While underscoring their full support for consumer data privacy and security, they noted that their members have been subject to “extensive federal privacy and data protection laws” for several decades, and pointed out several provisions of the legislation should be reconsidered.
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Under pressure from Republican lawmakers to define what he meant by “junk fees”—a term coined by the bureau as part of a media campaign—CFPB Director Rohit Chopra would not offer any formal definition.
An interagency final rule is designed to improve the sharing of information about cyber incidents that may impact the nation’s banking system and requires banks to notify their primary federal regulator.
Seven in 10 bank IT executives said they see incorporating cloud technology into products as a key way to help them achieve their business priorities, according to a recent survey released by banking software company Temenos.
In a statement for the record shared ahead of a House Financial Services subcommittee hearing on consumer access to personal financial data tomorrow, the American Bankers Association emphasized that it fully supports customers’ ability to access and share their financial data in a secure, transparent manner that gives them control.
Consumer data privacy concerns have some banks shifting their focus from customer acquisition to retention.
ABA and 49 state bankers associations today urged the Uniform Law Commission to reject a draft of model state-level legislation on consumer data privacy that does not provide sufficient exemptions for banks, which are already subject to stringent federal data security standards and includes the potential for banks to be subject to lawsuits.
Adopting multiple solutions, or “cloud bandwagoning,” is bound to create friction within a bank’s systems—resulting in unpredictable consequences.
New standards designed for the digital era would strengthen security, prevent fraud and finally give consumers more control over their money.
The American Bankers Association and 51 state bankers associations yesterday wrote to the Uniform Law Commission Committee—which has been tasked with drafting a uniform law on consumer privacy—urging it to retain in the draft the current exemption for information subject to the Gramm-Leach-Bliley Act.