31 Oct 2023
Privacy Requirements for Fintech
Federal and state regulatory agencies are focused on the actions of financial institutions and financial technology companies (fintech), with an emphasis on data privacy. Existing laws and regulations generally require institutions to have reasonably designed policies and procedures to protect client information and detect and prevent identity theft and mitigate the risk of information security breaches. Explore the Gramm-Leach-Bliley Act privacy requirements in place to address the risks associated with financial institutions and fintechs having direct control over the personal and financial information of customers, and safeguarding the privacy of customers.
Related Content
- Financial Privacy Regulation Compliance Checklist
Explore this checklist for a comprehensive understanding of the federal privacy laws and regulations, including the Gramm-Leach-Bliley Act, the Fair Credit Reporting Act, the Right to Financial Privacy Act, and related federal consumer protection statutes.
- Bank Partnerships with Fintech Companies
Access key information on the Bank-Fintech partnership model, regulatory considerations, and risks and recommendations to mitigate risk for banks and fintech companies.
- Multilaw Global Guide: FinTech Resource Kit
Review this coverage of 22 countries with these global multijurisdictional guides that provide the practitioner with information on open banking requirements as well as legal and economic conditions for providing Fintech services in each jurisdiction.
Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.
- Trends & Insights provides the latest in news articles and insights documents on trending areas for financial services.
- Privacy Policies: Drafting a Policy, Data Breach Avoidance and Response Plan Checklist, and Responding to a Data Breach Checklist (Financial Institutions) are useful tools in understanding and ensuring compliance with applicable federal privacy laws and regulations.
- First-Year Associate Resource Kit: Data Security and Privacy and OCC Fintech Charter Resource Kit cover key issues, laws, and regulations applicable to in-house lawyers and counsel advising fintechs on privacy regulations. Resource kits include helpful articles, practice notes, templates, and checklists.
- State Law Comparison Tool--Consumer Financial Regulations Topic
- Access this state law comparison tool for state-specific guidance and the ability to compare state laws in the areas of consumer lending, credit card lending, and residential mortgage loans. The content also addresses key questions on oversight and supervision, advertising, marketing, usury, fraud, and unfair and deceptive trade practices.
- For related Practical Guidance content on important recent trends, please review these easy-to-use Resource Kits on a variety of emerging topics:
- Read the new edition of the Practical Guidance Journal for insights on Generative AI cautions and benefits, new trends in private lending, environmental law considerations, and market intelligence analysis.
- Check out our Practical Guidance Author Center! Learn about the 1750+ leading attorney authors contributing to our 26 practice areas, and find out how you can Become a Practical Guidance Author. Practical Guidance is committed to amplifying diverse voices of attorneys across all differences, including gender and race.
- Legal Developments provide the latest updates and analyses of emerging topics impacting your practice area. Visit the Legal Developments page to see the latest topics, which also include breaking legal news and related Practical Guidance content.
- Listen Up! The Practical Guidance and Law360 Podcasts Resource Kit features interviews with industry-leading attorneys on cutting edge issues in the law: NFTs, Cannabis, COVID-19, and more.
- Document alerts allow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts.
PRACTICAL GUIDANCE CUSTOMER EMAIL EDITION ON THE WEB
Experience results today with practical guidance, legal research, and data-driven insights—all in one place.
Experience Lexis+