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Forever 21 Latest Retailer to Suffer Credit Card Breach

Forever 21 has warned customers who used a credit card at any of its stores between March and October 2017 that their credit card may have been compromised....more

CFPB Releases Principles for Financial Services Industry for Sharing Data

The Consumer Financial Protection Bureau(CFPB) recently issued principles for the access and disclosure of sensitive date in the financial services industry. The CFPB referred to the guidelines as principles instead of...more

SEC Enforcement Division Priorities Pertaining to Retail Investors and Cybersecurity

by Dechert LLP on

In a keynote speech to the Securities Enforcement Forum on October 26, 2017, U.S. SEC Division of Enforcement (Division) Co-Director Stephanie Avakian emphasized the protection of retail investors and cybersecurity as...more

GDPR for pension schemes - a practical guide

by Hogan Lovells on

Data protection law is undergoing radical change that is impacting employers and trustees of pension schemes and all service providers to them. With effect from 25 May 2018 the European General Data Protection Regulation...more

Forward Vision: New York’s Cybersecurity Regulation Imposes a Series of Deadlines

by Locke Lord LLP on

New York’s cybersecurity regulation that went into effect in March has far reaching implications. The first transition date for implementation of several requirements of the state’s Department of Financial Services regulation...more

CFPB Outlines Principles for Consumer-Authorized Financial Data Sharing and Aggregation

The Consumer Financial Protection Bureau (CFPB or Bureau) recently released a set of consumer protection principles for protecting consumers when they authorize third party companies to access their financial data to provide...more

Brussels Regulatory Brief: October

by K&L Gates LLP on

On 6 September 2017, the Court of Justice, the European Union (“EU”)’s highest court, issued its much awaited decision in a case of abuse of dominance by a US microchip manufacturer using exclusivity or loyalty rebates, i.e....more

Plaintiff Failed To Plausibly Allege Consumer Reporting Agency Lacked A Reason To Believe Lenders Intended To Use Credit Report...

by King & Spalding on

On October 16, 2017, the United States District Court for the District of Minnesota dismissed a Fair Credit Reporting Act (“FCRA”) complaint because the plaintiff had failed to plausibly allege that the defendant lacked a...more

Cybersecurity Among Focus for OCC Supervision in 2018

What will the Office of the Comptroller of the Currency (OCC) focus on in 2018? Cybersecurity, for starters, the agency said in the release of its Bank Supervision Operating Plan for the next fiscal year....more

Consumer Financial Services Newsletter - Fall 2017

by Hinshaw & Culbertson LLP on

The "Unique Factual Circumstances of Each Individual" in Plantiffs' Proposed Class Prompts Appellate Court to Affirm Denial of Class Certification - The Eleventh Circuit Court of Appeals affirmed a district court's...more

Equifax Fallout Continues, Spreads Across Industry—and Pond

The fallout from the Equifax data breach continues, reaching other credit reporting companies and all the way across the Atlantic Ocean. What happened - In early September, Equifax disclosed that roughly 145 million...more

Consumer Financial Protection Bureau Releases Fintech Consumer Protection Principles

by King & Spalding on

On October 18, 2017, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) published a statement of nine principles entitled: “Consumer Protection Principles: Consumer-Authorized Financial Data Sharing and...more

Consumer Data Breach: Equifax and Arbitration

by Pepper Hamilton LLP on

The latest large consumer data breach, this time involving Equifax, has also shed a sharp light on an ongoing controversy about consumers’ access to justice. In taking steps to ameliorate its PR crisis, Equifax found itself...more

SEC’s Most Recent Cybersecurity Move: What Registered Investment Advisors Need to Know

by Polsinelli on

As public concern over data security grows in the wake of the Equifax data breach, the U.S. Securities and Exchange Commission (SEC) is increasing its scrutiny of registered investment advisors (RIAs). In turn, RIAs should...more

Digital Currency Vulnerable To Cybersecurity Attacks

by King & Spalding on

The Commodity Futures Trading Commission (“CFTC”) recently warned that “digital wallets” used to store virtual currency such as Bitcoin could be susceptible to cybersecurity attacks. ...more

CFPB Issues “Principles” For The Protection Of Consumer Authorized Data Sharing And Aggregation

With the growth of technology and the development of the fintech market, an unprecedented amount of consumer financial data has become available. While protections through the FTC Safeguard Rule and EFTA provide certain...more

New HMDA Disclosure Guidance Creates Concern in Wake of Recent Data Breaches

by Baker Donelson on

The CFPB recently announced a new policy guidance concerning the data required to be collected, reported, and disclosed by financial institutions to the public under the Home Mortgage Disclosure Act (HMDA). The guidance is...more

NAIC Adopts Model Cybersecurity Law

by Locke Lord LLP on

Based largely on the NY DFS Cybersecurity Regulation that became effective March 1, 2017, the NAIC has adopted a Model Cybersecurity Law that would, once adopted by the various states, establish significant requirements for...more

NY DFS Cybersecurity Exemption Filings due October 30

by Locke Lord LLP on

October 30, 2017 is the extended deadline for most Covered Entities claiming an exemption to file the Notice of Exemption required by the NY DFS Cybersecurity Regulation (23 NYCRR 500.19(e)). The filing deadline is 30 days...more

G-7 Officials Release Report On Cybersecurity In The Financial Sector

by King & Spalding on

n October 13, 2017, finance ministers and central bank governors of the Group of Seven (the “G-7”) released a report entitled Fundamental Elements for Effective Assessment of Cybersecurity for the Financial Sector. The G-7...more

The CFPB Releases Data Sharing Principles, Setting Off A New Round of Controversy

by Reed Smith on

On October 18, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) entered into the long simmering debate over consumer-authorized data sharing. This debate pits mainstream financial institutions, which are...more

The New CFPB Consumer Protection Principles

by McGuireWoods LLP on

On October 18, 2017, the Consumer Financial Protection Bureau (CFPB) issued a set of Consumer Protection Principles regarding the sharing and aggregation of consumers’ financial data. The timing of the announcement in light...more

Key Regulatory Topics: Weekly Update - 13 October 2017 – 19 October 2017

by Allen & Overy LLP on

BREXIT - Please see the Financial Crime section for an update on the new Sanctions and Anti-Money Laundering Bill which is presently being considered by the UK Parliament in preparation for Brexit. TheCityUK publishes...more

Hyatt Data Breach Impacts 41 Locations in 11 Countries

Hyatt Hotels Corporation recently announced that it had identified malicious software code resulting in unauthorized access to customer payment card information. Hyatt disclosed that upon investigating the incident, it...more

Data Privacy + Cybersecurity Insider - October 2017 #2

by Robinson & Cole LLP on

FBI Issues Flash Alert on Apache Struts Vulnerability - The Apache Struts vulnerability has been mentioned frequently in the media over the past month, as it is believed to have been involved in one of the largest and most...more

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