Category Archives: Data Privacy

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Parallel Universe or Coincidence: The CFPB’s New Data Consumer Protection Principles’ Relationship to GDPR

On October 18, 2017, the Consumer Financial Protection Bureau (CFPB) outlined nine non-binding Consumer Protection Principles (the Principles) for the access and sharing of consumer information between third-party companies. The Principles focus on the consumer experience, specifically consumers’ enhanced control over their financial lives. The CFPB envisions a marketplace in which consumers are in the … Continue Reading

In the Wake of Equifax: What Auto Dealers Need to Know About Data Privacy

Following the recent Equifax data breach wherein millions of consumers’ private information may have been compromised, it is increasingly clear that consumer-interfacing businesses need to, and in some cases are required to, take steps to protect their consumers’ private information. Although not traditionally considered “financial institutions,” auto dealers that engage in financial activities—those that extend … Continue Reading

Foreign No More: Transferring Data on Demand U.S. Companies and GDPR Data Portability

Much has been written about the consternation and concern of businesses around the world regarding the European Union’s General Data Protection Regulation (GDPR), which takes effect on May 25, 2018. The GDPR applies to companies operating within the EU that control or process data. Notably, it also applies to companies outside the EU that offer … Continue Reading

CFPB Walks the Data Privacy Tightrope on Public HMDA Disclosures

In the wake of the Equifax data breach, consumers, companies, and regulators alike are cognizant of the potential exposure of personal information, and many companies are looking at ways to decrease the risk of unauthorized disclosure of personal data. In creating effective data privacy policies and procedures, companies must also analyze requirements under certain statutes … Continue Reading

The Bank Next Door: Part I – Using Social Media to “Friend” Customers

[This post is the first in a series of post which will examine the risks, rewards, innovative uses, and changing legal landscape of social media use by financial services institutions. Future blog posts will examine topics such as: monitoring and managing consumer complaints through social media, disgruntled employee use of social media, and control over content and message. … Continue Reading
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