News & Analysis as of

Gramm-Leach-Blilely Act

House Financial Services Committee Schedules Oct. 11 Mark-Up of "Madden fix" Bill

by Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more

State Data Breach Notification Laws

by Foley & Lardner LLP on

While most state data breach notification statutes contain similar components, there are important differences, meaning a one-size-fits-all approach to notification will not suffice. What’s more, as data breaches continue to...more

Client Alert: FTC Gives Guidance in Slaying the Data Breach Dragon

The FTC has recently provided specific guidance on what it considers appropriate data breach protection activity by financial institutions. Such guidance came by virtue of a proposed consent order, dated August 29, 2017,...more

Vendor Breaches and Their Implications for Employers

by Littler on

The announcement by Equifax, Inc. that it had been victimized in a hacking incident involving the personal information of 143 million Americans generated headlines this past week. The sheer size of the hack means that most...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

FTC Settles GLBA Enforcement Action Against TaxSlayer Stemming From 2015 Data Breach

by Ballard Spahr LLP on

The Federal Trade Commission (FTC) this week announced a consent order with TaxSlayer, LLC, an online tax preparation services provider, to settle claims that the company violated the Gramm-Leach-Bliley Act (GLBA) Safeguards...more

“GLB” and What it Means for Auto Dealers

by Fisher Phillips on

Developing an information security program is good business, and for auto dealers that are considered “financial institutions” under the Gramm-Leach-Bliley Act (GLB) it is the law. As part of the GLB, the Federal Trade...more

Case Update: In Consumer Data Breach Case, Eleventh Circuit Indicates Concern over Scope of FTC’s Enforcement Actions

by Dorsey & Whitney LLP on

On June 21, 2017, the Eleventh Circuit Court of Appeals heard oral argument in LabMD, Inc. v. FTC, Case No. 16-16270, a case that is being carefully watched to see if it will clarify the limits of the Federal Trade...more

Washington becomes the third state with a biometric privacy law: five key differences

by DLA Piper on

The State of Washington has become the third state (after Illinois and Texas) to enact a law regulating biometric information (HB 1493). The new law, enacted in mid-May, goes into effect on July 23, 2017....more

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

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Cybersecurity

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