Related Practices
Related Industries
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Firm lawyers were extensively involved in the legislative process that produced the Gramm-Leach-Bliley Act (“GLB”), governing general financial institution privacy and the Fair and Accurate Credit Transactions Act (“FACTA”), the 2003 legislation that amended the Fair Credit Reporting Act (“FCRA”) and made permanent its federal preemptions. We also worked closely with the federal regulatory agencies, including the Federal Trade Commission, that issued detailed regulations implementing these laws. We regularly advise clients regarding compliance with GLB, FACTA, FCRA and their underlying regulations. Likewise, we assist our clients in understanding and complying with the many state laws and regulations that have emerged in recent years governing financial privacy and identity theft as well. We have also advised UK and European financial institutions on the privacy implications of complying with EU money-laundering rules and access requests.
Our lawyers regularly assist both financial and non-financial companies in responding to data security breaches, as well as in developing programs to avoid such breaches. We also have negotiated with federal and state regulators on behalf of clients to mitigate potential penalties and enforcement actions related to data security breaches. Our experience with regulatory authorities at every level is of enormous value to our clients.
Representative Matters
- Representing a client in inquiries by the Federal Trade Commission and various state attorneys general regarding one of the five largest data security breaches reported in the world in 2007.
- Assisting several banks in handling substantial data security breaches, including advice with respect to customer notifications and potential liability.
- Advising clients on the re-use and re-disclosure of consumer information received from financial institutions.
- Advising clients on the applicability of GLB, FCRA and FACTA regulations to non-traditional financial institutions.
- Assisting UK banks in developing policies and procedures for ensuring compliance with EU privacy laws as well as EU rules relating to money laundering.
- Advising technology companies and ISPs on the GLB, FACTA and FCRA implications for personal financial software and financially-related websites.
Accolades
- Chambers USA, Financial Services Regulation (2011)
- Banking (Compliance): John Dugan, Mark Plotkin, and Stuart Stock
- Banking (Enforcement & Investigations): Stuart Stock and D. Jean Veta
- Best Lawyers in America (2011)
- Banking: Mark Plotkin, David Rosinus, Stuart Stock, and D. Jean Veta
- Washington D.C. Super Lawyers (2010)
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