The Federal Financial Institutions Examination Council is best suited to craft uniform policies to protect consumer data. A patchwork of state rules is cumbersome.
Recent breaches and a pandemic-driven strain on cloud computing seemed to prompt a regulatory warning that banks, tech vendors and cloud hosts share an obligation to safeguard customer data — no matter where it resides.
The joint statement on the risks of cloud computing summarizes years of guidance and rules as industry reliance on third-party platforms has become more ubiquitous.
As the COVID-19 virus spreads globally, many U.S. financial institutions are said to be taking steps to protect employees and minimize disruption. But only a handful are sharing specifics, to avoid contributing to any public panic.
The National Credit Union Administration board member is requesting comment on a proposal to create new consumer compliance measures for "large, complex credit unions."
The Consumer Financial Protection Bureau proposed steps to ease Home Mortgage Disclosure Act requirements, just days after announcing it was retiring a platform to let users analyze raw mortgage data.
