Data privacy is a major concern for the real estate finance sector, and the Consumer Financial Protection Bureau’s final rule implementing Sec. 1033 of the Dodd-Frank Act is perhaps the most significant regulation to ever address such an issue.
That is why Dodd Frank Update is launching the “Data Privacy Vault,” a resource library holding all of Dodd Frank Update’s coverage of every volley in the ping-pong match between the finance industry and regulators over how to be protect consumers’ sensitive data in the rapidly evolving virtual financial marketplace.
It took less than a day for the rule to be challenged in federal court. The rule is viewed as a critical component in establishing a widespread open banking system in the U.S. that would give consumers more control over access to their sensitive financial information.
However, many in the financial industry worry the finalized version lacks certain safeguards related to third-party oversight, fraud protections, or a reasonable implementation timeline.
Dodd Frank Update will continue covering every bit of controversy and complexity that comes to light throughout 2025 and beyond related to data privacy, and you’ll be able to find it all right HERE.