February 16, 2018
This bipartisan data security proposal prioritizes consumer protection by creating a strong standard to keep sensitive data protected, and ensuring consumers are quickly informed when a breach puts them at risk.
WASHINGTON – The Financial Services Roundtable’s (FSR) Housing Policy Council (HPC), in conjunction with several financial industry trade associations, recently sent a letter to the Consumer Financial Protection Bureau (CFPB) raising concerns over the Bureau’s collection, protection and use of expanded data as it relates to the Home Mortgage Disclosure Act (HMDA). In the letter, FSR and the other associations called for the CFPB to withdraw its Proposed Guidance and instead follow the legally required notice-and-comment rulemaking process.
With the new Acting Director Mick Mulvaney in place, the Bureau could change course, electing to satisfy the statutory obligation to follow a formal rule-making process and also reconsider the CFPB’s position regarding the disclosure of loan-level data.
“Securing sensitive consumer data is a top priority for the financial industry,” said Ed DeMarco, President of FSR’s HPC. “The Bureau’s desire to expand public reporting of sensitive loan-level data raises major security concerns and opens the door for reverse-engineering of data to harm consumer privacy.”
FSR and the other trade associations offered a set of detailed concerns, including:
The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.Follow @FSR
February 16, 2018
February 14, 2018
FSR supports legislation that ensures all companies are required to protect sensitive personal and financial data with a strong but flexible, scalable data security framework.
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FSR CEO Tim Pawlenty discusses innovative technologies and the need to protect consumer data.
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