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Regulation

California to Close Data Breach Notification Loopholes Under New Law

“The golden state’s attorney general Xavier Becerra announced a new bill Thursday that aims to close loopholes in its existing data breach notification laws by expanding the requirements for companies to notify users or customers if their passport and government ID numbers, along with biometric data, such as fingerprints, and iris and facial recognition scans, […]
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Regulation

Treasury official doubts fintech needs payment system overhaul

“In a recent analysis, Matt Swinehart, a senior counsel at Treasury, said a massive “regulatory rethink” of payment services won’t be required because many rules and standards governing payments are what he called technology neutral. The analysis appeared on a blog about the intersection between financial technology and government policy. Swinehart and the Treasury Department declined an interview request […]
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Regulation

Cisco, like Apple and other tech giants, now wants new federal privacy law

“In a blog post, Cisco’s top lawyer, Mark Chandler, called the current legal framework “not adequate.” Cisco hasn’t put forward specific bill language just yet; it is speaking for now in generalities. Particularly in the wake of the Cambridge Analytica scandal, along with the recent passage of the GDPR in the European Union and California’s own new privacy law, companies […]
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Regulation

Banks to Fully Open Payment Systems to Fintech Firms

“Banks have agreed to fully open their payment systems to financial technology firms, the head of the financial regulator said Monday, in a move that will provide a level playing field for new players and increase competition in the financial industry. Choi Jong-ku, chairman of the Financial Services Commission, made the remarks at a meeting with […]
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Regulation

Russia may crack down on Visa & Mastercard over abuse of dominant market position

“Russia’s trade associations have filed a request to the country’s antitrust authority on bringing action against international payment systems Visa and Mastercard over alleged abuse of market power in Russia. The appeal was brought by a group of trade societies, including the Association of Internet Trade Companies, the Retail Companies Association (ACORT), and the Association […]
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Regulation

Legalising Cannabis Reduced the Use of Cash in Canada

“The movements in cash in circulation around the time of cannabis legalisation would seem to provide early evidence to suggest that Canadian Prime Minister Trudeau’s policy has already been successful in crimping the black economy. The fall in currency in circulation of C$1.2 billion in October was broadly in line with Statistics Canada’s estimate of […]
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Regulation

Companies Weigh Data-Privacy Risks Ahead of Brexit

“The prospect of a no-deal Brexit is creating new risks for companies that are required to comply with European data-protection rules. If the U.K. separates from the European Union on March 29 without a withdrawal agreement, data transfers from the bloc to the U.K. won’t automatically comply with the EU’s strict privacy laws. That leaves […]