Wednesday, April 16, 2014

BNA INSIGHTS: The Securities and Exchange Commission’s Guidance On Cybersecurity and Cyber Incident Disclosure

The U.S. Securities and Exchange Commission on occasion provides disclosure guidance on topics of interest to the business and investment communities. The SEC said recently that it has observed “an increased level of attention focused on cyberattacks.”…

Social Media Risk, Mitigation Guidance Issued for Financial Services Industry

Financial sector companies must pay attention to a wide variety of legal compliance and risk issues related to the use of social networking, BITS, the technology policy division of The Financial Services Roundtable, cautioned in its “Social Media Risks and Mitigation”guidance issued July 11…

Consumer Reporting Agency to Pay FTC $1.8 Million Over Alleged Fair Credit Reporting Act Violations

A credit reporting agency agreed in a consent judgment approved by a federal court June 27, to pay $1.8 million to end the Federal Trade Commission’s Fair Credit Reporting Act enforcement action alleging it sold sensitive consumer credit information to marketers without a permissible purpose (United States v. Teletrack Inc., N.D. Ga., No. 1:11-CV-2060, stipulated judgment approved 6/27/11)…

BNA INSIGHTS: The Consumer Financial Protection Bureau and Privacy

On July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) into law. 1 Title X of the Dodd-Frank Act—entitled, “The Consumer Financial Protection Act of 2010”—establishes a new federal regulatory entity: the Consumer Financial Protection Bureau (“CFPB”). In championing this new agency, the Obama Administration emphasized that its goal, among others, was to establish “the strongest consumer financial protections in…

BNA INSIGHTS: U.S. and EU Laws Set to Clash– Again: New Tax Law Requires Foreign Banks to Share Unprecedented Details About Customers Overseas

For years, multi-national companies have grappled with the legal concerns Sarbanes-Oxley Act whistleblower hotlines raised across Europe. More recently, the European Parliament has criticized the collection and sharing of passenger name records with the United States. Now, new…

New Consumer Financial Protection Bureau May Influence FTC Enforcement, But Likely Not for Many Years, Experts Say

The new Consumer Financial Protection Bureau has enforcement authority and rulemaking authorities that the Federal Trade Commission does not, and those powers may influence the FTC’s privacy enforcement related to…

BNA INSIGHTS: U.S. and European Laws Set to Clash– Again : New U.S. Tax Law Requires Foreign Banks to Share Unprecedented Details About Customers Overseas

For years, multi-national companies have grappled with the legal concerns Sarbanes-Oxley Act whistleblower hotlines raised across Europe. More recently, the European Parliament has criticized the collection and sharing of passenger name records with the United States. Now, new…

BNA INSIGHTS: Data Management Responsibilities for Financial Services Companies under the New Dodd-Frank Act

With Elizabeth Warren named as the special adviser to set up the new Consumer Financial Protection Bureau, the financial services industry faces a rapidly changing regulatory environment. While considerable attention has been paid to the significant restructuring of the…

BNA INSIGHTS: The New Consumer Financial Protection Bureau Needs a Privacy Office

With the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, a new Consumer Financial Protection Bureau (CFPB) will soon be…

BNA INSIGHTS: Regulated Social Media: Practical Advice for Addressing Evolving Technologies in Regulated Industries

The rise in the use of social media raises legal issues for heavily regulated sectors, the authors write. This article provides practical guidance on…

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