Monthly Telephone Briefing

BCG offers its members monthly Telephone Briefings on legal and regulatory matters. Also, you have the option to listen to audio presentations of meetings archived for up to 12 months after their original presentation dates. This benefit is called, “Listen While You Work.” You simply select a topic, minimize the screen, and listen to a streaming audio presentation while you work at your desk.

Please feel free to sign up annually, register for the next scheduled BCG Monthly Telephone Briefing or download an archived Handout below.

Current BCG Monthly Telephone Briefing Topic(s)

Friday, January 21, 2021
12:00 - 1:30 p.m.

Banking Agencies Issue New Breach Notification Requirements

Under federal guidelines and California state law financial institutions are expected to notify customers in response to certain types of breaches of customer information.  The dual notification standards are similar in many respects but have notable differences.  The result is that in the event of a breach of customer information institutions are often put in the difficult position of ensuring compliance with two separate sets of rules or guidelines.

To further complicate matters, the OCC, FRB and FDIC recently issued a final rule that imposes new breach notification requirements on financial institutions, including the requirement that a financial institution notify their primary federal regulator no later than 36 hours after the occurrence of a breach that rises to the level of a “notification incident.”  The new rule also separately requires certain types of bank service providers to notify two individuals at an affected banking organization if the service provider is subject to certain types of breaches.

Please join us at the January Monthly Telephone Briefing where we will discuss the new requirements imposed by the recent final rule.  Questions will be welcome. Download Handout Here!