Basel III Cybersecurity Requirements for Data Storage

From: BNA/Bloomberg Law

By Richard A. Blunk and Eric W. Armstrong

Richard Blunk is Managing Director and General Counsel of Thermopylae Ventures, LLC, a Dallas-based alternative investment group with interests in cybersecurity, intellectual property monetization, alternative litigation finance, fire retardants, Internet addresses, inbound foreign investment, vocational rehabilitation equipment, sports medicine and Texas real estate.

Eric Armstrong is Controller and Compliance Manager of Virdatint, Inc., a Dallas-based software company that provides a comprehensive distributed data virtualization, federation, integration, master data management, analytics and security platform where the data remains in its original source and format.

GAO Investigator Says Federal Reserve Review May Involve Other Regulators

From: Wall Street Journal

Comments come as the New York Fed is set to hold a supervision conference Friday at its headquarters

By Katy Burne

A top investigator at the U.S. Government Accountability Office charged with probing whether the Federal Reserve’s bank supervisors are too heavily influenced by Wall Street firms said the review may involve other regulators.

“It’s possible we will look at other federal financial regulators,” Lawrance Evans, an economist and director in the GAO’s financial markets and community investment unit, said in an interview earlier this week.

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Changing Regulatory Weather For Online Lenders



New Regulatory Interest

Signs of the CFPB’s growing interest in online lending marketplaces have emerged throughout early 2016, most recently with the regulators actively encouraging borrowers to submit complaints when they encounter issues with online borrowing.

The database consumers would be feeding is one of the organization’s guiding tools for supervision, enforcement and regulation creation — and the notice last week indicates an inclination to begin taking a closer and more comprehensive look at the emerging class of technology-backed lending outfits.

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Hospitals fear FCC’s spectrum auction

From: Politico

Consumer Financial Protection Bureau Enters the Cyber Regulatory Enforcement Arena

Editor’s Note: Cross-posted from Regulatory Cyber Security/FISMA Focus

From: Norton Rose Fulbright

On March 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) released a Consent Order entered between it and Dwolla, a company providing an online money transfer and payment processing platform to consumers.  The Consent Order alleges that Dwolla made false representations concerning its data security practices and engaged in deceptive acts and practices in connection with the offering of consumer financial products or services, in violation of the Consumer Financial Protection Act of 2010 (“CFPA”) sections 12 U.S.C. 5531(a) and 5536(a)(1).