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Financial Services Weekly News - May 2017 #3

by Goodwin on

Editor's Note - The Dual Banking System is Working. In the April 26 edition of the Roundup, we noted that the Conference of State Bank Supervisors (CSBS) had sued the Office of the Comptroller of the Currency (OCC),...more

Yesterday, #WannaCry. Today, #DocuSignPhish

Another day, another data incident. If you use DocuSign, you’ll want to pay attention. The provider of e-signature technology has acknowledged a data breach incident in which an unauthorized third party gained access to...more

Vision 2020: an alternative to an OCC fintech charter?

by Ballard Spahr LLP on

On May 10, the Conference of State Bank Supervisors (CSBS) announced a series of initiatives (branded as Vision 2020) designed to modernize state regulation of non-banks. The announcement specifically calls out financial...more

New York DFS files lawsuit challenging OCC special purpose national bank charter for fintech companies

by Ballard Spahr LLP on

The New York Department of Financial Supervision (DFS) has filed a complaint in a New York federal district court to stop the Office of the Comptroller of the Currency (OCC) from implementing its proposal to issue special...more

Consumer Financial Services Newsletter - May 2017

by Hinshaw & Culbertson LLP on

Southern District of California Denies Certification of Wrong Number TCPA Class - On March 28, 2017, the Southern District of California denied class certification in a case arising under the TCPA. Plaintiff alleged that...more

New York stiffens data protection regs

by Thompson Coburn LLP on

New York has once again positioned itself as a leader among states by recently implementing one of the most detailed and stringent data security regulations to date. It should come as no surprise that New York is a prime...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

We’ve mentioned Uber’s Greyball issues before in passing. But since the authorities are literally making a Federal case out of it, you should probably know more about the details if the software tool that has the...more

House members urge CFPB to facilitate use of API technology for consumer access to personal financial information

by Ballard Spahr LLP on

In November 2016, the CFPB issued a request for information about market practices related to consumer access to financial information. The RFI contained a series of questions about current market practice related to...more

State regulators file lawsuit challenging OCC special purpose national bank charter for fintech companies

by Ballard Spahr LLP on

The Conference of State Bank Supervisors has filed a complaint in D.C. federal district court to stop the Office of the Comptroller of the Currency (OCC) from implementing its proposal to issue special purpose national bank...more

GameStop Currently Investigating Possible Data Breach

by Revision Legal on

GameStop is the most recent potential victim of cyber data breach, and the company recently hired a leading security firm to conduct an investigation into allegations that the company’s website was hacked and that customer...more

FTC Privacy and Data Security Enforcement Activity Continues Unabated under the Trump Administration

by Ballard Spahr LLP on

Last week, the Federal Trade Commission (FTC) Bureau of Consumer Protection’s Acting Director, Thomas Pahl, posted on the FTC’s Business Blog about the FTC’s role as the federal agency with the “broadest jurisdiction” to...more

New Mexico becomes 48th state to enact data breach notification law

by Ballard Spahr LLP on

New Mexico recently became the 48th state to enact a data breach notification law. This continues the accelerated pace of state data breach legislative activity in the last two years. Since 2015, at least 41 states have...more

Announcement of new reporting tool for money service businesses by state regulators highlights fintech companies

by Ballard Spahr LLP on

The Conference of State Bank Supervisors issued a press release this week in which it announced the April 1 release of a new tool within the Nationwide Multistate Licensing System (NMLS) to streamline reporting by money...more

Financial Services Weekly News - April 2017 #3

by Goodwin on

Editor's Note - Cross River Bank Takes on Colorado in True Lender Action. This past January, the Administrator of Colorado’s Uniform Consumer Credit Code filed a court action against Marlette Funding LLC (Marlette),...more

US Comptroller of the Currency Discusses Fintech

by Shearman & Sterling LLP on

US Comptroller of the Currency Thomas Curry provided remarks describing actions the OCC has taken to meet the needs of all types of consumers, businesses and communities in the US. Specifically, he described a new department...more

The State AG Report Weekly Update April 2017

by Cozen O'Connor on

Consumer Protection - Colorado Attorney General Obtains Judgment Against Debt Collection Company - Colorado AG Cynthia Coffman obtained a judgment against debt collection company Peak Resolution LLC, its owner, and...more

New York Cyber Regulations Likely to Result in Increased Claims

by Wilson Elser on

The New York State Department of Financial Services (NYDFS) recently promulgated cyber regulations for financial institutions that are likely to increase the risks to directors & officers (D&Os), resulting in an increase in...more

Controversial NY lender and student loan servicer licensing proposals removed from budget bill

by Ballard Spahr LLP on

A New York lender licensing proposal that threatened to create new regulatory burdens for financial service providers and to potentially adversely affect credit availability to New York residents and businesses, has been...more

Blockchain Week in Review - April 2017 #1

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

OCC Issues Draft Licensing Supplement for Fintech Companies Seeking National Bank Charters

by Ballard Spahr LLP on

The Office of the Comptroller of the Currency (OCC) has taken another step toward implementing its proposal to allow financial technology (fintech) companies to apply for a special purpose national bank (SPNB) charter,...more

New York Cybersecurity Regulations: What Do They Mean and When Do They Mean it By?

by Morrison & Foerster LLP on

The New York State Department of Financial Services (NYDFS) has released guidance for covered financial institutions regarding its cybersecurity rule (the “Cybersecurity Rule” or “Rule”) that took effect on March 1, 2017. ...more

Consumer Financial Services Newsletter - March 2017

by Hinshaw & Culbertson LLP on

A Flawed Class Definition – Court Grants Defendant's Motion to Strike Consumer's Proposed Class - Cholly v. The Uptain Group., et al, 1:15-cv-05030 - In Cholly v. The Uptain Group Inc., et al, the defendant debt...more

Where Should Broker Dealers Invest Today? Cyber Security Compliance

With cyber security threats on the rise, broker dealers must prioritize protection of electronic investor information. What cyber security threats exist for broker dealers? In its 2015 Report on Cyber Security Practices,...more

Financial Services Report - Spring 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

Lawmaker seeks CFPB fair lending investigation of fintech small business lenders

by Ballard Spahr LLP on

A Democratic congressman has raised concerns about potentially discriminatory lending practices used by fintech companies that extend credit to small businesses, calling on the CFPB “to vigorously investigate whether [such...more

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