Links in “Privacy”
- Behavioral Patterns Trump Mother’s Maiden Name in Fraud Detection
Personal privacy issues aside, consistency of behavioral patterns (same phone, same general location, same general time) in aggregate is a better risk than asking the consumer for his or her mother's maiden name, which can easily be obtained via social media. [8/11/14]
- Will CFPB’s HMDA Proposal Jeopardize Borrower Privacy?
The CFPB's proposed amendments to HMDA are designed to enhance the opportunities to analyze mortgage lending activity by including credit score, age, property value, and more. The proposed change also raises concerns about borrower privacy. [7/28/14]
- Why Proposed Rule on Consumer Complaint Narratives Would Put Banks at a Disadvantage
Because of their obligation to maintain confidentiality of their customers, banks would not be able to offer a full response to narrative consumer complaints proposed by the CFPB. [7/18/14]
- FTC Fights Back
Federal Trade Commission settles with a Florida-based payday lender. According to the complaint, the defendant used consumersâ personal financial information it had collected through its websites on the pretense of helping them to get a loan to withdraw $30 from the bank accounts of tens of thousands of consumers, without authorization and without providing anything of value in return. [7/14/14]
- No More Commercial Emails, Eh?
Canada has a new anti-spam law which will affect credit unions and other institutions in the US if they have Canadian members. To find out if you meet the implied consent exception or the grandfather clause, read the article at CUNA New Now. [7/3/14]
- Final Rule on Information Security Standards
The Board of Governors of the Federal Reserve System (Board) is amending Appendix D-2 of Regulation H and Appendix F of Regulation Y to correct citations to rules on privacy of consumer financial information. [7/1/2014]
- Privacy Gets a Makeover
More and more financial institution processes are getting a technological makeover, and privacy is no exception. AffirmX's Jane Pannier describes the proposed privacy notice rule and how to know if it applies to your institution. [6/18/14]
- The Fed Repeals Reg P to Avoid Confusion
The Board of Governors of the Federal Reserve System (Board) is repealing its Regulation P, 12 CFR part 216, which was issued to implement the privacy provisions of the Gramm-Leach-Bliley Act (GLB Act). [5/29]
- Privacy Notice Proposal Hits a Delay
The Annual Privacy Notice Proposal allowed a 30-day comment period that will end on June 12, 2014. To allow interested persons additional time to consider and submit their responses, the Bureau has determined that an extension of the comment period until July 14, 2014, is appropriate. [5/28]
- CFPB Publishes Spring 2014 Rulemaking Agenda
As part of its voluntary participation in the Unified Agenda, the CFPB published its regulatory agenda for Spring 2014. The agenda includes rulemakings concerned with mortgages, defining larger participants, debt collection, payday loans and prepaid cards, and privacy disclosures. [5/27]
