Fintech and Financial Privacy: Regulatory Developments on the Use of Financial Data

So you’re a fintech startup, buying a fintech company, or expanding the technical capabilities of your financial business. Or you’re a tech company that is getting into the payments space. Where do you start when it comes to figuring out what consumer protection laws apply to you? You should be aware that, for the past several years, the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) have been actively enforcing consumer protection laws in the fintech space. … Read the rest

Federal Financial Regulators Tighten Timelines for Reporting Ransomware Attacks

As anticipated, the Office of the Comptroller of the Currency, the Federal Reserve Board, and the FDIC recently approved and released the Final Rule Requiring Computer-Security Incident Notification (“Final Rule”).  The Final Rule is designed to promote early awareness and stop computer security incidents before they become systemic.  It places new reporting requirements on both U.S. banking organizations, as well as bank service providers.  We have blogged repeatedly on the pernicious issue of ransomware.

The Final Rule applies to “banking organizations”

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