Data privacy rules

Sens. Mike Crapo and Sherrod Brown are asking Facebook about its consumer financial data collection practices as they consider data privacy legislation.

Credit unions in the Lone Star State have been working with lawmakers on a series of bills but the clock is ticking since the legislative session ends in May and won't restart until 2021.

The Conference of State Bank Supervisors urged Sens. Mike Crapo and Sherrod Brown to establish a baseline for consumer protection in data privacy and security that would leave room for stricter state rules.

A new regulation in the Golden State could provide a de facto national standard as Congress continues to stall on data breach legislation.

The top Republican and Democrat on the Senate Banking Committee are asking for stakeholders to weigh in on data collection issues as lawmakers consider legislative responses to recent breaches.

With a divided Congress in place, policymakers will face challenges in passing major financial legislation this year. But there are still a number of core issues set to be debated.

The Consumer Financial Protection Bureau issued guidance late Friday that will shield some new mortgage data from the public that lenders are required to report.

Financial institutions had used existing banking laws as a shield against broader privacy protections, but a California law enacted this summer could threaten that strategy.

With control of the House changing hands in January, credit unions are set to shift their focus from regulatory relief to cybersecurity and fighting CRA.

The law gives residents more — and welcome — control over their data. But it will take work for credit unions to meet the new requirements, such as possibly having to amend third-party vendor agreements.