Data privacy

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.