As the Federal Trade Commission explores a rulemaking to govern the collection of personal data for commercial purposes, it should consider the current landscape of federal and state laws on data security and avoid pursuing regulations that discourage innovation that has benefitted consumers in financial services, the American Bankers Association said Monday in comments filed with the agency.
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The Consumer Financial Protection Bureau today outlined proposals under consideration that would require businesses to make a consumer’s financial information available to them or a third party at the consumer’s direction.
Before issuing a proposed rule, the CFPB must convene a panel of small businesses that represent their markets to provide input.
The OCC today issued a bulletin for community banks on the legal requirements for protecting non-public OCC information in video teleconferencing services.
ABA and seven national trade associations petitioned the Consumer Financial Protection Bureau today to initiate rulemaking to ensure that businesses that collect large amounts of consumer financial data are subject to the same oversight as financial institutions.
Balancing user privacy and convenience is full of tradeoffs, but GA4 makes it easier than ever to find the right mix based on your customers’ desires and local regulations.
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.
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.