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Equifax Breach: What Can the Hackers Do with Your Information and How Can You Protect Yourself?

by Bowditch & Dewey on

The Equifax breach is not the biggest in terms of the number of people affected (the 2016 Yahoo breach compromised data associated with over 500 million user accounts compared to the 143 million people affected by the Equifax...more

When Ripples Become Waves: The Equifax Cybersecurity Incident

Since September 7, 2017, Equifax, one of three credit rating agencies in the United States, has been dealing with the fallout from one of the largest (known) data breaches of personal information, putting 143 million...more

Financial Services Report - Fall 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - Through hurricanes, wild fires, the publication of Hillary Clinton’s book, the birth of Amal and George Clooney’s twins, and the Dodgers’ historic losing streak, Director Richard Cordray and the CFPB’s...more

CFPB Makes HMDA Data Sharing Proposal

by MoFo Reenforcement on

The CFPB announced on Wednesday, September 20th, 2017, proposed guidance to limit the Home Mortgage Disclosure Act (HMDA) data it shares publicly. The Bureau’s 2015 HMDA amendments revamped HMDA’s coverage and processes,...more

Protecting Your Identity After a Data Breach

by Jones Day on

In light of recent high-profile breaches of highly sensitive data, this is a good time to remind individuals of how to protect their identity and credit information....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

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

UK Regulator Examines Scope of Securities Laws, Warns of Initial Coin Offering Risks

by Jones Day on

The Situation: The UK Financial Conduct Authority has released a statement on initial coin offerings. It focuses the circumstances in which an ICO might fall within the scope of the FCA's current regulatory boundaries as well...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

Financial Services Weekly News - September 2017

by Goodwin on

Editor's Note - The Roundup has been on hiatus since its August 23 edition. Since then, we have had the misfortune to witness the widespread devastation inflicted by Hurricanes Harvey and Irma. Our hearts go out to the...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

SEC Focuses on Initial Coin Offerings: Tokens May Be Securities Under Federal Securities Laws

by Dechert LLP on

The U.S. Securities and Exchange Commission (SEC) has recently taken several actions to make clear that it is focused on and actively monitoring the rapidly growing market for so-called “token sales” or “initial coin...more

The CFPB Settles Litigation And Enforcement Action With Lead Aggregator, Zero Parallel, And Its CEO

by Ballard Spahr LLP on

On September 5, 2017, the CFPB entered into a consent order with Zero Parallel, LLC (“Zero Parallel”), an online lead aggregator based in Glendale, California. At the same time, it submitted a proposed order in the U.S....more

Blockchain Week in Review – September 2017 #7

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...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

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

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

SEC Issues Risk Alert To Improve Cybersecurity Readiness

by King & Spalding on

On August 7, 2017, the U.S. Securities and Exchange Commission (“SEC”) published a risk alert directed to the financial advisory industry, identifying cybersecurity vulnerabilities that could make the industry’s networks...more

SEC Observations from Recent Cybersecurity Examinations Identify Best Practices

by Morgan Lewis on

The SEC continues to focus on cybersecurity as an area of concern within the investment management industry....more

And So It Begins: The First DFS Transition Period Comes to an End August 28

by King & Spalding on

In September 2016, the New York Department of Financial Services (“DFS”) introduced the first draft of its cybersecurity regulation, which is now in a position to lead a new trend in industry-specific cybersecurity...more

DFS Provides Answers to Cybersecurity FAQs

Hoping to provide greater clarity to financial institutions subject to its new cybersecurity requirements, New York’s Department of Financial Services (DFS) published a Frequently Asked Questions (FAQ) document to assist...more

Fed study finds expanded credit access resulting from fintech lending

by Ballard Spahr LLP on

A new research paper released by the Federal Reserve Bank of Philadelphia found that fintech lending has expanded consumers’ ability to access credit. The paper, “Fintech Lending: Financial Inclusion, Risk Pricing, and...more

OCC files renewed motion to dismiss state regulators’ challenge to fintech company special purpose national bank charter proposal

by Ballard Spahr LLP on

The Office of the Comptroller of the Currency (OCC) has filed a renewed motion to dismiss the lawsuit filed by the Conference of State Bank Supervisors (CSBS) in D.C. federal district court challenging the OCC’s authority to...more

Lawmaker Investigates Small-Business Fintech Lending

Expressing concern about potential discrimination, one federal lawmaker has decided to take a closer look at small-business financial technology lending, sending letters to several fintechs with a series of questions....more

Acting Comptroller Noreika confirms continued OCC interest in SPNB charter proposal for fintech companies; our thoughts on the...

by Ballard Spahr LLP on

Acting Comptroller of the Currency Keith Noreika, in remarks on July 19 to the Exchequer Club, confirmed that the OCC is continuing to consider its proposal to allow financial technology (fintech) companies to apply for a...more

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Cybersecurity

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