Last week, the CFPB last week finalized its rule permitting certain financial institutions to post their annual privacy notices online, claiming it will benefit consumers and financial institutions alike. The rule became effective on October 28, 2014, and applies to banks and non-banks within the CFPB’s jurisdiction.
By: Andrea Beatty
Andrea Beatty, partner at K&L Gates joins BRR to discuss the new privacy reforms coming in next year and their effect on the financial sector.
To listen to the broadcast, click here.
Jacqui Scanlan: Andrea Beatty, partner at K&L Gates joins us to discuss privacy law reform in the financial sector. Andrea welcome to BRR Media.
Andrea Beatty: Thank you very much Jacqui
To read the full transcript, click here.
By: David L. Beam, *Anjali Garg
*Ms. Garg is a law clerk and not admitted to the practice of law.
Federal privacy laws do not prohibit a financial institution from reporting suspected elder abuse to the authorities. That’s the key takeaway from a new interagency guidance issued by seven federal regulatory agencies on September 23. Read More
On February 12, 2013, President Obama signed an executive order (“Order”) aimed at enhancing the cybersecurity of the nation’s “critical infrastructure” (generally defined as those “systems and assets” whose incapacity “would have a debilitating impact on security, national economic security, national public health or safety, or any combination of those matters”). An accompanying policy directive designates the financial services sector as one of sixteen “critical infrastructure sectors” and, among other things, directs the Commerce Department’s National Institute of Standards and Technology (“NIST”) to collaborate with industry representatives in order to create a voluntary “cybersecurity framework.” The framework must be “technology neutral” and focused on “cross-sector security standards and guidelines applicable to critical infrastructure.” Read More
By: Holly K. Towle
In 2010 we reported on the “Wave of Online Banking Fraud Targeting Businesses” that use online banking relationships to make electronic fund transfers by wire or ACH. The fraudsters use malware such as key-loggers to steal access credentials and then start draining the business’ account. In the U.S., the transfers are governed by Article 4A of the Uniform Commercial Code (“UCC”). Consumer accounts are not impacted by Article 4A: they are eligible for the consumer protections afforded by the federal Electronic Funds Transfer Act and Regulation E, which limit a consumer’s exposure to fraudulent transfers to a maximum of $50 as long as the consumer promptly reports the fraudulent activity. Read More
It is increasingly common for employers to request that job applicants and employees divulge the passwords to their Facebook accounts and to other social media sites. This trend has not gone unnoticed by the media and privacy advocates, which view this practice as an intrusive violation of individual privacy. On the other hand, employers often have valid reasons to exercise oversight over social media activities, especially in financial services and other highly regulated industries where employees’ activities may be more likely to cause the company to incur liability. Read More
The CFPB wants to get to know you – well. But it’s not a prelude to a kiss.
On January 12, 2012, the CFPB released its new Mortgage Origination Examination Procedures Governing Banks and Nonbanks (the “Procedures”). The release of the Procedures follows close on the heels of the CFPB’s October 13, 2011 release of its mortgage servicing examination procedures (see The CFPB Mortgage Servicing Examination Procedures Fail to Harmonize – Isn’t It Ironic? ), and its January 5, 2012 announcement of its nonbank supervision program (see CFPB Officially Launches Nonbank Supervision Program). Read More
By: David A. Tallman
Adding to its already full plate, the Bureau of Consumer Financial Protection (the “CFPB” or the “Bureau”) recently requested public comment on its review of the various consumer financial protection regulations it has inherited from other agencies. The request signals that the Bureau does not intend for its higher-profile mortgage finance initiatives to overshadow its mandate to update, modify (or even eliminate) outdated, unduly burdensome, or unnecessary existing regulations. It also suggests that the CFPB is contemplating that its initial review of the inherited regulations may extend beyond mere technical corrections to more significant substantive changes.