Financial Institutions

The Federal Trade Commission has announced that it will host a workshop on April 26, 2012, to discuss mobile payments.  In addition to exploring payment technologies and business models, the workshop will likely cover consumer protection issues such as the risks of financial loss, the need for information disclosures, data protection concerns, and the remedies

Last year, the Federal Financial Institutions Examination Council (FFIEC) released a much-anticipated supplement to its Authentication in an Internet Banking Environment guidance.  The supplement updates the FFIEC’s supervisory expectations regarding depository institutions’ customer authentication, layered security, and other controls for Internet banking.  Starting this year, FFIEC information technology examinations will include reviews for compliance with

In mid-October 2011, the Consumer Financial Protection Bureau (CFPB) released version 1.0 of its Supervision and Examination Manual.  Pursuant to Dodd-Frank, the CFPB has primary examination authority for compliance with federal consumer financial laws over banks having $10 billion or more in assets and their affiliates, such as banks’ service providers, as well as

As covered in our earlier blog post, the Dodd-Frank Wall Street Reform and Consumer Protection Act establishes the Office of Financial Research (OFR) to collect and analyze U.S. financial data for financial regulators.  The OFR is tasked with, among other responsibilities, supporting the Financial Stability Oversight Council’s oversight of systemic risk, developing tools for

The Commodity Futures Trading Commission (“CFTC”) recently approved a final rule broadening the scope of the CFTC’s financial privacy regulations under the Gramm-Leach-Bliley Act (“GLBA”) to include “swap dealers” and “major swap participants,” two types of entities created by and subject to regulation under Dodd-Frank.  GLBA requires financial institutions to, among other requirements, establish safeguards to ensure the security and confidentiality of consumer records and to comply with certain requirements governing the disclosure of consumers’ personal information.  Swap dealers and major swap participants are expected to collect and use nonpublic personal information in a similar manner as financial institutions currently subject to GLBA’s financial privacy requirements.  The CFTC’s rule simply extends the financial privacy requirements to swap dealers and major swap participants.

The final rule becomes effective 60 days after the CFTC finalizes its regulations further defining the terms “swap dealer” and “major swap participant.”  On December 21, 2010, the CFTC issued proposed regulations with respect to these definitions.  The proposed definitions of these terms under the Dodd-Frank statute appear after the jump.

Continue Reading CFTC Issues Final Rule Extending Financial Privacy Requirements to Swap Dealers and Major Swap Participants

Today, the Consumer Financial Protection Bureau (“CFPB”) assumed certain powers and authorities set forth in Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The CFPB is tasked with implementing and enforcing Federal consumer financial laws to ensure that consumers have access to markets for consumer financial products and services, and that

The Federal Financial Institutions Examination Council (FFIEC) released the long-awaited supplement to its authentication guidance, Authentication in an Internet Banking Environment.  The supplement represents the most current and authoritative guidance regarding data security in connection with online banking platforms. 

Here are a few highlights of the supplement:

  • Financial institutions should perform periodic risk assessments

The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, provides an organizational platform for facilitating international payments.  U.S. and foreign financial institutions use SWIFT messages to initiate, process, receive, and settle payment orders.  The amount of information exchanged via SWIFT is immense.  More than 9,000 financial institutions in 209 countries rely on SWIFT to process

Fiserv, Inc. recently released the results of a survey suggesting banks are taking a “wait and see” approach to mobile payments. Fiserv commissioned and Forrester Consulting conducted the survey of 15 large U.S. banks, which found that most of the banks offered mobile banking services allowing customers to make transfers between accounts, find an ATM

The deadline to submit comments in response to the Consumer Financial Protection Bureau (CFPB) Implementation Team’s notice to establish the “Consumer Inquiry and Complaint Database” is less than two weeks away. 

Title X of the Dodd-Frank Act establishes the CFPB to enforce federal consumer financial laws through rulemaking, supervision, and enforcement authority.  Dodd-Frank grants the