Financial Services Archives

NYDFS Announces New Cybersecurity Requirements for Financial Services Companies

August 15, 2022
Editorial Team
Banks, Cybersecurity, Financial Services, Insurance Companies, New York State, New York State Department of Financial Services (NYFDS)
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On July 29, the New York State Department of Financial Services (NYFDS) posted a request for public comment on their proposed amendments to their cybersecurity requirements for financial services companies, the Cybersecurity Requirements for Financial Services Companies (Part 500).

What’s the OCC Banking Regulatory Outlook for 2022?

December 15, 2021
Editorial Team
Banks, Cybersecurity, Financial Services, OCC, Risk Management, Third Party Compliance, US Regulatory

As the year’s end approaches, the US Office of the Comptroller of the Currency (OCC), a primary US banking regulator, has published its Banking Supervision Operating Plan for 2022. As you might expect, much of the OCC’s focus is on managing the repercussions of the pandemic and the resulting economic, financial, operational, and compliance implications.…

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CNIL Publishes White Paper on Digital Payments and Data Privacy

November 23, 2021
Editorial Team
AML, Banks, Biometric, CNIL, Cybersecurity, Data Privacy, Data Protection, Data Security, Digital Payments, Financial Services, FinTech, GDPR, Personal Information, Privacy

The French Data Protection Authority’s white paper discusses how companies can comply with data privacy and security obligations. The use of card, contactless, and innovative digital payment solutions has significantly increased in recent years, fueled by the immediate impacts of the ongoing COVID-19 pandemic and the longer-term growth of e-commerce and open banking. In this…

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Fintech Cybersecurity: A Plan for Innovation with Risk Mitigation

November 18, 2021
Editorial Team
Artificial Intelligence, Banks, Blockchain, Cybercrime, Cybersecurity, Financial Services, FinTech

As the fintech industry rushes ahead to integrate new technologies, it’s leaving the door open for cyber attackers. The financial technology (fintech) industry is evolving at breakneck speed, driven in large part by its rapid adoption of innovative new technologies like artificial intelligence and blockchain-powered assets. By 2026, the current global fintech market is projected…

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New York DFS Issues New Cybersecurity Guidance

November 7, 2021
Tim Crino
Compliance, Cybersecurity, Financial Services, New York State

Under New York’s Cybersecurity Regulation, issued in 2017, any entity (a “Covered Entity”) regulated by the New York State Department of Financial Services (DFS) must maintain a risk-based cybersecurity program that protects its information systems and nonpublic data. For years, DFS has allowed Covered Entities to adopt the cybersecurity program of an affiliate. This has…

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Opinion: How the U.S. Government’s Efforts Can Improve Data Privacy and Protection in 2021

November 4, 2021
Shamsh Hadi
Artificial Intelligence, Blockchain, Compliance, Congress, Cybersecurity, Data Governance, Data Privacy, Data Protection, DHS, Digital Identity, Financial Services, Legislation, NIST, Op-Ed, Privacy, US Data Privacy Legislation

This year, cybersecurity incidents, such as data breaches, have led to the proliferation of identity theft and fraud, facilitated by a lack of digital identity verification credentials. Additionally, data privacy legislation has gained momentum at the state level and become a key area of concern for lawmakers and citizens alike. Meanwhile, artificial intelligence and blockchain…

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FTC Makes Significant Changes to GLBA Safeguards Rule

November 3, 2021
Editorial Team
Breach Notification, Data Privacy, Federal Trade Commission (FTC), Financial Services, GLBA, Safeguards Rule

The FTC’s final rule released last week amending its Standards for Safeguarding Customer Information (Safeguards Rule) under the Gramm-Leach-Bliley Act (GLBA) will require significant changes in data security policies and procedures to be made by non-bank financial institutions covered by the Safeguards Rule. Such institutions include finance companies, mortgage companies and brokers, motor vehicle dealers,…

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DOJ Announces National Cryptocurrency Enforcement Team

October 12, 2021
Editorial Team
AML, Blockchain, Cryptocurrency, Cybercrime, Department of Justice, Federal Agencies, Financial Services, Penalties and Enforcement, US Regulatory

On October 6, the Department of Justice (“DOJ”) announced the creation of a National Cryptocurrency Enforcement Team (“NCET”). The DOJ press release is set forth in part below, without further commentary, other than to observe that the NCET’s stated goals are to address issues on which we repeatedly have blogged: crypto exchangers and their AML…

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How to Build Back Better With Cybersecurity as a Core Principal

July 16, 2021
Editorial Team
C-Suite, CISO, COVID-19, Cybersecurity, Financial Services, Governance

By JC Gaillard A comment left on one of my articles made me think: How can cybersecurity leaders drive a long-term transformative agenda, with a business and a board that cannot see beyond the short-term? I see several angles worth discussing around the way the question was put, which may help break some deadlocks. Endemic…

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Why Fintech Companies Want to be Regulated by the CFPB

April 21, 2021
Amy Willcox
Banks, Compliance, Financial Services, FinTech, US Regulatory

It’s unusual to see an industry making a formal request to be regulated, but that’s exactly what fintech data aggregators are asking of the Consumer Financial Protection Bureau (CFPB). Companies like Plaid and Robinhood have reasoned that more oversight by the CFPB comes with access to more consumer data–which in turn would allow fintech companies…

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