Financial Services Report, Summer 2014

In This Issue:

- Beltway Report

- Bureau Report

- Mobile Payments

- Mortgage and Fair Lending Report

- Operations Report

- Preemption Report

- Privacy Report

- Arbitration Report

- TCPA Report

- Excerpt from BELTWAY REPORT:

FFIEC Issues the Alert on Heartblee -

On April 10, 2014, the Federal Financial Institutions Examination Council (FFIEC) issued its “OpenSSL ‘Heartbleed’ Vulnerability Alert.” The alert warned financial institutions that systems using the OpenSSL encryption method were at risk for cyberattacks. Specifically, the alert explained that an attacker could exploit a material security vulnerability in the OpenSSL cryptographic library, dubbed “Heartbleed,” to decrypt, spoof, or perform attacks on network communications. To address the vulnerability, the FFIEC urged financial institutions to immediately incorporate patched versions of OpenSSL into their systems and to ensure that the financial institutions’ third-party vendors also take risk mitigation steps.

Please see full report below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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