Regulation Looms for Sharing of Sensitive Financial Data

The rise of non-bank financial apps and services has spurred a sharp increase in the digital transfer of users’ sensitive financial details. The Consumer Financial Protection Bureau reiterated last month its intentions to issue new regulations to protect consumers’ financial data. At a recent panel during the IAPP Global Privacy Summit, financial industry speakers illuminated how consumer finance players have reached a regulatory turning point on sensitive data. This article describes stumbling blocks and progress in addressing financial data security and privacy risks, with additional commentary from the director of the Financial Data Exchange, an industry-wide initiative to protect sensitive financial data. See “How Financial Institutions Should Strengthen Their Data Security to Comply With FTC’s Updated Safeguards Rule” (Nov. 17, 2021).

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