Many large internationally active U.S. banks are facing potentially hefty fines if they fail to comply with Europe's General Data Protection Regulation, which takes effect May 25 and gives consumers much more control over how their data is gathered, used and shared.
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.
Jamie Dimon, chairman and chief executive of JPMorgan Chase, jumped into the growing debate Wednesday over how consumer data is collected and used, responding to concerns about stolen Facebook data.
Both banks and fintech are satisfied for now with the CFPB's nonbinding principles on data-sharing. But the statement may lay the groundwork for future regulation.