has provided consumers with unprecedented options at the checkout counter. In addition to cash, consumers have myriad payment options, including prepaid cards, debit cards, credit cards, virtual...more

Tightening Internet Regulation in China

The longstanding tension in China between expansion of service to the Internet and regulation of content on the Internet has entered a new phase. While the so-called Great Firewall remains in place to block unwanted overseas...more

A New Cyber Regulator on the Beat: The CFPB Issues its First Cybersecurity Order and Fine

On March 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) instituted its first data security enforcement action, in the form of a consent order against online payment platform Dwolla, Inc....more

CFPB brings its first data security enforcement action

Last August, we blogged about a Third Circuit decision that held the FTC can regulate cybersecurity policies and procedures as “unfair” acts or practices under Section 5 of the FTC Act. In our blog post, we commented that...more

SPECIAL ALERT: CFPB Enters Into First Consent Order With Online Payment Platform For Misrepresenting Data Security Practices

On March 2, the CFPB took action against an Iowa-based online payment platform and entered into a Consent Order for deceptive acts and practices relating to false representations regarding the company’s data security...more

Your daily dose of financial news The Brief – 3.1.16

Apple’s gained some welcome federal precedent in its battle to resist unlocking its phones for the federal government, thanks to an EDNY drug case in which federal magistrate judge James Orenstein denied the government’s...more

New malware steals banking credentials and holds data ransom

Researchers at Palo Alto Networks have reported that malware dubbed Xbot is targeting devices in Australia and Russia but predict that the malware may become widespread. It is particularly worrisome as it attacks...more

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