2012 Finance Industry Security Trends

By 6Labs Expert ·

Breach Notification:

Consumer confidence continues to be impacted by the many waves of phishing, and high profile data breaches.  With the adoption of breach notification laws at the state government level its only a matter of time before the federal government issues its own laws and requirements.

Finance Regulatory Overhaul:

The House of Representatives head into the final stretch on a long-awaited Wall Street regulation bill with two crucial votes pending before they can declare victory on one of President Obama's legislative priorities.

The sweeping regulatory overhaul aims to address the myriad conditions that led to last year's financial crisis.  Before a final vote, House members will have to decide whether to support an amendment to eliminate the proposed Consumer Financial Protection Agency, one of the central features of this new legislation. The agency would consolidate consumer lending regulations and enforcement that is now split among several banking regulators.

The CFPA would have sweeping and broad authority to regulate businesses across the spectrum of industry, even if they are not in the business of consumer finance. Broad definitions and vague regulatory standards would give the CFPA unending jurisdiction and unchecked power, exposing businesses both to its regulatory authority and the litigation exposure that comes with it.