News & Analysis as of

Enforcement Actions Sensitive Personal Information Financial Services Industry

Wyrick Robbins Yates & Ponton LLP

Something Old, Something New: Latest NYDFS Cybersecurity Regulation Enforcement Action Emphasizes Policy Implementation, Training,...

The New York State Department of Financial Services recently announced that it has entered into a consent order with PayPal, Inc. for violations of the NYDFS Cybersecurity Regulation. The consent order, under which PayPal has...more

Faegre Drinker Biddle & Reath LLP

Lessons from PayPal’s $2 Million Cybersecurity Settlement with the New York State Department of Financial Services

On January 23, 2025, PayPal settled an enforcement action brought by the New York State Department of Financial Services (NY DFS) for failing to comply with cybersecurity regulations required for financial services businesses...more

Holland & Knight LLP

New Proposed CFPB Consumer Data Regulation Would Significantly Expand FCRA Obligations

Holland & Knight LLP on

The Consumer Financial Protection Bureau (CFPB) on Dec. 3, 2024, issued its long-awaited proposed rule to amend Regulation V (Proposed Rule), which implements the Fair Credit Reporting Act (FCRA). If enacted, the CFPB's...more

Barnea Jaffa Lande & Co.

Cybersecurity Enforcement Tightens in NY, Reflecting a Trend

Barnea Jaffa Lande & Co. on

The New York State Department of Financial Services (NYDFS) and the Attorney General’s office have recently imposed significant fines totalling $11.3 million on Geico and Travelers for data breaches that compromised the...more

Holland & Knight LLP

NYDFS Proposes Amendments to Cybersecurity Regulation

Holland & Knight LLP on

The New York Department of Financial Services (NYDFS) on Nov. 9, 2022, released Proposed Amendments to its Cybersecurity Regulation. The NYDFS Cybersecurity Regulation was one of the first laws requiring companies to comply...more

Goodwin

CFPB Fines Bank for Accessing Customer Credit Reports and Opening Accounts, Credit Cards, and Lines of Credit Without Customers’...

Goodwin on

​​​​​​​On July 28, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order against a large bank (the Bank), claiming that the Bank created sales pressure on its employees that encouraged employees to...more

Holland & Knight LLP

The Impact of Cybersecurity Regulations on the Financial Services Industry in 2022

Holland & Knight LLP on

Following the SolarWinds and the Colonial Pipeline cyberattacks, the Biden Administration emphasized a shift toward mandatory cybersecurity requirements. Throughout 2021, government agencies issued new cybersecurity guidance,...more

Akin Gump Strauss Hauer & Feld LLP

First Enforcement Action by New York Department of Financial Services Under Cybersecurity Regulation

On July 21, 2020, the New York Department of Financial Services (DFS) filed a “Statement of Charges and Notice of Hearing” (the “Charges”) against First American Title Insurance Company (the “Company”) alleging violations of...more

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