News & Analysis as of

Data Collection FinTech

Skadden, Arps, Slate, Meagher & Flom LLP

CPPA’s First Enforcement Advisory Focuses on Applying Data Minimization Principles to Consumer Requests

On April 2, 2024, the Enforcement Division of the California Privacy Protection Agency (CPPA) issued Enforcement Advisory No. 2024-01. This first-ever enforcement advisory focuses on promoting compliance with California...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 22: Data Sharing and the 1033 Rule: An Industry Perspective with Ramon Gomez

Ramon Gomez — Managing Director, Regulatory Affairs at JPMorgan Chase — joins RegFi cohosts Jerry Buckley and Sasha Leonhardt for a conversation about Section 1033 of the Dodd-Frank Act and its implications for consumer data...more

Wilson Sonsini Goodrich & Rosati

U.S. Privacy Predictions: What to Watch for in 2024

2023 was one of the busiest years for privacy yet—with more to come in 2024. Five new U.S. state privacy laws (in Texas, Florida, Oregon, Montana, and Washington) will come into effect in 2024. And federal and state...more

Morrison & Foerster LLP

Top 5 SEC Developments (October 2023)

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Each month, we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month we examine: • Fraud and internal control failure charges against...more

Nelson Mullins Riley & Scarborough LLP

[Webinar] FinTech University: FinTech and E-Discovery - January 10th, 2:00 pm - 3:00 pm EDT

Join us for the next edition of FinTech University as we focus on FinTech and E-Discovery. This webinar will discuss the basics of e-discovery with a focus on unique issues that many FinTech companies encounter. Experienced...more

Spilman Thomas & Battle, PLLC

Decoded: Technology Law Insights, Volume 3, Issue 5

The Cryptocurrency Revolution and President Biden's Formal Recognition - Out of the ashes of the 2008 financial crisis, Bitcoin sprang up like an insurgency, targeting both the unbridled activity of large financial...more

Eversheds Sutherland (US) LLP

Focus on Fintech: CFPB Probes Big Tech Plans for Payments

On October 21, 2021, the CFPB sent orders to Amazon, Apple, Facebook, Google, PayPal, and Square requiring them to provide information about their current and planned payments products, practices, and data collection and...more

Wilson Sonsini Goodrich & Rosati

Fintech and Financial Privacy: Regulatory Developments on the Use of Financial Data

So you're a fintech startup, buying a fintech company, or expanding the technical capabilities of your financial business. Or you're a tech company that is getting into the payments space. Where do you start when it comes to...more

Morrison & Foerster LLP

Financial Services Report - Winter 2021

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Welcome to the Financial Services Report, holiday style! Banks and non-banks alike started early this year with additions and changes to their regulator stockings. The Senate confirmed Rohit Chopra as the new CFPB Director....more

Sheppard Mullin Richter & Hampton LLP

CFPB to Tech Companies: Submit Payment System Information

Last week, the CFPB issued a series of orders to collect information on the business practices of six large technology companies operating payments systems. The Bureau claims that the information will help better understand...more

Proskauer - New Media & Technology

Settlement in Plaid Fintech Data Case

On August 5, 2021, a proposed class action settlement was reached in the closely-watched privacy action against fintech services company Plaid Inc. (“Plaid”).  The settlement features a $58 million settlement fund and certain...more

Proskauer - New Media & Technology

Plaid Federal Electronic Surveillance Claims Dropped, Privacy Claims Survive

On April 30, 2021 a California district court trimmed various federal privacy-related claims, including the Computer Fraud and Abuse Act (CFAA) claim, from a highly-visible, ongoing putative class action against fintech...more

Spilman Thomas & Battle, PLLC

Decoded: Technology Law Insights, Volume 2, Issue 6

Binance Probed by CFTC Over Whether U.S. Residents Traded - "Binance, which has an office in Singapore but says it lacks a single corporate headquarters, hasn’t been accused of misconduct and the investigation may not lead...more

Hogan Lovells

Financial institutions general regulatory news, March 2021

Hogan Lovells on

UK FinTech: Kalifa Review final report - HM Treasury has published the final report on the review of the UK FinTech sector by Ron Kalifa OBE (the Kalifa Review). The Kalifa Review formally launched in July 2020 with...more

Robins Kaplan LLP

Financial Daily Dose 3.1.2021 | Top Story: Walmart Poaches Goldman Bankers in Bid to Bolster Fintech Venture

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Walmart’s recent move to hire away a “pair of senior Goldman Sachs bankers” to head up the retailer’s new fintech startup (a collaboration with Ribbit Capital) has tongues wagging about the company’s ambitions to shove its...more

ArentFox Schiff

New Federal Regulation of Financial Data: CFPB Issues Long-Awaited Notice of Proposed Rulemaking

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The Consumer Financial Protection Bureau (Bureau or CFPB) has recently issued a formal proposal for a national regulatory standard governing companies’ handling of consumer data and their privacy rights with respect to...more

K&L Gates LLP

Observations on the People's Republic of China Draft Law on Personal Information Protection: A Cross-Border Perspective

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The full text of the Law of the People’s Republic of China on Personal Information Protection (Draft) (the Draft) was released on 21 October 2020 for public comments by 19 November 2020....more

Stinson LLP

Healthtech and FinTech Security a Focus of Recent CCPA Litigation and Enforcement

Stinson LLP on

As anticipated by many experts in the field, the data security-focused private right of action under the California Consumer Privacy Act (CCPA) has resulted in claims alleging potential unauthorized access. FinTech data...more

Proskauer - New Media & Technology

Financial Data Aggregator Faces Consumer Privacy Suit over “Surreptitious” Collection of Banking Information

Last week, a putative privacy-related class action was filed in California district court against financial analytics firm Envestnet, Inc. (“Envestnet”), which operates Yodlee, Inc. (“Yodlee”). (Wesch v. Yodlee Inc., No....more

Nutter McClennen & Fish LLP

Fintech in Brief: Interagency Statement on the Use of Alternative Data in Credit Underwriting

On December 3, 2019, the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and National Credit Union...more

ArentFox Schiff

Ain’t No Party Like an Anti-Discriminatory-Rule-Writing Party

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The financial services industry had been waiting with bated breath to see how the Consumer Financial Protection Bureau (Bureau) would resume efforts to prescribe rules and give guidance to implement the far-reaching Section...more

BCLP

What is Open Banking, and What are its Implications?

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This post is the first in a series discussing open banking, its implementations, and its implications. “Open banking” is a phrase that has been coined to capture a current theme in financial sector innovation – one that...more

Kramer Levin Naftalis & Frankel LLP

Artificial Intelligence in Financial Services: Tips for Risk Management

Technology is rapidly changing the way investment advisers deliver services to their clients. Funds are now using a range of technology solutions, from advanced trading algorithms to artificial intelligence and machine...more

Kilpatrick

Fintech and Non-Traditional Underwriting Data: FDIC Issues Research Paper on Credit Scoring Using Digital Footprints

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The Federal Deposit Insurance Corporation’s Center for Financial Research recently issued a research paper that looks into whether the digital footprint – information that people leave online simply by accessing or...more

Kilpatrick

As Fintech Apps Become More Popular, Consumer Privacy Concerns Persist

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On August 22, 2018, The Clearing House issued a report concerning fintech apps and data privacy. The report notes how fintech apps have experienced a rapid rise in popularity in recent years, in large part because they...more

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