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Data Privacy Personal Data Financial Institutions

Troutman Pepper Locke

CFPB Section 1033 Open Banking Rule Stayed as CFPB Initiates New Rulemaking

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In a significant turn of events, the Consumer Financial Protection Bureau (CFPB or Bureau) has decided to initiate a new rulemaking process concerning its final rule on personal financial data rights under Section 1033 of the...more

Orrick, Herrington & Sutcliffe LLP

Payments industry associations argue against remittance transfer tax proposal

On May 28, the Senate Committee on Finance received a joint letter from several payments industry associations urging lawmakers to reject a proposed 3.5 percent tax on remittance transfers, which includes any transfer...more

McGlinchey Stafford

Montana Amends Consumer Data Privacy Act, Removes Financial Institution Exemption

McGlinchey Stafford on

On May 8, 2025, the governor of Montana signed into law SB 297, which amends the Montana Consumer Data Privacy Act (MCDPA). The amendments become effective on October 1, 2025. Among other things, SB 297: • amends the...more

Lathrop GPM

New DOJ Limits on Cross-Border Data Transfers Prompt Assessment by Businesses

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On April 8, the National Security Division of the U.S. Department of Justice’s (DOJ) new rule on cross-border data transfers takes effect. It restricts U.S. businesses from transferring certain bulk sensitive personal data to...more

Hogan Lovells

A Tale of Two CBDCs: e-CNY v. Digital Euro

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As global momentum appears to be building for the development of central bank digital currencies (CBDCs) – bringing with it the potential to disrupt and revolutionize global payments and finance - we have taken the...more

Katten Muchin Rosenman LLP

CFPB Issues Order for Financial Data Exchange to Issue Standards under CFPB's Personal Financial Data Rights Rule

On January 8, 2025, the Consumer Financial Protection Bureau (CFPB) issued an order recognizing Financial Data Exchange, Inc. (FDX) as a standard-setting body under the CFPB’s Personal Financial Data Rights rule. The order of...more

A&O Shearman

Data protection guidance for firms sharing customer information for the prevention of fraud

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The UK Information Commissioner’s Office (the ICO) has published guidance to help firms take steps to protect customers’ personal information when data is shared between firms to prevent fraud and scams....more

Orrick, Herrington & Sutcliffe LLP

CFPB issues first application approval for company to issue standards for open banking

On January 8, the CFPB issued an order recognizing a company as a standard-setting body under its Personal Financial Data Rights rule, marking the first such recognition since the rule’s October 2024 release. The rule...more

BCLP

Key Concepts In Privacy Law for Insurance Carriers: Part 1 - GLBA

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This article is the first in a series that will address privacy concerns for insurance carriers, agents and brokers. The insurance industry is uniquely situated at the confluence of multiple data privacy regimes....more

Arnall Golden Gregory LLP

CFPB Proposes a Rule on Personal Financial Data Rights

The fourth quarter of 2023 has seen significant proposed rulemaking from regulators. Just over a week after the Federal Trade Commission issued its Notice of Proposed Rulemaking on its “junk fees” rule, the Consumer Financial...more

Troutman Pepper Locke

CFPB Launches Rulemaking to "Jumpstart" Open Banking

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On October 19, the Consumer Financial Protection Bureau (CFPB) issued its highly anticipated notice of proposed rulemaking under Section 1033 of the Consumer Financial Protection Act of 2010 (CFPA). The proposed Personal...more

Wilson Sonsini Goodrich & Rosati

CFPB Announces Proposed Rules to Accelerate Open Banking

On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) announced its long-awaited proposed rule regulating “Personal Financial Data Rights” (the proposed rule). The proposed rule implements Section 1033 of the...more

Brownstein Hyatt Farber Schreck

CFPB Proposes Long-Awaited Data Sharing Rule

On Oct. 19, 2023, the Consumer Financial Protection Bureau (CFPB) released a Notice of Proposed Rulemaking (NPRM) on Personal Financial Data Rights, which would change the way financial institutions hold and distribute...more

Mintz - Privacy & Cybersecurity Viewpoints

Florida Governor Signs Data Privacy Law Focused on Children, Search Engines and Billion Dollar Businesses

Florida has joined the growing list of states enacting comprehensive privacy laws. Governor Ron DeSantis (R) signed the Florida Digital Bill of Rights (“FDBR”) into law on June 6th. How does it compare?...more

Orrick, Herrington & Sutcliffe LLP

ID verification provider to pay $28.5 million to settle BIPA allegations

On May 5, the U.S. District Court for the Northern District of Illinois preliminarily approved an amended class action settlement in which an identification verification service provider agreed to pay $28.5 million to settle...more

Oberheiden P.C.

Are You a Financial Institution? GLBA Law & Compliance

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The Gramm-Leach-Bliley Act (GLBA) is a federal law that establishes various legal requirements for companies that qualify as “financial institutions” under the Act. The GLBA’s definition of a “financial institution” is...more

Hogan Lovells

Spanish DPA shakes the privacy status quo in Spain – highest fines yet on personal data

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The Spanish Data Protection Agency (“Spanish DPA”) decided to start 2021 the same way it ended 2020: by imposing the highest fines to date (EUR 5,000,000 and 6,000,000) to two large Spanish financial entities. ...more

Robinson+Cole Data Privacy + Security Insider

From California to Nevada: Another State Privacy Law That You Need to Know

While we’ve all discussed the California Consumer Privacy Act (CCPA) at length, Nevada was busy amending its internet privacy law and in the process beat California’s deadline for the effective date by three months. Nevada’s...more

Latham & Watkins LLP

Navigating Data Processing Ethics for FinTech in Hong Kong

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If adopted efficiently, the PDPC’s Ethical Accountability Framework should help organizations to demonstrate and enhance trust with individuals. In October, 2018, Hong Kong’s Privacy Commissioner for Personal Data (PCPD)...more

Dorsey & Whitney LLP

National Financial Institutions - Developing A Project Plan To Comply With The California Consumer Privacy Act

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Since its adoption last year, U.S. financial institutions have been confronted with the challenge of planning their compliance with the California Consumer Privacy Act (the “CCPA”). The CCPA becomes effective in two stages -...more

Davis Wright Tremaine LLP

The California Consumer Privacy Act: What Financial Services Providers Need to Know

California enacted the nation’s most extensive consumer privacy law after only a week of legislative debate. The California Consumer Privacy Act of 2018 (“CCPA”) creates detailed notice, opt-out/opt-in, access, and erasure...more

BCLP

Privacy FAQs: Does the CCPA impact financial institutions?

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The California Consumer Privacy Act ("CCPA") was enacted in early 2018 as a political compromise to stave off a poorly drafted, and plaintiff’s friendly ballot initiative.  Although the CCPA is scheduled to go into force in...more

Cadwalader, Wickersham & Taft LLP

The Digital Revolution Takes on New Meaning: Among Calls for Heightened U.S. Data Privacy Measures, California is King

California’s ambitious new data privacy law, the California Consumer Privacy Act of 2018 (“CCPA”), will go into effect on January 1, 2020 and promises to bring a new era of digital regulation to America’s shores. ...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Some reaction to the HQ2 x2 news, including what a pair of new tech hubs actually means for the cities that have thrown out the red carpet to Amazon and other technology giants....more

Akerman LLP - Health Law Rx

“My, what beautiful eyes you have . . .” – Biometric Data and Privacy

Biometric data – obviously not in just the movies anymore. It is alive, well, and increasingly being used in our everyday society. But, on September 23, 2015, when the Office of Personnel Management revealed that fingerprint...more

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