Financial Institutions

News & Analysis as of

Lawmakers Seek Details On Consumer Data Breaches From Financial Institutions

On November 18, 2014, several major financial institutions received requests from lawmakers for detailed information about recent data breaches and for briefings from their corporate data security officials. The lawmakers...more

Financial Services Weekly News Roundup - November 2014 #4

Editor’s Note: Spotlight on the FDIC: In a Financial Institutions Letter, FIL-56-2014, the FDIC announced additional guidance on its 1998 Statement of Policy on Applications for Deposit Insurance in a Q&A format on...more

Congressional Leaders Send Letters to Financial Service Providers Regarding Data Breaches

On November 18, Representative Elijah Cummings (D-MD) and Senator Elizabeth Warren (D-MA) sent letters to 16 financial service institutions regarding recent data breaches. The letters requested that the institutions provide...more

Supervisory Highlights

In This Issue: - Introduction - Supervisory observations ..Consumer reporting ..Debt Collection ..Deposits ..Mortgage servicing ..Student loan servicing ..Fair Lending: CFPB’s HMDA...more

Privacy Tuesday - November 2014 #2

Here are three privacy stories to start your week - 1. Dear “financial institution” : how is your data security?! Senator Elizabeth Warren (D-Mass) announced (press release) that on November 18 the Senator...more

TCPA Connect - November 2014

Ruling on ATDS Capability, California Court Dismisses TCPA Suit - Siding with courts that evaluate a system’s present – not potential – capacity to store or produce telephone numbers when considering whether a system...more

Digital Currency Corner - What FinCEN’s Denial of Payment Processing Exemption for Virtual Currency-Related Businesses Means for...

Why it matters - The rapid evolution of virtual and digital currencies has spawned significant activity in several federal agencies with implications potentially for traditional entities in certain cases. In addition...more

New ISDA Protocol Will Limit Buy-Side Remedies in a Financial Institution Failure

The ISDA 2014 Resolution Stay Protocol, published on November 12, 2014, by the International Swaps and Derivatives Association, Inc. (ISDA), represents a significant shift in the terms of the over-the-counter derivatives...more

NY Financial Regulators Push Institutions to Tighten Cybersecurity

Following a string of publicly disclosed cyberattacks against both retailers and financial institutions, New York's top financial regulator called on the financial sector to be more proactive in its cybersecurity efforts. A...more

Operation Choke Point

As part of a coordinated, multi-agency initiative known as “Operation Choke Point,” the Federal Deposit Insurance Corporation (FDIC) has warned financial institutions that they might be liable for maintaining banking...more

Indemnification and Reimbursement Sought from Insurers Based on Allegedly Fraudulent Funding Program: Fifth Third Bancorp v. Ace...

Who: Plaintiffs: Fifth Third Bancorp and Fifth Third Bank Defendants: Ace Insurance Company, Axis Insurance Company, Certain Underwriters at Lloyd’s, Continental Insurance Company, Federal Insurance Company,...more

PCI-DSS 3.0's Focus on the Data Security Practices of Service Providers

Preventing the unauthorized access to and fraudulent use of credit and debit cards has been a high priority of the payment card industry for years. As the threat environment evolves, so too do the applicable data security...more

FFIEC: Financial Institutions Need to Share Cyberthreat Information

Why it matters: Financial institutions of all sizes need to share cyberthreat information with each other, the Federal Financial Institutions Examination Council (FFIEC) urged based upon an assessment performed of the...more

FCA Requirement for Legal Entity Identifiers

On November 7, the UK Financial Conduct Authority (FCA) has confirmed that it will require all financial institutions conducting business in or from the United Kingdom to have a Legal Entity Identification (LEI). This...more

FCC Accepting Comments on ABA Petition to Exempt Data Breach Notification Requirements from the TCPA

On November 6, 2014, the Federal Communications Commission (“FCC”) issued a Public Notice requesting comments on a petition by the American Bankers Association (“ABA”) to exempt informational calls and texts to mobile devices...more

Beware of Unintended Beneficiary Designations

Beneficiary designations are commonly used to name the individuals or entities who are to receive the proceeds of life insurance policies or retirement plans after the death of the owner. An increasing number of financial...more

CFPB Proposes to Treat Prepaid Cards Like Checking Accounts and Credit Cards

The CFPB yesterday proposed a new rule that would regulate prepaid accounts. The rule, which is 870 pages long, would apply not only to plastic prepaid cards, but also to some mobile and electronic prepaid accounts not...more

Operation Chokepoint and the Brave New World of Criminal Liability - November 2014

The U.S. Department of Justice and banking regulators have stepped up the pace of criminal, civil and administrative actions against banks, payment processors, money transmitters, and other financial institutions, for...more

CFPB Issues Broader Than Expected Prepaid Card Proposal and Model Forms

On November 13, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited proposal with respect to prepaid cards. This proposal, which consisted of 870 pages, covers traditional prepaid cards as well as mobile...more

Maximum Cybersecurity: FFIEC Releases Cybersecurity Assessment

On November 3, 2014, the Federal Financial Institutions Examination Council (“FFIEC”), an interagency body that prescribes principles and standards for the federal examination of financial institutions, released a set of...more

New York Announces Four Institutions Agree to Use DFS Database To Prevent Online Payday Lending

On November 13, Governor Cuomo announced that four additional financial institutions have agreed to use a database created by the State’s Department of Financial Services to “help identify and stop illegal, online payday...more

California FTB to Consider Revisions to Combination Regulations for Mixed Financial and Non-Financial Reporting Groups

The California Franchise Tax Board (FTB) has announced the scheduling of an Interested Parties Meeting (IPM) for December 4, 2014 on the topic of possible regulatory efforts regarding the proper treatment of mixed...more

Can Undue Concentration in Financial Companies Threaten Market Stability? New Federal Reserve Merger and Acquisition Regulation...

The new year will bring new restrictions on banks and certain large financial institutions, as the Federal Reserve Board issued a final rule prohibiting financial companies from merging if the ratio of the resulting entity’s...more

FFIEC Recommends Financial Institutions Join Information Sharing Forum to Mitigate Cyber Risks

On November 3, the FFIEC released its observations from a cybersecurity assessment of more than 500 institutions, and recommended that all regulated financial institutions participate in the Financial Services Information...more

Fed Issues Final Rule Limiting Bank Mergers of Large Financial Firms

On November 5, the Board finalized Reg. XX thereby implementing Section 622 of the Dodd-Frank. The final rule, which was proposed in May, prohibits a financial company from combining with another company if the resulting...more

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