News & Analysis as of

Notice Requirements Financial Institutions

Royer Cooper Cohen Braunfeld LLC

Tech Moves Fast, the SEC is Trying to Keep Up

On May 16, the Securities and Exchange Commission (“SEC”) announced the adoption of amendments to Regulation S-P, aimed at modernizing and enhancing the rules governing the treatment of consumers’ nonpublic personal...more

Alston & Bird

CFPB Releases Long-Awaited Proposal to Amend Regulation X Loss Mitigation Rules

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What Happened? On July 10, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed a rule to amend provisions of its Mortgage Servicing Rules to significantly revamp requirements relating to borrowers...more

Benesch

FTC Amends Financial Institution Safeguards Rule to Include New Obligation to Report Notification of Data Security Breaches

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The amended rule requires financial institutions to notify the FTC within 30 days of discovery of a security breach involving information of at least 500 consumers. ...more

Alston & Bird

NYDFS Finalizes Second Amendment to Its Cybersecurity Regulation

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Our Privacy, Cyber & Data Strategy and Privacy & Cybersecurity Litigation teams examine the New York Department of Financial Services’ finalized Second Amendment to its Cybersecurity Regulation....more

Holland & Knight LLP

A New General Notice Requirement for Financial Institutions

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The Federal Trade Commission (FTC) on Oct. 27, 2023, announced further amendments to the Gramm-Leach-Bliley Safeguards Rule (Safeguards Rule). The Safeguards Rule became effective in 2003, requiring certain financial...more

Ballard Spahr LLP

Ninth Circuit affirms district court’s denial of preliminary injunction to block enforcement of Nevada medical debt collection law

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The U.S. Court of Appeals for the Ninth Circuit, in a 2-1 decision, recently affirmed the district court’s decision denying the plaintiffs’ motion for a temporary restraining order and preliminary injunction to block...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Informed Board - Spring 2023

Changing CEOs is one of the most critical decisions any board faces. In this issue of The Informed Board, we offer tips on how to avoid the mistakes we most often see. We also explain the problems companies could face if the...more

BCLP

Corporate Briefing - April 2023

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Welcome to our first edition of Corporate Briefing, where we review the latest developments in corporate law that you need to know about. In this month’s issue, we discuss...more

Vinson & Elkins LLP

Second Circuit Determines Agent’s Mistaken Payment of Principal to Lenders Does Not Invoke “Discharge-For-Value” Exception to...

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On September 8, 2022, a three-judge panel in the United States Court of Appeals for the Second Circuit (the “Second Circuit”) reversed the United States District Court for the Southern District of New York (the “District...more

Katten Muchin Rosenman LLP

Financial Institutions Require More Oversight of Cybsersecurity Risk under NYDFS

The New York Department of Financial Services (NYDFS) has published a proposal to amend its cybersecurity rules, which will require regulated companies to notify the NYDFS of a third-party cybersecurity incident within 72...more

McGlinchey Stafford

Inside Georgia’s Abandoned Motor Vehicle Act

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Many states have laws that provide “super liens” to facilities that tow, repair, and store vehicles. Georgia’s current abandoned motor vehicle statute is an example of how these statutes can put the secured party financing...more

Eversheds Sutherland (US) LLP

The Windfall Wire: Second Circuit panel says Citibank may recover nearly $500 million in inadvertently wired funds

​​​​​​​Citibank’s balance sheet is likely breathing a sigh of relief. A Second Circuit panel held that the bank may finally recoup nearly $500 million in funds that it inadvertently wired to lenders almost two years ago. US...more

Faegre Drinker Biddle & Reath LLP

NYDFS Releases Pre-Proposed Second Amendment to its Cybersecurity Regulations, 23 NYCRR 500

On July 29, 2022, the New York Department of Financial Services (NYDFS) published the pre-proposed second amendment to its Cybersecurity Regulations, 23 NYCRR 500 (Part 500), that if adopted, would likely require numerous...more

BakerHostetler

NYDFS Proposed Amendments to Its Cybersecurity Rules

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​​​​​​​On July 29, the New York Department of Financial Services (NYDFS) released Draft Amendments to its Part 500 Cybersecurity Rules that include a number of significant amendments to the rules, including notification...more

Oberheiden P.C.

Are You a Financial Institution? GLBA Law & Compliance

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The Gramm-Leach-Bliley Act (GLBA) is a federal law that establishes various legal requirements for companies that qualify as “financial institutions” under the Act. The GLBA’s definition of a “financial institution” is...more

King & Spalding

Energy Newsletter - April 2020

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Developing Contingency Plans: The NYDFS Mandate on Licensed Virtual Currency Businesses - The events surrounding COVID-19 have increased the use of fintech products, both out of necessity and convenience. Shelter-in-place...more

Mintz - Privacy & Cybersecurity Viewpoints

New York Dept of Financial Services (NYDFS) Extends Cybersecurity Compliance Deadline

The NYDFS has announced that it has extended the deadline for compliance with certain cybersecurity requirements due to the coronavirus emergency. The announcement from the Superintendent of Financial Services of the State...more

K&L Gates LLP

FinTech Forward: How to Prepare for the California Consumer Privacy Act (CCPA) - Part 2

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In this miniseries, John ReVeal will discuss key issues and top of mind concerns for businesses under the California Consumer Privacy Act, which will go into effect January 1, 2020. In the second episode, John ReVeal...more

Bricker Graydon LLP

Ohio's new requirements for junior lienholders and mortgage servicers

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It has been a little over six months since Ohio Revised Code § 1349.72 went into effect—a law that requires holders of junior liens on residential real property to first send a written notice containing specific information...more

Burr & Forman

Eleventh Circuit Affirms That Banks Must Use Unambiguous Language When Disclosing Methods For Assessing Overdraft Fees

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In Carol Tims v. LGE Community Credit Union, the Eleventh Circuit Court of Appeals held that a credit union’s account agreement with one of its customers was ambiguous about which account balance calculation the bank would...more

Sheppard Mullin Richter & Hampton LLP

CFTC Allows Certain Dealers and Merchants to Avoid Annual Privacy Notice

Beginning May 28, 2019 certain dealers and merchants will be able to avoid sending out an annual privacy notice, under a revision the Commodity Futures Trading Commission has made to its GLB privacy regulations. Under GLB,...more

Proskauer Rose LLP

CFTC Adopts Additional Exemptions From Annual Privacy Notice Delivery Requirement

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On April 19, 2019, the U.S. Commodity Futures Trading Commission (CFTC) approved a final rule revising the annual privacy notice delivery requirements applicable to CFTC registered commodity trading advisors, commodity pool...more

Baker Donelson

CFPB's New Final Rule Could Have Big Impact on Privacy Requirements

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The Consumer Financial Protection Bureau (CFPB) has issued its final rule adopting changes to Regulation P, which governs the requirements for financial institutions to issue privacy notices to its customers....more

Mitchell, Williams, Selig, Gates & Woodyard,...

Managing Arkansas Environmental Issues in the Lending/Foreclosure Process: September 26th Arkansas Bankers Association...

I undertook a presentation at the September 26th Arkansas Bankers Association Mega Conference (“Conference”) in Little Rock, Arkansas titled: Managing Arkansas Environmental Issues in the Lending/Foreclosure Process...more

Baker Donelson

Financial Institutions: CFPB Finalizes Changes to Annual Privacy Notice Requirements

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The Consumer Financial Protection Bureau (CFPB) has issued its final rule adopting changes to Regulation P, which governs the requirements for financial institutions to issue privacy notices to its customers....more

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