News Topic: Data transparency

Banks are increasingly sharing data and must brace for new regulations protecting that data. ... Read full article

The financial services industry has struggled with how best to explain privacy and data-sharing practices to customers. Mastercard is offering a new framework. ... Read full article

Andres Wolberg-Stok at Citi and Sam Taussig at Kabbage debate openness, privacy, control, and how much say consumers should have over their banking information. ... Read full article

The Gramm-Leach-Bliley Act is a successful privacy law that ought to govern all financial services providers, not just banks. ... Read full article

For four years running, consumer complaints about the three national credit reporting agencies — Experian, Equifax and TransUnion — have dominated the CFPB’s database. What do they keep doing wrong? ... Read full article

As CFPB mulls privatizing database, consumer complaints are on the rise; an argument for continued human oversight of artificial intelligence; how some banks are luring talent from big tech; and more from this week's most-read stories. ... Read full article

The bank is one of many to realize that artificial intelligence is only as good as the data fed into it. ... Read full article

The central bank said the supplemental document “provides significantly more information on the stress test models that are used to project bank losses, compared to disclosures from past years.” ... Read full article

Banks need dedicated teams to shore up digital compliance efforts, officials at SourceMedia’s RegTech 2018 conference said. ... Read full article

The bureau's findings and request for information came after acting Director Mick Mulvaney had cited data security as a flaw at the agency. ... Read full article

It's good advice in any relationship context. SunTrust's Bryce Elliott wants transparency from his technology partners. "It's OK to tell me no." ... Read full article

Financial companies have less than a month to address a third round of cybersecurity requirements, the agency warned. ... Read full article

New European Union privacy rules could serve as a guide for U.S. banks. ... Read full article

As more consumer data is shared across banks, fintechs and data aggregators, the industry is asking for regulators to step in with better guidance. ... Read full article

In a survey, bankers conceded they may not be doing enough to avoid the mistakes social media giants made in the use of unverified data. ... Read full article

With consumer privacy issues in the spotlight, Citibank is betting its app — as an offering from a trusted data partner — will be more appealing than those from unknown brands or companies that have less liability if security breaches occur. ... Read full article

A broad network of financial data, such as utility payments and direct deposits, could help those without established credit histories better obtain loans. It might also help lenders make more accurate underwriting predictions. ... Read full article

Acting Director Mick Mulvaney’s decision to halt the collection of consumer data renders bank exams less effective and ignores existing cybersecurity protections, the Massachusetts senator argues. ... Read full article