Cfpb And Fintech

Why Fintech Companies Want to be Regulated by the CFPB

It’s unusual to see an industry making a formal request to be regulated, but that’s exactly what fintech data aggregators are asking of the Consumer Financial Protection Bureau (CFPB).  Companies like Plaid and Robinhood have reasoned that more oversight by the CFPB comes with access to more consumer data–which in turn would allow fintech companies…
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At Last: US Proposes Federal Data Privacy Law

At long last, a comprehensive federal data privacy bill has been introduced in the US legislature by Representative Suzan DelBene (D-Washington). Known at the Information Transparency and Personal Data Control Act (ITPDCA) ensures the protection of “our most sensitive personal information including financial, health, genetic, biometric, geolocation, sexual orientation, citizenship and immigration status, social security…
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How to Use New CSBS Cybersecurity Examination Tool

Any nonbank institution looking to protect against, mitigate and respond to cybersecurity threats should take advantage of the Conference of State Bank Supervisors’ (CSBS) new cybersecurity examination tool.  Unveiled during the Nationwide Multistate Licensing System Annual Conference in February, the resource is designed for state regulators to use during examinations, and for organizations to self-evaluate…
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Minnesota Proposes its Own Version of CCPA

Ever since the California Consumer Privacy Act (CCPA) set the tone for state-level privacy laws, more and more states have followed suit. At the start of the year, Minnesota proposed its own data privacy bill–and yes, it’s heavily influenced by CCPA. The bill, known as HF-36,has been sent for referral to the Committee on Commerce,…
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2020 News in Review

Week Ending December 28  ICO Warns SolarWinds Victims to Report Breaches  The United Kingdom’s Information Commissioner’s Office (ICO) has issued a warning to organizations compromised by the SolarWinds breach. The breach, which was carried out by Russian hackers, affected more than 18000 organizations worldwide. ICO requires UK data controllers subject to NIS regulations to report…
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ADCG Launches Data Privacy Law Comparison Tool

In 2018, the European Union launched its landmark data privacy law, the General Data Protection Regulation (GDPR). What followed can only be described as a wave of data privacy laws that swept the globe. Legislators from California to Brazil, to New Zealand have passed some form of data privacy law with the potential to impact…
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Why Data Trusts Are a Win-Win for Companies and Consumers

Data is imperative to many crucial business processes, like marketing, product development, fraud protection, and AI. But complying with proliferating and conflicting data privacy regulations is far from easy. And asking consumers to be responsible for making decisions about their own data privacy isn’t a solid solution.  One AI expert has proposed a solution: data…
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EU-US Privacy Shield

EU Creates Taskforce to Address Fallout From Privacy Shield’s Demise

Companies in the United States are just beginning to feel the impact of the Schrems 2.0 case, which heralded the end of the EU-US Privacy Shield.  With Privacy Shield’s demise, the mechanism via which 5,000+ companies transferred data from Europe is no longer valid under the EU’s General Data Protection Regulation (GDPR).  Standard Contractual Clauses…
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