More regulators (apart from the FTC) are now taking note of cybersecurity issues in the financial services industry and are taking steps to protect the industry and its consumers. Earlier this year, the Consumer Financial Protection Bureau (“CFPB”) issued its first enforcement action on data security against an online payment system. In June, the Federal […]
Financial Privacy
D.C. Circuit Holds CFPB is Unconstitutionally Constructed; Removes For-Cause Removal Protection from CFPB Director
On Tuesday, October 11, 2016, the D.C. Circuit Court issued its opinion in PHH Corp. v. Consumer Financial Protection Bureau, holding that the Consumer Financial Protection Bureau (CFPB) was unconstitutionally structured. In the majority opinion, Judge Kavanaugh described the position of CFPB Director as, in terms of unilateral authority, “the single most powerful official in […]
FTC PrivacyCon Event Examines Cutting-Edge Research and Current Policies Regarding Privacy and Data Security
The Federal Trade Commission held its PrivacyCon event, featuring nineteen presentations showcasing original research regarding important consumer privacy and security issues by leading academics from universities and think tanks from around the world. A full video recording of the webcast is available here. The conference took place in Washington on Jan. 14, 2016, and included […]
FFIEC Warns of Increase in Cyber Attacks Involving Extortion, Encourages Financial Institutions to Develop Response Programs
Last week, the Federal Financial Institutions Examination Council (FFIEC) issued a joint statement warning of an “increasing frequency and severity of cyber attacks involving extortion.” The statement warned that criminals have been extorting financial institutions using a variety of tactics, including denial of service attacks, theft of sensitive information, and use of “ransomware,” which is […]
Article 29 Working Party Calls for Political Action
In a concise statement, the Article 29 Working Party (WP29), a consortium of European Data Protection Authorities (DPAs), released a position paper today about the landmark ruling of the European Court of Justice in Maximilian Schrems v. Data Protection Commissioner (C-362-14). WP29 makes a political call on the EU Member States to finalize discussions with […]