Data and information management

The bureau suggested this week that states should remove the exemptions banks enjoy from data privacy laws. California is a prime candidate to act.

Small and midsized banks fail to implement key oversight measures on their third-party vendors, something regulators implore they fix, according to research released Tuesday.

A complaint brought by accounting firm Onisko & Scholz challenges data sharing activities common to data aggregators, banks and fintechs.

The agency said VyStar customers took on fees and credit report demerits because they could not access banking functions for months following an attempted upgrade.

This month's roundup features news about the rising concerns of Zelle fraud, JPMorgan Chase's AI arms race with Capital One and more.

Consumer Financial Protection Bureau Director Rohit Chopra said opposition to the bureau's recently finalized open banking rule should be viewed as banks and other large firms attempting to quash competition and stymie consumer data protection.

The Bank Policy Institute is among the parties that filed a lawsuit late Tuesday to challenge the Consumer Financial Protection Bureau's new open banking rule.

Section 1033 promised to increase competition in banking and improve the ability to offer novel payment methods, but experts say the regulation isn't clear enough to have a major impact.

A ban on screen scraping and new disclosures to consumers about data usage are among the new elements of the data protection rule.

JPMorgan Chase and bank trade groups criticized the Consumer Financial Protection Bureau's open banking rule for not providing enough data security.

The Consumer Financial Protection Bureau expanded the scope of the 1033 rule to include payment apps, provides for some secondary uses of data, and extends the timeline for compliance.

The final rule on open banking is expected to be issued any day now by the Consumer Financial Protection Bureau. Banks have raised a host of concerns about liability, fraud and oversight of third-party fintech partners.

A whitepaper from FS-ISAC, a financial services industry group focused on cybersecurity, advocates that banks develop so-called "cryptographic agility."

The guidance from Adrienne Harris clarifies how a key cybersecurity regulation — Part 500 — applies to the risks and uses of AI inside banks, including risks associated with deepfakes.

The investing platform disclosed a data breach this week, offering few details on the impact or how customer accounts could cause such damage.

A debt collection agency that provided services to Truist suffered a data breach in February affecting 4.2 million people. Truist now says some of those were its customers.

As regulators and Congress push for stronger consumer protections as losses mount, payment experts say there are steps companies should be taking now to respond.

The Visa Tokenized Asset Platform will allow banks to "mint, burn and transfer" tokens as more financial institutions and businesses express interest in how cryptocurrencies and blockchain technology can improve their operations.

Password requirements are often needlessly complex, according to the standards-setting body, which has proposed rules for government agencies.