Current Industry News
Federal Regulators Adopt New Computer-Security Incident Notification Requirements for Banks and Service Providers
In response to increasingly frequent and sophisticated cybersecurity attacks on banks and bank service providers, the federal prudential banking regulators—the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC)—have adopted a new rule that requires banks to report cyber incidents to their primary regulator.
Colorado Privacy Act: New Protections for Consumers in the Centennial State
On July 1, 2023, the Colorado Privacy Act (CPA) will go into effect as the third state law generally governing consumer data privacy and was the second enacted in 2021. If you do business with consumers in Colorado, regardless of your location, you should begin familiarizing yourself with the requirements of the CPA now. While the CPA is similar to the California Privacy Rights Act (CRPA) and Virginia’s Consumer Data Privacy Act (VCDPA), certain elements distinguish the Colorado law from its counterparts.
The FTC and CFPB Target Big Tech, While the Chamber of Commerce Pushes Back
The first full year of the Biden Administration has seen an overhaul of the leadership of executive agencies, coupled with an intense focus on how big business affects the United States economy. Nowhere are these changes more apparent than in the new leadership and enforcement initiatives of the Consumer Financial Protection Bureau (“CFPB”) and the Federal Trade Commission (“FTC”). After a lengthy confirmation process, former Federal Trade Commissioner Rohit Chopra, previously one of the staunchest consumer advocates at the Commission, took over as the new head of the CFPB in October 2021.
New Privacy Rules Could Derail User Data Collection by Companies
Both tech giants and governments have been debuting new rules that could throw off the flow of user data that is used by companies for targeting with online ads, The Wall Street Journal (WSJ) reported Thursday (Dec. 2).