The Conference of State Bank Supervisors yesterday sued the Office of the Comptroller of the Currency over the agency’s plan to issue special-purpose national bank charters to fintech firms, American Banker reported. “Citing the National Bank Act, the bank supervisor group argued that the OCC has the authority to charter only those firms engaged in…
“The Conference of State Bank Supervisors announced a raft of measures Tuesday designed to simplify multistate licensing and regulatory oversight for fintechs and other companies registered as money-services businesses,” American Banker reported.
In a press release, Governor Andrew Cuomo said New York State’s “first-in-the-nation cybersecurity regulation” will be applicable starting March 1, 2017. “The final regulation requires banks, insurance companies, and other financial services institutions regulated by the Department of Financial Services to establish and maintain a cybersecurity program designed to protect consumers’ private data and ensure…
The Illinois Department of Financial and Professional Regulation has earned plaudits on its approach to regulating digital currencies. In November, the state published guidance on digital currency regulation that, if finalized, would not apply its Transmitters of Money Act requirements to firms dealing only in digital currencies.
The New York Department of Financial Services yesterday announced it had updated its proposed first-in-the-nation cybersecurity regulation to protect New York State from the ever-growing threat of cyber-attacks,” said an agency press release. According to the American Banker, the updated proposal eased the timeline for reporting and testing cybersecurity incidents, and gives “regulated entities more…
Comments for the proposal are due at the end of October. “We’re looking forward to receiving the comments and taking the time to review suggestions and present a final rule by the end of the year,” said Richard Loconte, a spokesman for the regulator. Source: N.Y.’s Cyber Plan Riddled with Costly Redundancies, Bankers Fear |…
While researching biometrics, I came across this 2014 criminal case in which a state trial judge ordered a defendant to use his finger to unlock his iPhone which might have access to a video recording of him committing a sexual assault. The judge concluded that his order did consist of compelling testimony against himself. Read…
A federal patient privacy law has failed to prevent some health providers from making patient information available in suits for unpaid bills. Source: A Patient Is Sued, and His Mental Health Diagnosis Becomes Public – The New York Times
The exposure of millions of phone records across dozens of states sheds light on the dubious claims and practices of Securus Technologies. Source: Massive Hack of 70 Million Prisoner Phone Calls Indicates Violations of Attorney-Client Privilege
SAN FRANCISCO — Vacation rental company HomeAway Inc. and its online payment partner YapStone Inc. didn’t do enough to prevent a yearlong security breach that exposed user information including bank account and Social Security numbers, plaintiffs lawyers allege in suit filed Monday. HomeAway, which operates HomeAway.com, VRBO.com and VacationRentals.com, alerted users in September that its…
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