On March 5, 2019, the Federal Trade Commission announced that it is seeking comment on proposed changes to the FTC’s Safeguards Rule and Privacy Rule under the Gramm-Leach-Bliley Act.
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Financial Privacy
EDPB Issues Statement on U.S. Foreign Account Tax Compliance Act
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On February 25, 2019, the European Data Protection Board issued a statement regarding the transfer of personal data from Europe to the U.S. Internal Revenue Service for purposes of the U.S. Foreign Account Tax Compliance Act.…
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FTC Seeks Public Comment on Identity Theft Rules
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On December 4, 2018, the Federal Trade Commission published a notice in the Federal Register indicating that it is seeking public comment on whether any amendments should be made to the FTC’s Identity Theft Red Flags Rule and the duties of card issuers regarding changes of address.…
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California Enacts Blockchain Legislation
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As reported on the Blockchain Legal Resource, California Governor Jerry Brown recently signed into law Assembly Bill No. 2658 for the purpose of further studying blockchain’s application to Californians. In doing so, California joins a growing list of states officially exploring distributed ledger technology.…
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Hunton Insurance Head Comments on Hotel Data Breach Coverage Dispute
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As reported on the Insurance Recovery Blog, Hunton Andrews Kurth insurance practice head, Walter Andrews, recently commented to the Global Data Review regarding the infirmities underlying an Orlando, Florida federal district court’s ruling that an insurer does not have to defend its insured for damage caused by a third-party data breach.…
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New Federal Credit Freeze Law Eliminates Fees, Provides for Year-Long Fraud Alerts
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Posted in Financial Privacy, U.S. Federal Law
Effective September 21, 2018, Section 301 of the Economic Growth, Regulatory Relief, and Consumer Protection Act requires consumer reporting agencies to provide free credit freezes and year-long fraud alerts to consumers throughout the country. …
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NYDFS Cybersecurity Regulation to Apply to Consumer Reporting Agencies
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Posted in Cybersecurity, Financial Privacy
On June 25, 2018, the New York Department of Financial Services issued a final regulation requiring consumer reporting agencies with “significant operations” in New York to (1) register with NYDFS for the first time and (2) comply with the NYDFS’s cybersecurity Regulation.…
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Virginia Amends Breach Notification Law Applicable to Income Tax Information
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On July 1, 2018, HB 183, which amends Virginia’s breach notification law, will come into effect. The amended law will require income tax return preparers who prepare individual Virginia income tax returns to notify the state’s Department of Taxation if they discover or are notified of a breach of “return information.” …
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Financial Stability Board to Develop International Cybersecurity Lexicon
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Posted in Cybersecurity, Financial Privacy
On March 20, 2018, the Financial Stability Board delivered a note to finance ministers and central bank governors from the world’s top 20 economic powers, known as the G-20. The note provides a progress update on the FSB’s work to develop a common vocabulary of cyber terms. …
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FTC Announces Settlement for Venmo’s Alleged Violations of the GLBA’s Privacy and Safeguards Rules
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On February 27, 2018, the FTC announced an agreement with PayPal, Inc., to settle charges that its Venmo peer-to-peer payment service misled consumers regarding privacy and the extent to which consumers’ financial accounts were secured. This signals a renewed focus by the FTC on violations of the Gramm-Leach-Bliley Act’s Privacy and Safeguards Rules.…
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