Data Privacy

Days after Plaza Home Mortgage confirmed it had been subject to a data breach, the San Diego-based nonbank mortgage lender faced the prospect of class action lawsuits from affected individuals. Read on »

Federal financial agencies issued a rule establishing joint technical standards for data submitted to certain financial regulatory agencies on June 12, implementing provisions of the Financial Data Transparency Act of 2022. Read on »

Thomas Grundy of Wolters Kluwer spoke with Dodd Frank Update about why he is advising banks that traditional perimeter defenses and compliance-driven cybersecurity programs are no longer sufficient to protect their systems. Read on »

The Consumer Financial Protection Bureau’s plans to overhaul its open banking final rule, implementing Sec. 1033 of the Dodd-Frank Act, could be one of, if not its biggest, undertakings this year. Dodd Frank Update asked some top-tier compliance experts to share their expectations for the rewrite and they did not hold back. Read on »

SitusAMC reported an incident at the company resulted in some information from its systems being compromised. Client data including accounting records and legal agreements were impacted. Read on »

President Donald Trump issued an executive order aimed at creating a national policy framework for artificial intelligence. The administration has positioned the order as a means of removing regulatory barriers to encourage AI adoption and innovation. Read on »

The latest audit of the Consumer Financial Protection Bureau’s information security systems revealed weaknesses that could expose sensitive financial data to bad actors, according to the Office of the Inspector General for the Federal Reserve System. Read on »

Flagstar Financial, Inc., agreed to pay $31.5 million to consumers who filed a class action lawsuit, claiming the bank failed to protect their personally identifying information in a pair of data breaches. Read on »

For the second time this year, a federal court granted a stay request from the Consumer Financial Protection Bureau regarding its Personal Financial Data Rights rule. The latest stay will delay compliance dates associated with the rule implementing Sec. 1033 of the Dodd-Frank Act. Read on »

When it comes to data privacy rights and larger financial market participants, the Consumer Financial Protection Bureau’s (CFPB) latest Unified Agenda has some major implications. For a deep-dive into the CFPB’s efforts to revise its Personal Financial Data Rights final rule, implementing Sec. 1033 of the Dodd-Frank Act, and its rules related to larger market participants, Dodd Frank Update consulted Mike G. Silver, who spent more than 12 years as one of the CFPB’s top regulatory attorneys. Read on »