Tag: Consumer Financial Protection Bureau
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,...
New consumer credit score rules a 'headache'
October 13, 2011Tess Nacelewicz
VIENNA, Va.—Strict new federal regulations governing how companies inform consumers that their credit scores were used to reject them will result in higher labor costs and other problems for alarm companies, said a legal advisor to the Central Station Alarm Association, which is based here.The new requirements took effect this summer, and are a part of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, a response to the economic recession. They essentially mean that security...