News & Analysis as of

Gramm-Leach-Blilely Act

Consumer Financial Services Law - March 30, 2017

Industry Groups Respond on Consumer Access to Financial Records - Financial industry groups responded to the Consumer Financial Protection Bureau's (CFPB) request for information on consumer access to their financial...more

Blog: New Mexico Poised to Add the ‘Data Breach Notification Act’ to the Patchwork of State-Level Data Privacy Laws

by Cooley LLP on

The New Mexico Legislature passed the ‘Data Breach Notification Act’ (the Act) on March 15. The Act is now with Governor Susana Martinez who has 20 days from the date the Act was passed to sign it into law. If enacted, the...more

Proposed Federal Cybersecurity Regulations for Financial Institutions Face an Uncertain Future

Last year’s proposed comprehensive framework for cybersecurity rules for large financial institutions is suddenly facing an uncertain future. With the comment period having closed as of February 2017, the framework was facing...more

New Cybersecurity Requirements for New York Financial Companies

by Snell & Wilmer on

The New York Department of Financial Services has new cybersecurity regulations “designed to promote the protection of customer information as well as the information technology systems of regulated entities [financial...more

ABA comments on CFPB’s RFI on consumer access to financial information

by Ballard Spahr LLP on

The American Bankers Association has submitted a comment letter in response to the CFPB’s request for information regarding consumer access to financial information. The ABA observes that while larger institutions have...more

Notable New State Privacy and Data Security Laws – Part Two

by Snell & Wilmer on

This is the second in a two-part series addressing recent developments in state privacy and data security laws. This article addresses new laws about student privacy, enforcement/ punishment for data privacy and security...more

New Year, New Rules – The 2017 Illinois Personal Information Protection Act

by Locke Lord LLP on

On January 1, 2017, Illinois ushered in a broader and stronger personal information and data breach regime. The Illinois Personal Information Act (PIPA), 815 ILCS § 530, applies any entity that “handles, collects,...more

Incident Response Plans: A Comparison of US Law, EU Law and Soon-To-Be EU Law

by Bryan Cave on

The best way to handle any emergency is to be prepared. When it comes to data breaches, incident response plans are the first step organizations take to prepare....more

Court Enforces CFPB Civil Investigative Demand Against Tribal Lending Entity; Rejects Argument that Tribal Sovereignty Precludes...

by Dorsey & Whitney LLP on

On January 20, 2017, in CFPB v. Great Plains Lending, a three-judge panel of the Ninth Circuit Court of Appeals upheld the Consumer Financial Protection Bureau’s civil investigative demands for documents from lending...more

New York State Department of Financial Services Cybersecurity Regulation Poised to Reshape Existing Regulatory Landscape

In late December, New York State’s Department of Financial Services (“DFS”) released its revised proposed cybersecurity regulation (the “DFS Rule”). While the revisions pare back some of the DFS Rule’s original requirements...more

Cybersecurity and Data Privacy in 2017: Eight Topics to Follow

by McGuireWoods LLP on

Throughout the past several years, data privacy and security practices have evolved into more than just defending against identity theft and protecting sensitive data. In fact, since 2014, to help raise awareness for data...more

Ninth Circuit Compels Tribal Lenders to Comply with CFPB Investigative Demand

by Goodwin on

On January 20, 2017, the Ninth Circuit affirmed a trial court ruling that ordered three tribal lending entities to comply with the Consumer Financial Protection Bureau’s (CFPB) civil investigative demands. The CFPB’s...more

What Will The Proposed New York Cybersecurity Requirements For Financial Institutions Really Make Companies Do?

by Bryan Cave on

In early September 2016, the New York Department of Financial Services (“DFS”) proposed a set of data security regulations (the “Proposal”) that would govern financial institutions, banks, and insurance companies subject to...more

Description of the Small Business Investment Company Program Participation by Unleveraged Funds

by Pepper Hamilton LLP on

A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more

Bullet Points on a Primer: The Quick Version of the Sedona Conference’s Data Privacy Primer

by Carlton Fields on

The Sedona Conference has just published the public comment version of its Data Privact Primer, a publication of its very active Working Group on Data Security and Privacy Libaility. The primer is excellent. ...more

2017 Resolutions for Community Banks: A Focus on Cybersecurity

by Hogan Lovells on

In December 2016, Thomas Curry, the Comptroller of the Currency, stated that cybersecurity was the single greatest systemic threat to our financial system. He was not being hyperbolic. Cybersecurity should be on...more

Do You Know Where Your Data Is Located? Why Knowing is Half the Battle

by Jaburg Wilk on

Whether you realize it or not, you are probably storing some personal or business data in the cloud. The National Institute of Standards and Technology (NIST) defines cloud computing as a model for enabling ubiquitous,...more

The Digital Download - Alston & Bird’s Privacy & Data Security Newsletter – November 2016

by Alston & Bird on

Updates on the EU: German DPA Publishes First Privacy Shield Guidelines, Requires German-Law Contracts for Transfers. On June 7, 2016, the European Commission adopted the EU-U.S. Privacy Shield. One question that many...more

2016 Breach Roundup, Part I: U.S. State Data Breach Notification Laws Highlights and Trends

by Alston & Bird on

In many respects, 2016 has been a remarkable year, but one constant with recent history is that multiple states (six this year) amended their breach notification statutes. As is commonly stated, the U.S. ...more

FTC Publishes Data Breach Response Guidelines

by Goulston & Storrs PC on

Whether resulting from a planned cyberattack or mere carelessness, data breaches are on the rise. In 2015, 781 data breaches were reported across the United States, with the average breach costing $3.8 million. In 2016, the...more

FTC continues vigorous use of enforcement authority

by Ballard Spahr LLP on

As observers ponder the CFPB’s future in a Trump Administration, the Federal Trade Commission’s continuing role as an enforcer of federal consumer financial protection laws should not be overlooked. Over the approximately...more

Federal Banking Agencies Propose “Enhanced Cyber Risk Management Standards” For the Largest Banks

In a major new cybersecurity initiative the federal banking agencies have issued an advanced notice of proposed rulemaking (“APNR”) seeking comment on enhanced cybersecurity standards for banking entities with $50 billion or...more

Fenwick Privacy Bulletin - Fall 2016

by Fenwick & West LLP on

Privacy Shield – An Early Reflection - EU law generally prohibits the transfer of personal data from the European Economic Area to the U.S., unless the transfer is made in accordance with an authorized data transfer...more

Federal Reserve Proposes Rules Aimed at Banks Owning, Trading and Moving Commodities

by BakerHostetler on

On Sept. 23, 2016, the Federal Reserve issued proposed rules that could put pressure on investment banks, such as Morgan Stanley and Goldman Sachs, to divest certain energy assets and energy trading activities. Over the...more

US Federal Banking Agencies Issue Joint Report on Banking Activities and Investments

by Shearman & Sterling LLP on

On September 8, 2016, the US Board of Governors of the Federal Reserve System, the US Federal Deposit Insurance Corporation and the OCC jointly issued, pursuant to a requirement under Section 620 of the Dodd-Frank Wall Street...more

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Cybersecurity

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