News & Analysis as of August 22, 2025

Financial Services Industry

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A repository for the most well-read content on JD Supra at any given time, along with occasional roundups of popular content by specific topic. Also stop by for monthly recaps of hot articles for the previous... more +

CFTC Divisions Interpret "U.S. Person" Definition and U.S. Location Versus Foreign Location

Jones Day on 6/2/2025

A 2024 CFTC enforcement action settlement that may have introduced a new test for when the Commodity Exchange Act and the agency's regulations apply on a cross-border basis concerned then-CFTC Commissioner and now Acting CFTC...more

The Department of Labor’s Expanded Cybersecurity Guidance: What ERISA Plan Sponsors and Fiduciaries Need to Know

Seyfarth Shaw LLP on 11/11/2024

On September 6, 2024, the U.S. Department of Labor (DOL) issued Compliance Assistance Release No. 2024-01, titled “Cybersecurity Guidance Update.” The updated guidance clarifies that the DOL cybersecurity guidance applies to...more

FinCEN Issues Analysis of Increasing Elder Financial Exploitation

Ballard Spahr LLP on 5/2/2024

The Financial Crimes Enforcement Network (“FinCEN”) recently issued a Financial Trend Analysis (“Analysis”) focusing on patterns and trends identified in Bank Secrecy Act (“BSA”) data linked to Elder Financial Exploitation...more

ISDA Publishes Updated General Disclosure Statement for Transactions

Cadwalader, Wickersham & Taft LLP on 11/20/2023

In 2013, the International Swaps and Derivatives Association (“ISDA”) started publishing the General Disclosure Statement for Transactions document (“General Disclosure”) with annexes containing disclosures of risks that are...more

Fintech Firms Launch New Products; Crypto Guidance Published by CFTC, EBA, UAE; OFAC Adds Public Keys to SDN List; CFTC, NY AG...

BakerHostetler on 6/5/2023

Crypto Firms Announce New Product Launches in Custody, Stablecoins, Wallets - According to a recent press release, Prometheum Capital has received the first-ever approval from the Financial Industry Regulation Authority...more

Cryptocurrency Not Recognised as Money, Singapore High Court Rules

Morgan Lewis on 4/24/2023

The Singapore High Court recently rejected Algorand Foundation’s application to liquidate Three Arrows Capital based on a claim of 53.5 million USD Coin (USDC)—a form of cryptocurrency also known as a stablecoin, designed to...more

Federal Banking Regulators Issue New Guidance for Complying with 36 Hour Cybersecurity Incident Reporting Requirement

Polsinelli on 4/1/2022

On March 29, 2022, federal banking regulators issued important guidance for how banking organizations can comply with the upcoming requirement to notify regulators within 36 hours of ransomware or other disruptive...more

FDIC Seeks Comment on Supervisory Approach to Examinations During Pandemic

Goodwin on 8/20/2021

In This Issue. The Federal Deposit Insurance Corporation (FDIC) is seeking information and comment regarding the FDIC’s supervisory approach to examinations during the pandemic; the FDIC’s tech lab, FIDTECH, announced a “tech...more

NYDFS Issues Ransomware Guidance Aimed At Combatting Rising Cyber Threats

Goodwin on 7/28/2021

The exponential rise in ransomware attacks in the past year has everyone on high alert, not least of which are regulators. Following on the heels of a June 2, 2021 White House memo addressing ransomware prevention, on June...more

Fintech Week in Review - May 2021

Perkins Coie on 5/14/2021

Federal Reserve Seeks Comments on Guidelines for Fintechs Receiving Fed Accounts and Services - The Federal Reserve System (the Fed) issued a request for comment on new guidelines for the Fed’s Regional Banks to use when...more

Financial Services Weekly Roundup: Gone Phishing – The SEC’s OCIE Addresses Ransomware Attacks

Goodwin on 7/16/2020

In This Issue. The Securities and Exchange Commission (SEC) adopted amendments to its exemptive applications procedures under the Investment Company Act of 1940, as amended (the 1940 Act) and proposed to amend Form 13F to...more

Financial Services Weekly News: FDIC Releases Guide To Connect Fintechs With Banks

Goodwin on 2/27/2020

In This Issue. The Federal Deposit Insurance Corporation (FDIC) released a new guide to help financial technology companies and others partner with banks; the Financial Industry Regulatory Authority (FINRA) announced that it...more

FTC Releases 2019 Privacy and Data Security Update

Ballard Spahr LLP on 2/26/2020

On February 25th, the Federal Trade Commission (FTC) released its annual Privacy and Data Security Update, which highlights the FTC’s activities during the past year....more

FTC announces new and improved data security guidance

Bricker Graydon LLP on 2/18/2020

On January 6, 2020, Andrew Smith, Director of the Federal Trade Commission (FTC) Bureau of Consumer Protection, announced three significant improvements to the FTC’s approach to data security enforcement cases....more

CFPB Issues Consumer Protection Principles for Sharing Financial Account Information with Third Parties

Goodwin on 11/6/2017

On October 18, 2017, the Consumer Financial Protection Bureau (CFPB) published guidelines for financial institutions to use when authorizing third-party access to consumers’ financial information. These guidelines are...more

New York DFS Tightens Cybersecurity Gaps

Carlton Fields on 9/22/2017

Equifax takes no deposits and makes no loans, but New York now says that it, as well as all other consumer reporting agencies, must protect consumer data to the same degree as banks and other financial institutions. On...more

Equifax Data Suppliers Urged by DFS to Give Hack “Highest Degree of Attention”

Patterson Belknap Webb & Tyler LLP on 9/19/2017

Yesterday, New York’s top financial regulator asked state-chartered banks and insurers to take immediate precautions to protect consumers and the financial markets “in light of the cybersecurity attack” at Equifax Inc....more

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