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CFPB fires warning shot at financial institutions over lax data security

August 15, 2022Ken Showers, Managing Editor

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) has released a circular announcing that financial companies may be in hot water if they fail to adequately protect consumer data. The circular gives guidance to consumer protection enforcement, including language targeting financial firms that can be held liable for insufficient security protocols with their client data. "Financial firms that cut corners on data security put their customers at risk of identity theft, fraud,...

Banking, CFPB, Consumer Financial Protection Bureau, data breach, Rohit Chopra