News Topic: Data security

Acting Consumer Financial Protection Bureau Director Mick Mulvaney has cited hundreds of confirmed and suspected data breaches as justification for his halting the bureau's data collection activities last month. ... Read full article

If Congress doesn’t take the lead on better protecting consumers from data breaches, states are more than ready to offer their own fixes. Bankers will also be keeping close tabs on bills related to marijuana, PACE loans and elder financial abuse. ... Read full article

Twenty-two trade groups, including seven financial trade groups, sent a letter to House lawmakers calling for new data security standards that would preempt state law. ... Read full article

Seven trade associations — including those representing banks and credit unions — sent a joint letter to Congress outlining data security standards for entities that handle financial data. ... Read full article

It was a bad year for the CEO of Equifax, the founder of a high-flying fintech and the regulatory agency bankers love to hate. ... Read full article

An ex-regulator’s stern warning about the risks of sharing consumer information with fintechs has prompted debate over common security standards for banks and nonbanks, better data tracking and new liability insurance products. ... Read full article

The CFPB's data-sharing guidance was widely applauded, but mistrust remains between banks and aggregators. Advocates want regulators to take action. ... Read full article

As consumers’ personal information is compromised almost daily, hackers are increasingly targeting banks. ... Read full article

Readers chime in on the idea of a state-backed bank to serve the cannabis industry, data-sharing between banks and fintechs, whether community banks can just focus on tech laggards, and more. ... Read full article

Readers weigh in on a blockchain-based credit bureau, react to the CFPB’s arbitration rule and chime in on calls to invest more in women. ... Read full article

Equifax continues work to add new security features and restore full access to The Work Number following a report highlighting potential security vulnerabilities in a browser-based portal of its employment verification service. ... Read full article

Fannie Mae and Freddie Mac were not impacted by a hacking incident against the accounting giant Deloitte, the companies said Tuesday, after a British newspaper alleged a server containing emails from government agencies was compromised. ... Read full article

Richard Smith came to Capitol Hill this week to speak about the massive breach at Equifax, but it was clear Tuesday that he will be defending the entire credit reporting industry. ... Read full article

Canada's banking industry has issued a warning to government about giving Canadians more control of their own banking data: proceed with caution. ... Read full article

Equifax Inc.’s former chief executive officer said the credit-reporting company didn’t meet its responsibility to protect sensitive consumer information, confirming that the failure to fix a software vulnerability months ago led to the theft of more than ... Read full article

The week of Oct. 2 is shaping up to be a significant one for the financial services industry on Capitol Hill, as lawmakers grill the top executives of Equifax and Wells Fargo, as well as the top regulator of Fannie Mae and Freddie Mac. ... Read full article

As Equifax sheds its top execs, more experts are casting attention on the business practice of charging consumers for monitoring their personal data at bureaus that otherwise give them little control over their financial identities. ... Read full article

Inevitably, Equifax’s CEO Richard Smith has left his post. For the credit bureau's sake, let's hope it has a long-term plan that's better than promoting from within. ... Read full article