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The interconnected nature of financial systems can have cascading consequences when data is compromised. And with the recent news that the June cyber breach at Evolve Bank & Trust has reportedly impacted upwards of 7.6 million customers, containing the impact of a single data breach before it can ripple throughout an entire ecosystem is top of mind for banks, FinTechs and businesses alike.

The California Department of Financial Protection and Innovation (DFPI) announced it has issued an order revoking the California Financing Law license of Synapse Credit LLC (Synapse Credit), a subsidiary of the self-described “Banking as a Service” company Synapse Financial Technologies, Inc. Synapse Financial Technologies, Inc. filed for Chapter 11 bankruptcy protection in April 2024, setting in motion a chain of events that left thousands of consumers without access to their funds.

The Office of the Comptroller of the Currency (OCC) today issued an amendment to its October 7, 2020, Cease and Desist Order against Citibank, N.A, Sioux Falls, South Dakota, related to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls (2020 Order).

The Federal Financial Institutions Examination Council (FFIEC) today published data on 2023 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 5,113 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies.

On June 24, 2024, Neiman Marcus Group LLC filed a notice of data breach with the Attorney General of Maine after discovering that an unauthorized party was able to access a database platform used by Neiman Marcus to store sensitive information. In this notice, Neiman Marcus explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information, which includes their names, contact information, dates of birth, Neiman Marcus or Bergdorf Goodman gift card numbers, partial credit card numbers, employee identification numbers and the last four numbers of Social Security numbers.