Acting CFPB Director Mick Mulvaney took heat from Democrats on whether he planned to take the agency's consumer complaint portal private while responding to Republican fears that its data collection activities pose a data security risk.
With consumer privacy issues in the spotlight, Citibank is betting its app — as an offering from a trusted data partner — will be more appealing than those from unknown brands or companies that have less liability if security breaches occur.
The concept of privacy is evolving in the digital age in ways that demand new attention from policymakers. As stewards of considerable personal information, banks should prepare to take part in this debate.
Financial institutions and retail companies are trading barbs over which industry poses greater risk to sensitive customer information just as lawmakers are planning to take another stab at a data security bill.
The clock starts ticking this week on a busy agenda of financial services priorities on Capitol Hill, including passing reforms to Dodd-Frank, overhauling the housing finance system and confirming key regulators.