- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-10-23T15:45:00
Banks, credit card companies and other financial mainstays will be required to comply with new data privacy and retail account portability regulations under a sweeping rule issued Tuesday by the Consumer Financial Protection Bureau (CFPB).
The Personal Financial Data Rights rule is designed to modernize the U.S. consumer financial system and increase competition, by expanding banking and payment options for the public while adding better data privacy protections, the CFPB said.
In short, the new rule, on the drawing board since 2010 and the aftermath of the financial crisis, will bring U.S. banking and financial services and protections in line with those already required in other nations.
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Businesses need to follow the consumer protection rules of the Fair Credit Reporting Act when engaging in employee surveillance, which includes background reports about employees produced by third parties using artificial intelligence, the Consumer Financial Protection Bureau said in new guidance.
TD Bank has been ordered to pay $27.7 million and implement compliance measures, for providing inaccurate, negative credit information to credit agencies about tens of thousands of its customers and taking too long to fix the errors, the Consumer Financial Protection Bureau said.
During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology partnerships, offering best practices for how banks should protect themselves.
Contract workers’ rights are in the spotlight in the U.K. and some EU countries as governments seek to end exploitative practices by eliminating zero-hours contracts, much to the chagrin of some business leaders.
The U.S. Treasury Department has issued a final rule–and created a new division to oversee it–that will attempt to limit outbound investments to China related to sensitive technologies with military applications.
In an effort to streamline the enforcement of California’s stringent privacy rules, the Federal Communications Commission has signed a memorandum of understanding (MOU) with the California Privacy Protection Agency.
