Paul Lysobey

McGlinchey Stafford

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FTC’s Final Rule Requires Reporting of Data Breaches by Non-Bank Financial Institutions

On October 27, 2023, the Federal Trade Commission (FTC) issued a final rule (Final Rule) to amend the Standards for Safeguarding Customer Information (Safeguards Rule). This amendment will require non-bank financial...more

11/6/2023 / Data Protection , Federal Trade Commission (FTC) , Final Rules , Financial Institutions , Financial Regulatory Reform , Financial Services Industry , Gramm-Leach-Blilely Act , Non-Bank Lenders , Personal Information , Safeguards Rule

FTC Extends Effective Date of Safeguard Rule Amendments to June

The Federal Trade Commission (FTC) has announced that the effective date for the new substantive information security requirements in the revised Safeguard Rule has been extended from December 9, 2022 to June 9, 2023....more

11/22/2022 / Cybersecurity , Federal Trade Commission (FTC) , Financial Institutions , Incident Response Plans , Information Security , Policies and Procedures , Risk Assessment , Safeguards Rule , Time Extensions

Kentucky and Virginia Enact Student Education Loan Servicing Laws

Kentucky and Virginia have passed legislation relating to student loan servicers. In Kentucky, a new student loan servicing law creates new licensing and compliance requirements. In Virginia, an amendment limits the scope of...more

5/27/2022 / Abusive Acts , Banking Sector , Borrowers , False Statements , Financial Institutions , Intent to Defraud , Licenses , Loan Servicer , Predatory Lending , Savings and Loan Companies , Student Loans

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