Tag Archives: financial institutions

European Banking Authority issues revised Guidelines on Outsourcing arrangements

The European Banking Authority (EBA) issued its revised Guidelines on Outsourcing arrangements (Guidelines) at the end of Feb 2019. The revised guidelines are the first wholesale update since 2006 when the guidelines applied exclusively to credit institutions. They now apply to a broader range of in-scope financial institutions (FIs). To review the full article on … Continue Reading

FINANCIAL INSTITUTIONS MAKE HISTORY IN TARGET MDL, FIRST CLASS ACTION CERTIFIED IN FEDERAL COURT TO LITIGATE SECURITY BREACH ISSUES

Before September 15, 2015, no federal court had certified a class action to litigate security breach claims. But now U.S. District Court Judge Paul A. Magnuson, overseeing the In re: Target Corporation Customer MDL, has certified as a class: All entities in the United States and its Territories that issued payment cards compromised in the … Continue Reading

FFIEC Proposes Social Media Risk Management Guidelines

This post was also written by Timothy J. Nagle and Frederick Lah. Earlier this week, the Federal Financial Institutions Examination Council (“FFIEC”) released its proposed guidance requesting comment on the applicability of consumer protection laws to the social media activities of financial institutions. The guidance addresses the potential risks associated with the use of social media … Continue Reading

One Step Closer to Defining ‘Reasonable’ Data Security Measures?

This post was also written by Frederick Lah. The concept of “reasonableness” is found throughout the law and tends to develop slowly through the common law in a variety of geographies and commercial contexts. This uneven and unpredictable development of case-by-case rulings ultimately provides resilient standards, but at a great interim cost of uncertainty and litigation. The … Continue Reading

Consumer Privacy Issues Abound in the Dodd-Frank Wall Street Reform and Consumer Protection Act

This post was also written by Chris Cwalina and Amy Mushahwar. With President Obama scheduled to sign the Dodd-Frank Wall Street Reform and Consumer Protection Act this week, the financial services industry faces a rapidly changing regulatory environment.  While a great deal of attention has been paid to the significant restructuring of the financial services regulatory regime, … Continue Reading
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