News & Analysis as of

Data Management Financial Institutions

Dacheng

China Monthly Data Protection Update: May 2025

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This monthly report outlines key developments in China’s data protection sector for May. The following events merit special attention...more

A&O Shearman

ESMA report on the quality and use of data

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The European Securities and Markets Authority (ESMA) has published its 2024 report, along with a press release, on the quality and use of data, showcasing significant increase in data use by authorities. The report covers...more

Ankura

Remediation Happens: How To Identify, Mitigate and Resolve Related Risks

Ankura on

Remediation occurs for a host of reasons. You may identify remediation risk from internal activities (e.g., an audit, a control break) or external activities (e.g., a complaint, a regulatory exam, a lawsuit). Sometimes a...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights, Issue 1, March 2025

Welcome to our first issue of Promissory Notes - our banking and finance e-newsletter - for 2025. We developed this e-newsletter to address trending news and issues involving the banking industry. ...more

A&O Shearman

DORA: Get ready, get set, take action

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The Digital Operational Resilience Act 2022/2554 (DORA) is a European regulation that will come into force on January 17, 2025. The regulation aims to strengthen the digital operational resilience of the financial sector...more

DLA Piper

Operational resilience: a look at your contracts and the impact of DORA

DLA Piper on

In a recent webinar forming part of DLA Piper’s ‘Digital Evolution in conversation with’ series, Kristof de Vulder caught up with Alessandro Ferrari, Linzi Penman and Conor McEneaney to discuss the scope and impact of the...more

Hinshaw & Culbertson - Privacy, Cyber & AI...

CFPB Finalizes Open Banking Rule to Boost Competition, Protect Privacy, and Enhance Consumer Choice

On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited Final Rule implementing Section 1033 of the Dodd-Frank Act ("Final Rule") with the intention of giving consumers greater rights,...more

Ballard Spahr LLP

CFPB suggests that state privacy laws can—and should—regulate financial data

Ballard Spahr LLP on

On November 12, 2024, the Consumer Financial Protection Bureau (CFPB) released a report examining the carve outs and limitations contained in comprehensive state privacy laws relating to financial institutions.  In an...more

DLA Piper

US: CFPB Finalizes Open Banking Rule Under Section 1033: Key Takeaways for Accessing Consumer Financial Data

DLA Piper on

Overview - On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) finalized its long-anticipated “Personal Financial Data Rights” rule (and Executive Summary) – more commonly known as the “Open Banking” rule –...more

Baker Botts L.L.P.

New York State Department of Financial Services Issues Guidance Concerning Cybersecurity Risks Posed by Artificial Intelligence

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Last month, the New York State Department of Financial Services (“DFS”), which has broad regulatory powers over financial services-related entities and insurance companies operating in New York State, published guidance...more

Mayer Brown

CFPB Finalizes Long-Awaited Rule to Accelerate Open Banking Development; Immediately Sued

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On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rulemaking on Personal Financial Data Rights (the “Final Rule”). The Final Rule is intended to accelerate a shift towards open banking in the...more

Troutman Pepper Locke

CFPB Issues Final Section 1033 Open Banking Rule: Legal Challenge Filed Immediately

Troutman Pepper Locke on

This week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its final rule on personal financial data rights, purportedly aimed at enhancing consumer control over their financial data and promoting competition...more

Ballard Spahr LLP

CFPB Finalizes Open Banking Rule

Ballard Spahr LLP on

On October 22, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final rule implementing Section 1033 of the Dodd-Frank Act (the “Final Rule” or the “Open Banking Rule”), granting consumers greater access...more

Akerman LLP

CFPB Finalizes Open Banking (Section 1033) Rule

Akerman LLP on

On October 22nd, the Consumer Financial Protection Bureau ("CFPB") issued its final open banking rule, which implements section 1033 of the Dodd Frank Act ("Final Rule"). The Final Rule requires data providers, which includes...more

Baker Donelson

New York DFS Releases AI Cybersecurity Guidance

Baker Donelson on

The New York Department of Financial Services (NYDFS) issued new guidance (the Guidance) on October 16, 2024, to help state-regulated financial institutions mitigate the myriads of cybersecurity risks posed by artificial...more

Pagefreezer

5 Huge Reasons Banks Need to Archive Their Websites & Social Media Accounts

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The digital revolution has transformed the banking industry. As financial services and associated communications move online, it is more important than ever for institutions to manage and control their online presence....more

Troutman Pepper Locke

Banks Should Continue to Prep for CFPB Data Rule Rollout

Troutman Pepper Locke on

Companies that fall within the definition of “data provider” are expected by this fall to be required to comply with the Consumer Financial Protection Bureau’s proposed rule implementing Section 1033 of the Dodd-Frank Act. ...more

Hinckley Allen

Final Amendments to Regulation S-P under Securities Exchange Act of 1934

Hinckley Allen on

On May 15, 2024, the Securities and Exchange Commission (the “SEC”) issued final amendments (the “Amendments”) to Regulation S-P (originally adopted in 2000), which governs the treatment of a customer’s nonpublic personal...more

Ballard Spahr LLP

Former CFPB Director Kraninger calls out the CFPB for manipulating data to serve a partisan agenda

Ballard Spahr LLP on

Florida Bankers Association President and CEO and former Director of the Consumer Financial Protection Bureau (CFPB) Kathy Kraninger wrote an editorial in the May 14, 2024 American Banker titled “CFPB Must Stop Manipulating...more

Pagefreezer

Website & Social Media Archiving to Comply with FINRA Books & Records Rules

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Investment firms and other financial institutions are subject to the strict recordkeeping and communication regulations laid out by both the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange...more

Mayer Brown

Facilitating Data Sharing in Open Finance - New Central Bank Resolution

Mayer Brown on

In October of this year, the Central Bank of Brazil announced an important measure to simplify the consent renewal process within the field of Open Finance. Joint Resolution No. 7/2023—which will amend certain articles of...more

Robinson+Cole Data Privacy + Security Insider

OCC Semiannual Risk Perspective Identifies AI as “Emerging Risk”

The Office of the Controller of the Currency (OCC) issues a semiannual risk perspective report that “addresses key issues facing banks, focusing on those that pose threats to the safety and soundness of banks and their...more

Cadwalader, Wickersham & Taft LLP

CFPB's Personal Financial Data Rights Proposed Rule, Part 4

This final installment of our coverage on the Consumer Financial Protection Bureau’s proposed rule regarding “personal financial data rights” builds upon concepts and concerns covered in our earlier posts. For an overview of...more

A&O Shearman

D&I in FS: Data protection and D&I reporting

A&O Shearman on

The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are consulting on proposals to introduce a new financial services regulatory framework on diversity and inclusion (D&I) in the financial...more

Thomas Fox - Compliance Evangelist

The Importance of Data Quality in Financial Communications Compliance

This week I have a special five-part podcast series, sponsored by Verint on the Future of Communication in Financial Compliance on the Innovation in Compliance podcast series on the Compliance Podcast Network. My guest in...more

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