Louisiana’s Money Transmission Act replaces the state’s prior framework with a new licensing regime for money transmitters.
Continue Reading Louisiana Enacts New Money Transmission Act, Largely Adopting Model Money Transmission Modernization Act
CFPB Urges States to Fill Gaps in Federal Financial Privacy Statutes
On Nov. 12, 2024, the Consumer Financial Protection Bureau (CFPB) released a report examining federal and state privacy protections for consumers’ financial data. In the report, the CFPB “critiques” the privacy protections available under the Gramm-Leach-Bliley Act (GLBA) and the Fair Credit Reporting Act (FCRA), asserting that the federal framework has “limitations.” The CFPB then
CFPB Issues Personal Financial Data Rights Rule
On Oct. 22, 2024, the CFPB issued a final rule that will require covered financial institutions to provide consumers and authorized third parties with access and portability options for their financial data. The CFPB’s final rule, called the “Personal Financial Data Rights Rule,” implements Section 1033 of Title X of the Dodd-Frank Act, a to-date
NYDFS Proposes Significant Changes to Its Cybersecurity Regulation
On Nov. 9, 2022, the New York Department of Financial Services (NYDFS) issued a proposed second amendment to its 2017 cybersecurity regulation for financial service companies.[1] In July 2022, NYDFS issued a draft version of the changes, but the current amendment has significant changes. Most of the proposed changes will take effect 180 days
FTC Delays Compliance Date of the Safeguards Rule
Go-To Guide:
- The Safeguards Rule compliance deadline is delayed by six months
- Eight subsections of the Safeguards Rule are affected by the delay
- The new effective date for compliance is June 9, 2023
- The FTC cited implementation challenges for small business as the reason for the delay.
On Nov. 15, 2022, the Federal Trade Commission