Data privacy

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

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.

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 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.

The personal data collection company, which offers its database for background check and private investigation services, acknowledged the major breach.

The Consumer Financial Protection Bureau has received more than 11,000 comment letters on its proposal on personal financial data rights, but banks say the agency should ensure that more fintech partners take on their fair share of the rule's compliance burden.

Federal Trade Commission Chair Lina Khan said the "firms could be exploiting" personal data about customers to charge them higher prices.

In an ongoing case, Citi and the New York attorney general are disputing who is responsible for wire transfer fraud that drained a customer's retirement savings.

Proposed legislation to force Bytedance to sell its U.S. operations of TikTok raises national security concerns and potential retaliation from Beijing.

A White House executive order mandates that the Consumer Financial Protection Bureau and other federal agencies take steps to protect personal information from getting into the hands of "countries of concern." The CFPB is promising rules to rein in data sharing later this year.

Fintechs that "bank" children and teens should collect far less data about their young users, erase it sooner and be more transparent in policies that are often buried, say privacy advocates.

The card network sells aggregate information about customer spending habits, which data-privacy advocates say goes past Mastercard's role as a payment processor. Mastercard explained the recent removal of certain advertisements as a business decision.

Rep. Jamie Raskin, D-Md., said that House Republican subpoenas seeking information about the finances of the Biden family cross a line in bank data privacy.

The U.K. Information Commissioner's Office concluded that the former chief executive officer of NatWest Group breached data-protection laws when she discussed the closure of former British politician Nigel Farage's bank account with a reporter. 

People love the convenience of nonbanks' financial apps. Regulators could make it much safer for them to share their data with third parties.

Like it or not, Big tech is going to become a player in financial services. It would be better to write rules now than to wait for a crisis.

The invoices show branding by NorthOne, a business banking fintech, but the company's CEO denies responsibility for the vulnerability.

The legislation cleared the panel Tuesday night, but Democratic misgivings mean it faces an uphill climb in the Senate.