Proposed amendments to administrative proceedings rules, potential cybersecurity regulations, and more in this issue of Business News Digest

2 min

Leveling the Playing Field or Protecting Its Turf? SEC Proposes Amendments to Rules Governing Administrative Proceedings

Facing mounting legal challenges to its use of administrative proceedings on a wide variety of enforcement matters, the SEC recently announced proposed amendments to rules governing its administrative proceedings. The amendments address nearly every stage of the administrative hearing process, with the most notable changes proposed for the rules governing pre-hearing discovery, the duration of proceedings, and electronic filing and service. While SEC Chair Mary Jo White couched the amendments as designed to "modernize" administrative proceedings, this move is widely perceived as an attempt to assuage criticism directed at the Commission's recent increased use of this forum. Read More

New York DFS Proposes Mandatory Cybersecurity Regulations

On September 13, the New York State Department of Financial Services (DFS) released a set of proposed cybersecurity regulations for financial service institutions, including banks, insurance companies, and other financial service institutions regulated by DFS. The regulations will require "Covered Entities" to (1) establish a cybersecurity program; (2) adopt a cybersecurity policy; (3) appoint a Chief Information Security Officer; (4) Conduct third-party due diligence; and (5) Undertake various other related obligations. The regulations are scheduled to go into effect on January 1, 2017, after which Covered Entities will have 180 days to comply. Starting on January 15, 2018, Covered Entities will have to certify annually that they are in compliance with the rules and retain supporting records for five years. Read More

Sweeping New Federal Regulations for the Prepaid Industry

On October 5, the Consumer Financial Protection Bureau released its long-awaited final rule for prepaid accounts under the Electronic Fund Transfer Act and the Truth in Lending Act. The rule, which checks in at nearly 1700 pages, establishes sweeping consumer protections that impact all aspects of the prepaid industry. Read More

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D.C. Circuit Addresses CFPB's Constitutionality, RESPA Interpretation, and Statute of Limitations Issues in PHH Decision

Final FAR Rule Will Increase Suspension and Debarment Oversight and Activity – What Does it Mean for Contractors?

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Revisions to the MLA Examination Procedures Manual, updates to CFPB service provider guidance, and more in this issue of CFPB Digest

Top Five Takeaways: Wassenaar Arrangement Updates to Commerce's Encryption-Related Export Controls