In many ways, it was the year of data privacy. In this article, we identify five of the biggest trends in privacy and data security, including the mammoth European Union General Data Protection Regulation (GDPR) taking...more
A coalition of industry groups has unveiled a new cyber compliance profile framework specifically for financial institutions, aimed at streamlining regulatory burdens....more
While the California Consumer Privacy Act (CCPA) and subsequent amendments have dominated privacy news lately, some states are enacting data protection legislation that could impact financial institutions and businesses....more
A reminder from the New York Department of Financial Services (DFS): Beginning Sept. 4, all banks, insurance companies and other financial services institutions regulated by the DFS must begin complying with several...more
The time has come for entities regulated by the New York Department of Financial Services to make their first certification of compliance with the regulator’s cybersecurity rules....more
The year 2017 saw the number of data breaches grow, and the trend is expected to continue and intensify. From Yahoo’s announcement that three billion of its user accounts were compromised to the Equifax breach and resulting...more
Banks continue to file suit against retailers, hoping to shift the costs of data breaches, with some recent success.
What happened -
In January 2016, hackers accessed Eddie Bauer’s point-of-sale register system and...more
From the Department of Justice (DOJ) to the Massachusetts attorney general, auto financing has been the subject of several recent actions.
What happened -
The DOJ filed suit against a California-based indirect auto...more
Hoping to provide greater clarity to financial institutions subject to its new cybersecurity requirements, New York’s Department of Financial Services (DFS) published a Frequently Asked Questions (FAQ) document to assist...more
Industry Weighs In on Data Security, Cybersecurity Legislation:
Why it matters -
Members of the financial industry were able to share their positions and voice concerns at a recent hearing held by the House...more
Why it matters -
Reflecting the continued regulatory focus on cyber risks, Deputy Secretary of the Treasury Sarah Raskin has some advice for banks: buy cyber insurance. Speaking at the Texas Bankers’ Association...more
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
Financial institutions are facing an “urgent” threat of hacks and cyberattacks causing regulators to take a closer look at banks’ efforts to combat such concerns, the Federal Deposit Insurance Corporation (FDIC) Chairman...more
Community Banks and the Volcker Rule: What’s Next? -
For now, banks that have investments in CDO securities that are issued by funds that are invested in trust preferred securities (TruPS CDOs) have dodged a bullet. On...more
1/17/2014
/ Arbitration ,
Banking Sector ,
Collateralized Loan Obligations ,
Community Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Entities ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Fair Lending ,
FFIEC ,
Financial Institutions ,
Mandatory Arbitration Clauses ,
Social Media ,
Trust Preferred Securities ,
Volcker Rule