The Consumer Financial Protection Bureau (CFPB) announced that it was issuing a Notice of Proposed Rulemaking regarding Personal Financial Data Rights on October 19, 2023. The proposed rule (Proposed Rule) would implement...more
3/20/2024
/ Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
EFTA ,
Fair Credit Reporting Act (FCRA) ,
Federal Industry Standards ,
Financial Regulatory Reform ,
Financial Services Industry ,
Gramm-Leach-Blilely Act ,
Notice of Proposed Rulemaking (NOPR) ,
Open Banking ,
Personal Finances ,
Proposed Rules ,
Regulatory Requirements ,
Technology
The Consumer Financial Protection Bureau (CFPB) published a proposed rule on November 7, 2023, that, if finalized, would subject to its supervisory authority certain Big Tech firms and other nonbank companies operating in the...more
Following a related request for information (RFI) earlier this year, the Consumer Financial Protection Bureau (CFPB) announced on August 15, 2023, its intention to launch rulemaking targeting data brokers. This rulemaking...more
The Consumer Financial Protection Bureau (CFPB) announced on March 15, 2023, that it is issuing a Request for Information (RFI) about the business practices of data brokers, which the agency said will assist it in “planned...more
3/28/2023
/ Algorithms ,
Consumer Financial Protection Bureau (CFPB) ,
Criminal Background Checks ,
Data Brokers ,
Data Collection ,
Data Privacy ,
Data Protection ,
Data Security ,
Fair Credit Reporting Act (FCRA) ,
Machine Learning ,
Marketing ,
Personal Data ,
Request For Information ,
Rulemaking Process
A Colorado state court recently joined a growing chorus of courts across the country rejecting insurance companies’ arguments that there is no coverage for COVID-19-related losses and costs under commercial property insurance...more
On December 7, 2021, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a highly anticipated proposed rule that would implement key provisions of the Corporate Transparency Act (CTA), a...more
On New Year’s Day 2021, Congress overrode a presidential veto to pass the Anti-Money Laundering Act of 2020 (AMLA 2020), which amends and modernizes the Bank Secrecy Act (BSA). The AMLA 2020 includes sweeping reforms updating...more
4/13/2021
/ Anti-Corruption ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Criminal Penalties ,
Disclosure Requirements ,
Enforcement Actions ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Senior Foreign Political Figures (SFPFs) ,
Subpoenas ,
Virtual Currency ,
Whistleblower Awards
On September 24, 2018, the French data protection authority, Commission Nationale de l’Informatique et des Libertés (CNIL), became the first data protection authority to issue written guidance on the intersection of the use...more
10/15/2018
/ Bitcoin Mining ,
Blockchain ,
CNIL ,
Cybersecurity ,
Data Processors ,
Data Protection ,
Data Protection Authority ,
Distributed Ledger Technology (DLT) ,
France ,
General Data Protection Regulation (GDPR) ,
International Data Transfers ,
Popular ,
Right to Erasure ,
Smart Contracts
Purpose -
Distributed ledger technology (“DLT”), including the use of blockchain technology, has been touted as a way to create and validate digital identities that serve many of the same purposes that physical forms of...more
5/22/2017
/ Anti-Money Laundering ,
Blockchain ,
Compliance ,
Data Privacy ,
Data Security ,
Digital Data ,
Distributed Ledger Technology (DLT) ,
Ethereum ,
General Data Protection Regulation (GDPR) ,
Identity Protection Services ,
Identity Theft ,
Privacy Laws ,
Self-Sovereign Identity (SSI) ,
Technology ,
UFADAA
The Court of Justice of the European Union (CJEU) issued its landmark decision in Maximillian Schrems v. Data Protection Commissioner on October 6, 2015, ultimately invalidating the U.S.-EU Safe Harbor Framework.
Under...more
10/8/2015
/ Corporate Counsel ,
Cybersecurity ,
Data Protection Authority ,
Edward Snowden ,
EU Data Protection Laws ,
European Commission ,
European Court of Justice (ECJ) ,
Facebook ,
Federal Trade Commission (FTC) ,
International Data Transfers ,
Ireland ,
National Security ,
National Security Agency (NSA) ,
Personal Data ,
Popular ,
Privacy Laws ,
Right to Privacy ,
Safe Harbors ,
Schrems I & Schrems II ,
US-EU Safe Harbor Framework ,
Young Lawyers
In what may be good news for emerging virtual currency companies and emerging payments companies, the Financial Crimes Enforcement Network (“FinCEN”) released a public statement yesterday regarding the willingness of banks to...more
Perkins Coie's Privacy & Security practice maintains a comprehensive chart that summarizes state laws regarding security breach notification. The chart is for informational purposes only and is intended as an aid in...more
On April 29, 2014, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a series of administrative rulings determining whether five different companies constitute money services...more
Overview -
On January 30, 2014, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued two administrative letter rulings that clarify the application of FinCEN’s regulations to...more
Perkins Coie's Privacy & Security practice maintains this comprehensive chart of state laws regarding security breach notification. The chart is for informational purposes only and is intended as an aid in understanding each...more
The virtual currency industry is in the news once again following the October 1, 2013, Federal Bureau of Investigation’s shutdown of the “Silk Road” website. As part of the shutdown of the well-known underworld bazaar, the...more
Riding the coattails of an August 6, 2013 federal court ruling that alleged Ponzi-schemer Trendon Shavers’ Bitcoin-based investment scheme constituted an investment contract, and therefore a “security” under the federal...more
In response to the SEC’s first civil complaint arising from online virtual currency trading, alleged Bitcoin Ponzi schemer Trendon Shavers recently challenged the district court’s authority to hear the case. ...more
On July 23, 2013, the SEC ventured into the electronic currency world by filing a civil complaint against virtual currency “trader” Trendon Shavers and his company, Bitcoin Savings and Trust, in the U.S. District Court for...more
Perkins Coie's Privacy & Security practice maintains this comprehensive chart of state laws regarding security breach notification. The chart is for informational purposes only and is intended as an aid in understanding each...more
To address a perceived gap in regulatory treatment of increasingly popular virtual currencies, including Bitcoin, the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) released new guidance on...more