The measure, which has been compared to the EU’s new consumer privacy rules, grants Californians new rights over how companies collect and use their personal data.
Whatever the reason that Plaid, a prominent data aggregator, can no longer access data from Capital One, the situation demonstrates how fragile fintechs are when they lose banking access.
Under a consent order with Texas and seven other states, the Atlanta-based credit reporting firm agreed to shore up its information security efforts, but it will not have to pay any financial penalties.
A ballot initiative that taps into the public's anger about online data abuses has qualified for the November ballot. But lawmakers are considering whether to head off the statewide vote by passing a measure that may be more amenable to the financial industry.
A first-in-the-nation ballot initiative would give consumers more control over their personal information, but banks and other companies say that it would amount to a tax on doing business in the Golden State.
The issues at Wells Fargo extend beyond the fines; Ally Financial's auto finance chief departs; ICBA chief Cam Fine signs off; and more from this week's most-read stories.
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.
Acting CFPB Director Mick Mulvaney took heat from Democrats on whether he planned to take the agency's consumer complaint portal private while responding to Republican fears that its data collection activities pose a data security risk.
