News & Analysis as of

Data Security Financial Institutions FinTech

Patomak Global Partners

American Bankers Association Conference Focused on AI

In June 2025, the ABA held its annual Risk and Compliance Conference. The conference heavily focused on how banks are leveraging AI to support front-, middle-, and back-office functions. Conference participants noted that...more

Bradley Arant Boult Cummings LLP

A New Rule Embraces Modernity in the Customer Identification Process

Financial institutions across the United States have grappled with compliance requirements under the Customer Identification Program (CIP) Rule for more than two decades. A new exemption, approved in June 2025, promises...more

Ankura

The Regulatory Roadmap for Third-Party Compliance in Financial Services

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In the rapidly evolving financial ecosystem, financial institutions (FIs) increasingly rely on third parties, including Fintech companies, Banking-as-a-Service (BaaS) providers, and other financial service entities—to expand...more

Thomas Fox - Compliance Evangelist

Innovation in Compliance: Real-Time Fraud Prevention Strategies for Financial Loss Prevention with Vince Walden

Innovation is present in many areas, and compliance professionals must not only be prepared for it but also actively embrace it. Join Tom Fox, the Voice of Compliance, as he visits with top innovative minds, thinkers, and...more

Benesch

AI Reporter - May 2025

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The use of AI in banking was a topic in April, as Bank of America revealed it will spend $4 billion on AI initiatives in the coming year. The bank cited AI’s usefulness in reducing IT support calls and the over 90% usage...more

Sheppard Mullin Richter & Hampton LLP

North Dakota Expands Data Security Requirements and Issues New Licensing Requirements for Brokers

On April 11, North Dakota enacted HB 1127, overhauling its regulatory framework for financial institutions and nonbank financial service providers. The law amends multiple chapters of the North Dakota Century Code and creates...more

Orrick, Herrington & Sutcliffe LLP

Arkansas adds crypto kiosk provisions to its money transmission act

On April 14, Arkansas enacted HB 1467 (the “Act”) to amend the Arkansas Uniform Money Services Act to enhance consumer protection and transparency in virtual currency transactions, particularly those through kiosks. The Act...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 55: Implementing the 1033 Rule: SSOs, APIs and Data Security

Jane Barratt, Financial Data Exchange (FDX) co-board chair, joins RegFi co-hosts Jerry Buckley and Sasha Leonhardt to share the role FDX will play as the first standard setting organization (SSO) approved by the CFPB pursuant...more

McGlinchey Stafford

The Next Wave of Open Banking: New Rules on Personal Financial Data Rights

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A rapid transformation in consumer finance is being brought about by open banking—a pivotal innovation that allows consumers to give third parties real-time access to their detailed financial data. Open banking has the...more

Constangy, Brooks, Smith & Prophete, LLP

Cryptocurrency hacks and thefts: Insecure exchanges?

Cryptocurrency exchanges continue to be a target of hackers – and theft is the prize. On February 21, the cryptocurrency exchange Bybit reported that an Ethereum transaction was transferred to an unidentified address,...more

Sheppard Mullin Richter & Hampton LLP

Trade Group Calls for Clarity on Ohio Fintech Guidance

On January 14, 2025, the American Fintech Council (AFC) submitted a letter to the Ohio Department of Financial Institutions, urging it to re-examine its recent guidance on responsible bank partnerships and provide more...more

A&O Shearman

Business email compromise and invoice fraud – a duty of care on the innocent?

A&O Shearman on

The Western Australian District Court’s recent decision in Mobius Group Pty Ltd v Inoteq Pty Ltd1 highlights the potential consequence for the innocent party where fraudulent changes in bank details are sent from their...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

A&O Shearman

Bank of England and UK Financial Conduct Authority Findings on Third Survey of Artificial Intelligence and Machine Learning in UK...

A&O Shearman on

The Bank of England published the findings of its third joint survey with the U.K. Financial Conduct Authority on the use of Artificial Intelligence and machine learning in financial services. The survey aims to build on...more

Wilson Sonsini Goodrich & Rosati

Payments Playbook Series: AI in Payments

In the highly competitive payments space, where safety and efficiency tools are table stakes, financial institutions are increasingly employing artificial intelligence (AI) solutions....more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 3, Issue 8, November 2023

FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Report Data Security Breaches - “Amendment will require non-bank financial institutions to report when they discover that information affecting...more

BakerHostetler

Top 10 Compliance Points for New FTC Safeguards Rule

BakerHostetler on

Under the updated Rule, FIs are obligated to implement data security measures that will protect against data breaches and cyberattacks in order to prevent financial harm to consumers, including identity theft and loss of...more

Seward & Kissel LLP

Open Banking is Coming to America

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On October 27, 2022, the Consumer Financial Protection Bureau (“CFPB”) announced a new regulatory framework (“Framework”) governing “Personal Financial Data Rights,” or, by another name, “open banking.” Conceptually, open...more

Wiley Rein LLP

Wiley Consumer Protection Download (August 29, 2022)

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FTC Launches Long-Anticipated Trade Regulation Rulemaking on ‘Commercial Surveillance’ and Data Security. On August 11, the FTC issued an Advance Notice of Proposed Rulemaking (ANPR), titled “Trade Regulation Rule on...more

Orrick, Herrington & Sutcliffe LLP

What Fintech and Digital Marketing Companies Need to Know Now About the CFPB’s Expanding Jurisdiction

The Consumer Financial Protection Bureau (CFPB) recently made two announcements that (1) asserted jurisdiction over a larger group of nonbank “service providers,” (2) clarified that lax security standards are subject to...more

Orrick, Herrington & Sutcliffe LLP

What Fintech Companies Need to Know About GLBA and FCRA Exemptions Under State Data Protection Laws

The financial technology (“Fintech”) industry has boomed over the last decade, from the rise of mobile payment apps, robo-advisers, lending platforms, consumer-friendly brokerages to cryptocurrency trading platforms. By their...more

Orrick, Herrington & Sutcliffe LLP

What Fintech Companies Need to Know About Key Federal Privacy Requirements

The financial technology (“Fintech”) industry has boomed over the last decade, from the rise of mobile payment apps, robo-advisers, lending platforms, consumer-friendly brokerages to cryptocurrency trading platforms. By their...more

Perkins Coie

Fintech Legal Report - November 2021 #2

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Data Aggregators Launch Open Finance Data Security Standard - A group of data aggregator fintechs and security and compliance companies recently released a new data security standard for the open finance industry – the...more

Morgan Lewis

Expanded Safeguards Rule Applicable to More Financial Institutions; Gives More Specificity on Security Requirements

Morgan Lewis on

The Federal Trade Commission recently finalized a long-discussed update to its cybersecurity Safeguards Rule that includes more specific criteria for what financial institutions must implement as part of their information...more

Perkins Coie

Fintech Week in Review - June 2021 #2

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A buy-now pay-later company faces a potential class action alleging it hid the risk of overdraft and NSF fees from its users. Leaders of the CFPB’s Fair Lending Office published an article encouraging the use of special...more

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