In November 2021, non‑state issued digital assets reached a combined market capitalization of $3 trillion, up from approximately $14 billion in early November 2016. Several global monetary authorities are exploring, and in some cases introducing, central bank digital currencies (CBDCs). On March 9, 2022, President Biden issued an executive order to mandate multiple reports and
On November 18, 2021, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) approved a new final rule regarding reporting of cyber incidents for U.S. banks and service providers.
Under the new rule, a banking organization must notify its primary federal regulator of “any significant computer
On August 30, 2021, the Securities and Exchange Commission (SEC) sanctioned eight firms in three actions for cybersecurity failures in their policies and procedures that exposed the personal information of thousands of customers at each firm. These firms included: Cetera Advisor Networks LLC, Cetera Investment Services LLC, Cetera Financial Specialists LLC, Cetera Advisors LLC,
On October 7, 2020, The Office of the Comptroller of the Currency (“OCC”) announced that it had assessed a $400 million civil penalty against Citibank, N.A. regarding alleged deficiencies in its enterprise-wide risk management and data governance programs and its internal controls. In particular, the OCC found violations of 12 CFR Part 30, Appendix D
In our Southeast Financial Litigation Monitor, our own Lindsey Catlett posts about a recent opinion in Southern Independent Bank vs. Fred’s Inc., in which the Middle District of Alabama denied class certification following a data breach which allegedly affected over 2,000 financial institutions across the country. Southern Independent, a community bank located in south
