CFPB’s Crackdown on Sloppy Data Security Practices & What to Do About It
The Consumer Financial Protection Bureau (CFPB) is increasing its focus on the potential misuse and abuse of personal financial data. The latest circular from the Bureau confirmed that financial companies may violate federal consumer financial protection law and be held liable for unfairly putting customers’ data at risk.
While the circular provided examples of widely implemented data security practices, it does not suggest whether these particular security practices are specifically required under the Consumer Financial Protection Act.
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