News & Analysis as of

Financial Institutions Consumer Privacy Rights

Cozen O'Connor

The State AG Report – 7.11.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •Republican AGs to DOE: Appliance Efficiency Rule is a...more

K&L Gates LLP

Overview of the CFPB's Proposed Open Banking Rule and Final Industry Standard Setting Rule

K&L Gates LLP on

The financial services and banking industry landscape continues to evolve in the face of new and emerging technologies. This phenomenon is especially prevalent in the sharing of consumer data between financial institutions...more

McCarter & English, LLP

SEC Adopts Rule Amendments to Regulation S-P to Safeguard Customer Information and Enhance Cybersecurity Procedures at Financial...

On May 16, 2024, the Securities and Exchange Commission (SEC) adopted amendments to Regulation S-P to “modernize and enhance the rules that govern the treatment of consumers’ nonpublic personal information by certain...more

Cadwalader, Wickersham & Taft LLP

Trends in 2024: Consumer Financial Services Edition

Earlier this week, the Consumer Financial Services Law Subcommittee of the American Bar Association’s Business Law Section met in Santa Barbara for its winter meeting. This conference brings together practitioners in consumer...more

Arnall Golden Gregory LLP

CFPB Proposes a Rule on Personal Financial Data Rights

The fourth quarter of 2023 has seen significant proposed rulemaking from regulators. Just over a week after the Federal Trade Commission issued its Notice of Proposed Rulemaking on its “junk fees” rule, the Consumer Financial...more

Troutman Pepper

SEC’s 2024 Examination Priorities: Implications for Consumer Financial Services

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The Securities and Exchange Commission’s Division of Examinations has outlined its 2024 Examination Priorities, with a significant focus on cryptocurrency, emerging technology, and Anti-Money Laundering (AML) laws. This has...more

Ballard Spahr LLP

CFPB Issues Proposed Rule Offering Consumers Greater Access to and Control Over Their Financial Data

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On October 19, 2023, the Consumer Financial Protection Board (“CFPB”) released a proposed rule that, if enacted, would grant consumers greater access rights to the data their financial institutions hold. Under the proposed...more

Akerman LLP

Explainer Things: Episode 7

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It's the best of times and the worst of times for our pop-culture loving crew of consumer financial services lawyers. The movies are on a high with record box office receipts and stellar reviews for Barbie and Oppenheimer (or...more

Goodwin

Generative AI and Financial Services: A Recent View From the UK Regulator

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In a recent speech, Nikhil Rathi, CEO of the UK Financial Conduct Authority (FCA), set out the FCA’s latest views on the role of artificial intelligence (AI) in financial services. The speech highlights many benefits but also...more

Sheppard Mullin Richter & Hampton LLP

State Comprehensive Privacy Laws – Beaver State Makes a Dozen

Oregon’s governor has now signed into law the state’s comprehensive privacy law. Meaning, there are now 12 states with these laws, six of which were passed just this year (others passed in 2023 were Iowa, Indiana, Tennessee,...more

Jackson Lewis P.C.

Data Protection Update: Q3 Noteworthy Dates

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June 9th marked the deadline for financial institutions, including certain non-banking institutions that collect or maintain sensitive customer information (e.g., car dealerships), to implement a comprehensive information...more

McGlinchey Stafford

[Webinar] Deep Dive into Privacy and Bank Partner Programs - March 22nd, 10:00 am PT

McGlinchey Stafford on

The next installment in McGlinchey’s Deep Dive Series covering all things privacy is a webinar featuring attorneys from McGlinchey’s Financial Institutions Compliance team....more

WilmerHale

New Legislation to Expand Privacy Obligations of Financial Institutions Introduced in Congress

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On February 27, 2023, the Chairman of the House Financial Services Committee Patrick McHenry (NC-10) introduced the Data Privacy Act of 2023 (the Bill), which would amend the Gramm-Leach-Bliley Act (GLBA) to “modernize[]...more

Lathrop GPM

Fintechs Beware: CFPB Builds on FTC Safeguards for Consumer Data

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On August 11, 2022, the Consumer Finance Protection Board issued Consumer Financial Protection Circular 2022-04 for enforcers of federal consumer financial laws. The new Circular reflects the consumer watchdog’s increasing...more

Fisher Phillips

Steering Your Auto Dealership into Compliance with New Information Security Rules: A 9-Step Guide

Fisher Phillips on

Auto dealerships that provide financing are subject to the Gramm Leach Bliley Act (GLBA). That’s the old news. What’s new is that GLBA-covered businesses have until December 9 to implement significant changes to their...more

Wiley Rein LLP

FTC Uses Enforcement Proceeding to Send Message on Account Security Practices

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Account security and digital identity have been hot topics for regulators and at the National Institute of Standards and Technology (NIST). The government has been promoting multifactor authentication (MFA) and innovation in...more

WilmerHale

Bill Proposed in Congress to Expand Privacy Obligations of Financial Institutions

WilmerHale on

On June 23, 2022, Congressman Patrick McHenry (NC-10), released a discussion draft  (“Discussion Draft”) of new legislation set to amend the Gramm-Leach-Bliley Act (GLBA) with the intent to “modernize GLBA to better align...more

Sheppard Mullin Richter & Hampton LLP

Senate Banking Committee Sends Letter to Yellen on Collection, Use of Consumer Data

On June 7, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Treasury Secretary Janet Yellen to request a review by the Financial Stability Oversight Council of...more

Cozen O'Connor

FTC’s Amended Safeguards Rule Imposes Significant Requirements on Covered Entities

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On October 27, 2021, the Federal Trade Commission (“FTC”) announced new updates to the Gramm-Leach-Bliley Act (“GLBA”) by amending the Standards for Safeguarding Customer Information, known as the “Safeguards Rule,” and...more

Fox Rothschild LLP

FTC’s Update to Safeguards Rule Has New Implications for Directors

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The Federal Trade Commission has issued an update to the Safeguards Rule that imposes a duty on financial institutions to protect consumer information they collect in the process of providing financial services. In an...more

Hudson Cook, LLP

California Attorney General Focuses on Targeted Advertising and Disclosures in CCPA Enforcement

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The Office of the Attorney General of California began enforcing the California Consumer Privacy Act ("CCPA") more than a year ago and recently released a set of enforcement case examples it has pursued against businesses....more

Sheppard Mullin Richter & Hampton LLP

And Then There Were Three: Colorado Passes Privacy Law, Effective July 2023

Colorado recently joined Virginia and California in passing a more comprehensive privacy law. The Colorado Privacy Act (CPA) will go into effect July 1, 2023. This is six months after Virginia’s law (CDPA) and California’s...more

Oberheiden P.C.

Are You a Financial Institution? GLBA Law & Compliance

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The Gramm-Leach-Bliley Act (GLBA) is a federal law that establishes various legal requirements for companies that qualify as “financial institutions” under the Act. The GLBA’s definition of a “financial institution” is...more

Hudson Cook, LLP

Business Law Today March Month-in-Brief: Illinois "All-in" APR Calculation, CA Office of Administrative Law Approves Revisions to...

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On March 23, 2021, Illinois Governor Pritzker signed SB 1792, which includes the Illinois Predatory Loan Prevention Act, into law. The new law imposes sweeping changes to the rate authority on consumer purpose...more

Hudson Cook, LLP

Ask and You Shall Receive: CFPB Issues ANPR on Consumer-Permissioned Access to Financial Records

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Financial institutions and fintech firms increasingly access consumer financial data and provide services to consumers using data from various financial accounts. This includes programs that assist consumers in managing...more

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