Trades urge CFPB to revise, repropose data privacy rule

Industry advocates and regulators have signaled the need for major revisions to the Consumer Financial Protection Bureau’s first proposed rulemaking tackling the topic of data privacy, as mandated under Sec. 1033 of the Dodd-Frank Act. Specifically, they believe the bureau should go further in addressing issues such as liability allocation and screen-scraping. A director from The Clearing House spoke to Dodd Frank Update in an exclusive interview about some of the recommended changes to the proposed rule.