Data privacy rules

As the Consumer Financial Protection Bureau weighs rules on protecting customer information shared between banks and third parties, it should consider giving consumers full authority over their financial data and committing to direct oversight of everyone involved, including data aggregators and fintechs.

Despite tougher privacy regulations, further safeguards are needed that require consumers' clear consent before personal information is exchanged.

The IBM-BNP collaboration and other new developments show that high-profile breaches haven't deterred banks from using the cloud to store data.

Two years after a consumer protection law changed how banks and other companies handle customer information, a new proposal aims for more sweeping reforms.

Recent proposals considered or passed by legislatures around the country grant banks certain exemptions, but they differ from state to state and may pose new compliance headaches.