Popular, Data Security, Banking Sector

AI Reporter - May 2025

Benesch on 5/15/2025

The use of AI in banking was a topic in April, as Bank of America revealed it will spend $4 billion on AI initiatives in the coming year. The bank cited AI’s usefulness in reducing IT support calls and the over 90% usage...more

Balancing Agility and Speed with Preparation and Stability: Importance of Governance in a Fintech Startup

Ankura on 12/17/2024

In all our work with clients, my evaluation and expectations around compliance readiness come down to one point: Governance. This can mean a variety of things when it comes to a compliance program, but overall, we boil it...more

Money20/20 Zeros in on AI, Open Banking, and Payment Innovation

Goodwin on 11/22/2024

The end of October marked the conclusion of another successful year of Money20/20, the premier event for the payments, banking, fintech, and financial services industries. If you missed the conference, fear not. Below is a...more

CFPB Asserts State Consumer Privacy Laws Do Not Sufficiently Protect Consumer Financial Data

Cooley LLP on 11/20/2024

The Consumer Financial Protection Bureau (CFPB) published a report on November 12, 2024, examining state and federal privacy protections for consumer financial data....more

Four Cybersecurity Law Issues for Financial Services to Track in 2023 | Insights

Venable LLP on 2/17/2023

The financial services sector must already contend with a maze of regulations in a variety of areas, and 2023 is poised to usher in new cybersecurity regulations for the industry. Organizations should ensure their security...more

Privacy and Data Security Update - The Consumer Finance Podcast

Troutman Pepper Locke on 10/13/2022

Please join Consumer Financial Services Partner Chris Willis and his colleagues Ron Raether and Kim Phan, partners in our Privacy + Cyber Practice Group, as they discuss recent privacy and data security updates in the...more

What Banks Need to Know About New Data Breach Notification Requirements

Blank Rome LLP on 2/7/2022

Given the omnipresent concern about cyber attacks targeting the banking industry, the FDIC, OCC and Federal Reserve recently published a new joint final rule establishing enhanced security incident notification requirements...more

The Impact of Cybersecurity Regulations on the Financial Services Industry in 2022

Holland & Knight LLP on 1/13/2022

Following the SolarWinds and the Colonial Pipeline cyberattacks, the Biden Administration emphasized a shift toward mandatory cybersecurity requirements. Throughout 2021, government agencies issued new cybersecurity guidance,...more

Federal Banking Agencies Adopt New Computer-Security Incident Notification Requirements

Morgan Lewis - All Things FinReg on 12/3/2021

The three federal banking agencies (i.e., the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency—collectively, the Agencies) published a final rule (the Rule)...more

Financial Regulators Issue New Cyber Incident Reporting Rule for U.S. Banks and Service Providers

Balch & Bingham LLP on 11/23/2021

On November 18, 2021, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) approved a new final rule regarding reporting of cyber incidents for U.S. banks...more

FTC Strengthens GLBA Financial Safeguards and Privacy Rules

Ballard Spahr LLP on 11/18/2021

On October 27, the Federal Trade Commission (FTC) announced a final rule (Final Rule) and supplemental notice of proposed rulemaking (NPRM) to amend the Safeguards Rule promulgated under the Gramm-Leach-Bliley Act (GLBA),...more

FTC Releases Detailed Information Security Requirements and Proposes Breach Notification for Financial Institutions

Wiley Rein LLP on 11/2/2021

On October 27, 2021, the Federal Trade Commission (FTC) announced revisions to its Safeguards Rule (Revised Safeguards Rule), which requires certain financial institutions to implement information security programs to protect...more

Bank of Italy initiatives on Artificial Intelligence in the banking, financial and payment sector

Hogan Lovells on 10/1/2021

Bank of Italy launched initiatives regarding the use of Artificial Intelligence for innovating the banking, financial and payment sector and complaints handling....more

Financial Regulatory Agencies Announce Proposed Rule Requiring Notice of Computer Security Incidents

Alston & Bird on 1/12/2021

On December 18, 2020, federal financial regulatory agencies jointly announced a proposed rule that would impose new and expanded reporting requirements on supervised banking organizations that experience a “computer-security...more

Fintech 2020: A Global Survey on the State of Financial Technology

Goodwin on 9/16/2020

Letter from Our Co-Chairs - As the digital transformation of financial markets accelerates at breakneck speeds, fintech presents significant opportunities and challenges for both investors and innovators around the world. ...more

Last Chance for Financial Companies to Weigh in On New FTC Data Security Standards

BCLP on 3/18/2019

For the first time in 17 years, the FTC is proposing significant increases to the information security standards which apply to those financial institutions that are regulated by the FTC and are not already subject to similar...more

Risky Business: FTC Signals Departure From Risk-Based Approach, Proposing NYDFS-Like Security Requirements for the Safeguards Rule

Morrison & Foerster LLP on 3/14/2019

With one eye on the New York Department of Financial Services (“NYDFS”) cybersecurity rules and the other on two of its own Commissioners who dissented, the Federal Trade Commission (“FTC”) has proposed a sweeping overhaul to...more

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