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Privacy and Security Obligations of Banks and Financial Institutions: An Overview of Federal Requirements
Businesses and regulators alike are re-evaluating policies, procedures, and systems for protecting private data in light of recent high-profile security breaches. In addition to increased scrutiny from the public at large, financial institutions face a growing body of law addressing the privacy and security of customer data.
Federal, state, and foreign legislators and regulators have contributed to that growing body of law. State and foreign initiatives have received considerable attention. California, for example, created a stir in 2002 by passing SB 1386, which requires any company that stores customer data electronically to notify its California customers of security breaches that affect those customers' personal information. Cal. Civ. Code '1798.82. Less recent but no less prominent, Directive 95/46/EC of the European Union set forth a wide range of privacy and security principles affecting businesses operating in the EU member states and has now been implemented, with variations, by every member state. Council Directive 95/46/EC 1995 O.J. (L 281); see also European Commission, Data Protection, at http://europa.eu.int/comm/justice_home/fsj/privacy/index_en.htm. This article focuses on federal sources of data security obligations for financial institutions, which have received less recent attention than state and foreign sources.
Federal statutory and regulatory initiatives addressing the privacy and security of customer data have generally come in two forms: consumer rights initiatives, such as notice and disclosure requirements that grant customers increased control over nonpublic personal information, and security obligations that seek to protect against unauthorized access to that information. Commentators have written extensively about the former; this article focuses on the latter. See, e.g., Charles M. Horn, Financial Services Privacy at the Start of the 21st Century: A Conceptual Perspective, 5 N.C. Banking Inst. 89 (2001); see also Michael A. Benoit & Elena A. Lovoy, Recent Federal and State Consumer Financial Privacy Developments, 57 Bus. Law. 1209 (2002).
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?