Page 7 - Threat Intelligence 11-15-2019

Regulatory and

Privacy News

OCC Cannot Grant Special Bank Charters to Fintech Companies. A federal judge in New York ruled that the
Office of the Comptroller of the Currency (OCC) did not have the authority to issue special bank charters to
non-bank fintech companies. The decision is a victory for state financial regulators wanting to stop the fintech
charter that allowed technology start-ups trying to become banks expedite the process. The new charter
would not have required them to have FDIC insurance or comply with banking regulations state-by-state. The
ruling, by Judge Victor Marrero of the Southern District of New York, came in response to a lawsuit by the New
York State Department of Financial Services that claimed the fintech charter regulation would harm
consumers. “The Court finds that OCC has failed to identify a persuasive reason to deviate from ordinary
administrative law procedure on this score,” Marrero wrote.
Source: https://www.cfo.com/regulation/2019/10/occ-cannot-grant-special-bank-charters-to-fintech-
companies/

Proposed Regulations Under the California Consumer Privacy Act: Delivery and Content of Initial Notices
and Disclosures. On October 10, 2019, the California attorney general issued proposed regulations under the
California Consumer Privacy Act (“CCPA”). Written comments to the proposed regulations must be submitted
by no later than 5:00 p.m. on December 6, 2019. The proposed regulations focus on the form and content of
required notices and disclosures, practices for handling of consumer requests, practices for verifying the
identity of the consumer making those requests, practices regarding the personal information of minors, and
the offering of financial incentives or price or service differences in exchange for the sale or retention of
consumers’ personal information.
Source: https://www.jdsupra.com/legalnews/proposed-regulations-under-the-90762/

Microsoft vows to ‘honor’ California’s sweeping privacy law across entire US. On Monday, Microsoft
announced that it would honor the “core rights” provided to Californians through the state’s landmark data
privacy law and expand that coverage across the entire United States. In a Monday blog post, Julie Brill,
Microsoft’s chief privacy officer, said that the company will extend the main principles of the California
Consumer Privacy Act (CCPA) across the US just as it did with Europe’s General Data Protection Regulation
(GDPR) last year. The law goes into effect in California on January 1st, 2020. CCPA, which was approved in June
2018, is one of the fiercest and most sweeping data privacy regulations in the US. It’s somewhat similar to
GDPR. Under CCPA, companies must disclose to users what personal data of theirs is being collected, whether
it is sold and to whom, and allow users to opt out of any sales. Users must also have access to their data and
be able to request that a company delete it.
Source: https://www.theverge.com/2019/11/11/20960113/microsoft-ccpa-privacy-law-california-
congress-regulation

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