On Oct. 22, 2024, the Consumer Financial Protection Bureau released the 38-page final rule on personal data rights, implementing Sec. 1033 of the Dodd Frank Act. It took less than a day for the rule to be challenged in federal court. The rule is viewed as critical to establishing an open banking system in the U.S. that would increase consumers’ control over their sensitive financial information. However, many opponents in the financial industry worry the finalized version lacks certain safeguards related to third-party oversight, fraud protections, or a reasonable implementation timeline. The controversy and complexity of this and other data privacy rules warrant significant coverage of every volley in the virtual ping-pong match likely to ensue throughout 2025 and beyond. That is why we’ve created the “Data Privacy Vault” to hold all the information your business needs to ensure you know every key element you may need to adapt to the rapidly evolving virtual financial marketplace.
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