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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-08-16T19:42:00
The Consumer Financial Protection Bureau (CFPB) is moving forward with plans to propose new rules for data brokers that would regulate their personal data gathering activities under the Fair Credit Reporting Act (FCRA).
CFPB Director Rohit Chopra, in remarks delivered Tuesday to a roundtable of the White House National Economic Council and Office of Science and Technology Policy, said the potential rules are being developed as “part of an all-of-government effort to tackle the risks associated with AI (artificial intelligence).” The rulemaking is intended to “ensure that modern-day digital data brokers are not misusing or abusing our sensitive data,” he said.
Chopra said the CFPB will consider defining data brokers that sell certain types of information as consumer reporting agencies. The data under consideration includes a consumer’s payment history, income, and criminal records. Classifying data brokers as consumer reporting agencies would “trigger requirements for ensuring accuracy and handling disputes of inaccurate information, as well as prohibit misuse,” he said.
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2024-02-28T20:36:00Z By Kyle Brasseur
A new executive order seeks to put clamps on the sale of Americans’ personal data by data brokers and other companies to certain countries found to be of national security concern.
2023-10-19T18:59:00Z By Kyle Brasseur
The Consumer Financial Protection Bureau is moving forward its plan to give consumers more control over their personal financial data as part of a new rule proposal.
2023-09-20T18:57:00Z By Jeff Dale
The Consumer Financial Protection Bureau warned lenders using artificial intelligence in credit denials that consumers must receive accurate and specific reasoning—and not checklists—for why a credit request was denied.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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