On August 22, 2023, MidFirst Bank filed a notice of data breach with the Attorney General of Texas after discovering that consumer information that had been entrusted to the company was subject to unauthorized access. In this notice, MidFirst Bank explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information, which includes their names, Social Security numbers and financial account information.
The big worry for banks after the turmoil that roiled the industry in the spring was commercial real estate. Now there is a new concern: credit card delinquencies.
In a significant victory against fraudulent practices, the Federal Trade Commission has taken down a scheme preying on vulnerable students seeking relief from their debt burdens, according to a recent press release.
Beginning on September 1, 2023, all federally insured credit unions must notify the NCUA as soon as possible, and no later than 72 hours, after the credit union reasonably believes it has experienced a reportable cyber incident or received a notification from a third party regarding a reportable cyber incident.
California continues to be at vanguard of data privacy rights. The latest effort by California legislators to protect consumer privacy rights focuses on data brokers, who under the proposed California Senate Bill 362, aka the “Delete Act,” would be required to recognize and honor opt-out signals from Californians.
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