News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-03-16T17:06:00
The Consumer Financial Protection Bureau (CFPB) is asking companies that “track and collect information on people’s personal lives” to provide information to the agency as it considers rulemaking under the Fair Credit Reporting Act (FCRA).
The agency issued a request for information (RFI) Wednesday for data brokers, which it defined as “firms that collect, aggregate, sell, resell, license, or otherwise share consumers’ personal information with other parties.” It noted the FCRA governs consumer reporting agencies but that companies relying on new technologies when using business models that sell consumer data claim not to be covered by the FCRA.
The CFPB said these companies, whether they be called data brokers, data aggregators, or platforms, “all share a fundamental characteristic with consumer reporting agencies—they collect and sell personal data.”
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2023-09-20T18:57:00Z By Jeff Dale
The Consumer Financial Protection Bureau warned lenders using artificial intelligence in credit denials that consumers must receive accurate and specific reasoning—and not checklists—for why a credit request was denied.
2023-08-16T19:42:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau is moving forward with plans to propose new rules for data brokers that would regulate their personal data gathering activities under the Fair Credit Reporting Act.
2023-08-04T16:10:00Z By Jeff Dale
ACI Worldwide is set to pay $20 million as part of a proposed settlement with states related to lax data handling and erroneous transactions that resulted in previous penalties against the company levied by the Consumer Financial Protection Bureau.
2024-12-20T16:47:00Z By Neil Hodge
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
2024-12-19T16:18:00Z By Neil Hodge
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
2024-12-19T16:17:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.
Site powered by Webvision Cloud