News & Analysis as of

State Privacy Laws Financial Institutions Financial Services Industry

Miller Nash LLP

Swipe, Tap, Comply: What PCI DSS 4.0.1 Means for your Business

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With the seemingly never-ending updates to B2B contracts for compliance with new (and amended) comprehensive state privacy laws, the U.S. Department of Justice’s bulk data transfer rule, and artificial intelligence (AI)...more

Orrick, Herrington & Sutcliffe LLP

Where is the GLBA Entity-Level Exemption? Two More State Privacy Laws Now Apply to Financial Institutions

In May, Montana enacted Senate Bill 297, which amends the Montana Consumer Data Privacy Act (MCDPA) to eliminate the broad exemption for financial institutions subject to the Gramm-Leach-Bliley Act (GLBA). Connecticut...more

Jackson Lewis P.C.

HB1127 Explained: North Dakota’s New InfoSec Requirements for Financial Corporations

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Earlier this year, North Dakota’s Governor signed HB 1127, which introduces new compliance obligations for financial corporations operating in North Dakota. This new law will take effect on August 1, 2025....more

Sheppard Mullin Richter & Hampton LLP

North Dakota Passes New Data Security Law for “Financial Corporations”

North Dakota recently passed a law establishing new rules for certain financial companies operating in the state – specifically “financial corporations.” The new obligations will take effect on August 1, 2025. They will apply...more

Kelley Drye & Warren LLP

House Subcommittee Considers Modernizing Financial Services Under a National Privacy Framework

On Thursday, the U.S. House Committee on Financial Services Subcommittee on Financial Institutions held a hearing entitled, ​“Framework for the Future: Reviewing Data Privacy in Today’s Financial System.” Hearing testimony...more

McGlinchey Stafford

Montana Amends Consumer Data Privacy Act, Removes Financial Institution Exemption

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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

Troutman Pepper Locke

State AGs Unite: New Privacy Task Force Signals Shift in Regulatory Power Dynamics — The Consumer Finance Podcast

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In this crossover episode of The Consumer Finance Podcast and Regulatory Oversight, Chris Willis, Kim Phan, and Stephen Piepgrass provide insights on a new joint privacy task force among several state AGs, known as the...more

Alston & Bird

2025 State Cybersecurity Legislation Focuses on Financial Services

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Eight years ago, on March 1, 2017, the New York Department of Financial Services enacted its landmark cybersecurity regulation covering financial services companies, 23 NYCRR Part 500, known as “Part 500.” Part 500 was the...more

Orrick, Herrington & Sutcliffe LLP

Arkansas enacts financial privacy law related to firearms

On April 3, Arkansas enacted HB 1509 (the “Act”), known as the Arkansas Second Amendment Financial Privacy Act. The Act prohibits financial institutions from using merchant category codes that distinguish firearms retailers...more

BakerHostetler

Cooking Up Compliance: Navigating the Alphabet Soup of Financial Privacy

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Like a health inspection sticker in a restaurant’s front window, a GLBA privacy notice must provide clear and conspicuous disclosures about a financial institution’s practices relating to nonpublic personal information (NPI)....more

BCLP

State Laws Present Litigation Risks for Financial Industry’s Artificial Intelligence Use

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The financial industry increasingly uses artificial intelligence (“AI”) to raise business efficiencies, improve customer experience, and limit fraud and crime. However, two lawsuits leveraging existing state privacy laws and...more

Husch Blackwell LLP

New York Amends its Data Breach Notification Law

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Keypoint: New York has amended its data breach notification law twice in the last 60 days to (1) add a 30-day deadline for notifying affected residents, (2) clarify that covered financial entities must still notify the New...more

Sheppard Mullin Richter & Hampton LLP

NYDFS Speaks Out on AI and its Cybersecurity Risks

The New York Department of Financial Services (“NYDFS”) recently published guidance on managing cyber risks related to AI for the financial services and insurance industry. Though the circular letter does not introduce any...more

Baker Donelson

[Webinar] New Privacy and Cybersecurity Regulations: What Financial Institutions Need to Know to Stay Compliant - June 13th, 10:00...

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The financial services industry has seen a litany of new data privacy and cybersecurity challenges through the first half of 2024. Financial institutions are facing unprecedented compliance hurdles resulting from the...more

McDermott Will & Schulte

[Webinar] Navigating State Privacy Law Applicability for Healthcare and Financial Services Organizations - June 22nd, 12:00 pm -...

Join Elliot Golding, Daniel Gottlieb and Amy Pimentel for a deep dive into how the new state privacy laws impact the healthcare and financial services industries....more

Shutts & Bowen LLP

Changes to GLBA Safeguards Rule Affect More Than Traditional Financial Institutes

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The Gramm-Leach-Bliley Act (“GLBA”) was a bi-partisan regulation passed by Congress in 1999 in an attempt to update and modernize the financial industry. One component of the GLBA, its Safeguards Rule, requires financial...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

Skadden, Arps, Slate, Meagher & Flom LLP

New Rules, Enforcement Actions Make Financial Institutions’ Planning for Cyberattacks Even More Imperative

Takeaways - Implementing strong cybersecurity practices helps companies prepare for future regulatory requirements. Incident-response plans must enable financial institutions to give timely and accurate notifications...more

Morgan Lewis

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

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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

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