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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

Financial Services Law

D.C. Circuit Court Upholds Fed’s Debit Card Fee Cap, Antiexclusivity Rules - Dealing a blow to merchants nationwide, the D.C. Circuit Court of Appeals reversed a lower court and upheld the rules promulgated by the...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

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

The Inevitable - EMV Payments On a Fast Track to Becoming a New Standard in the United States

Last week, congressional leaders in Washington continued with their focus on the safety of the U.S. payments system in the aftermath of the massive retailer breaches at Target, Neiman Marcus and others. The House Committee on...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

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

Financial Services Law - Feb 14, 2014

Bit by Bit(coin), Virtual Currency Inches Toward Regulation - Has the time come to regulate virtual currency? At a recent hearing held by the New York Department of Financial Services, the answer appeared to be “yes.”...more

FinCEN Rules on Status of Virtual Currency Miners and Investors as Money Service Businesses

The Financial Crimes Enforcement Network (FinCEN) has issued two rulings regarding the status of virtual currency miners and investors as money service businesses (MSB) under the Bank Secrecy Act (BSA). The rulings address...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

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

New public consultation on mobile remote payments

We have been dealing with a number of issues related to mobile payments and data protection. At the beginning of the new year, the Italian Data Protection Authority (Garante per la protezione dei dati personali)...more

Financial Institutions Privacy and Security – 2013 Year in Review

Throughout 2013, financial institutions continued to face serious threats from cybercriminals targeting the personal information of banking customers and their financial assets through the use of malicious software and denial...more

CFPB Announces First Online Lending Lawsuit

On December 16, the CFPB announced a civil lawsuit against a California-based online loan servicer and its owner, subsidiary, and affiliate for allegedly violating the Consumer Financial Protection Act by collecting money...more

Are You a Target?

As has been widely reported, the popular retail giant Target announced yesterday that it suffered a data breach impacting approximately 40 million credit and debit card accounts used in Target stores across the country...more

Can you carry out Bitcoins activities in Canada without legal risks?

Bitcoins are a digital currency and have become widespread on the Internet and some companies have begun to accept these items as payment for real goods and services. At the time of writing, Bitcoins are not explicitly and...more

PCI DSS 3.0: Business as Usual?

In the past, critics of the Payment Card Industry (PCI) Data Security Standard (DSS) have alleged that the DSS requirements either (1) provide little more than a minimal baseline for security with a “check-the-box” compliance...more

OIG issues report on CFPB information security system

The Bureau’s Office of Inspector General (OIG) (which it shares with the Fed) recently issued its 2013 report card on the CFPB’s information security system. While the OIG states in the audit report that the CFPB has made...more

New California Law Protects Online Account Information

As of January 1, security breach notifications must be provided to consumers when certain account information is compromised. On September 27, California Governor Jerry Brown signed into law Senate Bill No. 46 (S.B....more

Brave New World for Data Furnishers

On September 4, 2013, the Consumer Financial Protection Bureau (“CFPB”) issued a Bulletin warning data furnishers that they face potential disciplinary action if they do not properly review information submitted to the credit...more

Belgium: Moving towards the cloud – brief overview

Currently, no specific legal framework exists in Belgium to regulate cloud computing services or contracts. The cloud is regulated under Belgian law including general contract law principles, ecommerce law, consumer...more

How a Facebook Page Could Empty Your – And Your Business’ – Bank Account

Malware capable of stealing your banking credentials is being spread via links posted on Facebook pages. The New York Times reports an uptick in malicious links on popular and seemingly harmless Facebook pages such as NFL fan...more

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