Legislation to remedy many of the most punishing regulatory elements of the Dodd–Frank Act is pending in Congress,[REF] and debate over revamping Title X of the law, which created the Consumer Financial Protection Bureau (CFPB), is particularly contentious.
Too many creditors think that utilizing the Privacy Notice form of Regulation P is all there is to compliance with the Gramm, Leach, Bliley Act (Act). Regrettably, that is not the case.
Over the past decade, the Federal Trade Commission, the federal government’s primary consumer protection agency, has pursued over 50 enforcement actions against companies that it deemed had “inadequate” data security practices.
Regulators are demanding more transparency and increased controllability from organizations regarding data and how it’s used. Leading technologies such as artificial intelligence and the cloud and helping companies stay compliant.