Financial Services Archives

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 obligations; the…

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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
Max Totsky
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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2020 News in Review

January 4, 2021
Tim Crino
Africa, Artificial Intelligence, Banks, Biometric, Brazil, Breach prevention, Breach response, Business Continuity, C-Suite, Canada, CCPA, CISO, CMMC, CNIL, Compliance, Consumer Privacy, COVID-19, Cyber Fraud, Cybercrime, Cybersecurity, Data Mapping and Inventory, Data Privacy, Data Protection, Data Rights Management (DRM), data trusts, differential privacy, DPO, Dubai, European Union, Federal Reserve, Federated Learning, Financial Services, GDPR, GLBA, Governance, Government Contracting, Hiring, Hybrid, International Agreements, Investigations, Japan, Machine Learning, New York State, NIST, Penalties and Enforcement, Phishing, Privacy, Privacy Shield, Project Management, Resilience, State Laws, Third Party Compliance, United Kingdom, US Regulatory, Work from Home

Week Ending December 28 ICO Warns SolarWinds Victims to Report Breaches The United Kingdom’s Information Commissioner’s Office (ICO) has issued a warning to organizations compromised by the SolarWinds breach. The breach, which was carried out by Russian hackers, affected more than 18000 organizations worldwide. ICO requires UK data controllers subject to NIS regulations to report…

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Why Data Trusts Are a Win-Win for Companies and Consumers

November 17, 2020
Max Totsky
Artificial Intelligence, Compliance, Data Mapping and Inventory, Data Privacy, Data Protection, Data Rights Management (DRM), data trusts, differential privacy, Federated Learning, Financial Services, GDPR, Machine Learning, Uncategorized, US Regulatory

Data is imperative to many crucial business processes, like marketing, product development, fraud protection, and AI. But complying with proliferating and conflicting data privacy regulations is far from easy. And asking consumers to be responsible for making decisions about their own data privacy isn’t a solid solution. One AI expert has proposed a solution: data…

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OCC Fines Capital One: Key Takeaways

August 11, 2020
Max Totsky
Banks, Breach prevention, Breach response, Cybercrime, Cybersecurity, Data Privacy, Data Protection, Financial Services, Uncategorized

Last year, Capital One experienced one of the largest-ever data breaches of a bank, when a hacker–Paige Thompson–got her hands on the personal information of over 106 million customers and applicants via a misconfigured AWS server. Now, the Office of the Comptroller of the Currency (OCC) has hit the bank with a whopping $80 million…

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COVID-19 Extensions In NY Financial Department

COVID-19 Brings Deadline Extensions from NY Department of Financial Services

March 25, 2020
Joy Meason Intriago
Breach prevention, Cybersecurity, Financial Services, New York State

The New York State Department of Financial Services (NYDFS) has taken several steps in response to the COVID-19 pandemic. On March 12, NYDFS released a compliance order and a series of guidance letters extending certain deadlines and requesting that organizations submit their plans for managing the risks resulting from COVID-19. The announcements regarding the extension…

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As Federal Regulations Slip, States are Filling the Gap

March 10, 2020
Max Totsky
Breach prevention, Financial Services, State Laws

In the years since its 2011 inception, the Consumer Financial Protection Bureau (CFPB) has been a valuable shield between consumers and predatory financial practices. The federal regulatory body held Wells Fargo accountable when the bank was caught opening fake accounts in customers’ names, and it forced Capital One Bank to reimburse customers for unnecessary add-ons.…

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What All Financial Institutions Can Learn From the Capital One Breach

Learning lessons from another financial institution’s mistake, such as the Capital One Breach in 2019, is one of the best ways to help make important improvements. Paige Thompson, 33, of Seattle, Washington was arrested on July 29, 2019 for stealing more than 100 million credit card applications from Capital One Financial Corporation. Court filings allege…

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