Last month, the Senate Committee on Banking, Housing and Urban Affairs asked for feedback on the consumer finance industry’s views on cybersecurity, especially the collection, use and protection of sensitive financial information.
“Given the exponential growth and use of data, and corresponding data breaches, it is worth examining how the Fair Credit Reporting Act should work in a digital economy, and whether certain data brokers and other firms serve a function similar to the original consumer reporting agencies,” said committee Chairman Mike Crapo (R-ID).
Committee Ranking Member Sherrod Brown (D-OH) continued, “Congress should make it easy for consumers to find out who is collecting personal information about them, and give consumers power over how that data is used, stored and distributed.”
AFSA submitted a detailed comment letter and laid out the ways that member companies are complying with the applicable laws and continually working to enhance privacy policies and security procedures. Specifically, the letter makes clear that financial institutions are committed to complying with requirements under the Gramm-Leach-Bliley Act (GLBA), as well as state laws.
“The GLBA requires financial institutions to clearly disclose their privacy policies, allowing consumers to make informed choices about privacy protection,” the letter said.
AFSA’s letter pushed for a national standard for cybersecurity regulation, enforced on a sliding scale considering the size and complexity of business, a premise already existing in the GLBA. “Inconsistent state laws regarding data security and the lack of a national standard for businesses have resulted in uneven consumer protection, as well as higher compliance costs for financial institutions,” the letter noted. The comment goes on to suggest a more nuanced cybersecurity notification system and to applaud the committee’s passage of credit freeze legislation in 2018.
Last month, the Senate Committee on Banking, Housing and Urban Affairs asked for feedback on the consumer finance industry’s views on cybersecurity, especially the collection, use and protection of sensitive financial information.… Read the rest
Join us Thursday, March 21, 2019, at 2 p.m. ET for Mega Marketing Trends and Online Strategies in Lending, presented by SourceLink.
There are three top trends which directly influence your marketing programs to attract and retain profitable… Read the rest
Each year since the mid-1980s, the AFSA Education Foundation offers two important enrichment programs for employees of member companies. The first program is THE EDGE, an acronym for Education, Development, Growth, and Enrichment. Designed… Read the rest
If your company responds to market forces and security incidents with cat-like reflexes, chances are you may already have performed a self-assessment using something like the Federal Financial Institutions Examination Council’s… Read the rest
With 73 percent of adults using more than one social media platform, banks and financial services companies are looking at social media as an efficient way to reach consumers. Navigating the compliance risks of social media was one of many … Read the rest
On March 6, AFSA commented on a proposed CFPB survey. The survey asks for consumers’ experience with debt collection and feedback on proposed disclosure forms. The CFPB first issued its request for approval in June 2017, then again … Read the rest
Just in time for March Madness, the AFSA Education Foundation was able to secure a full-page article in Rebound Magazine – a publication about basketball players for basketball players and their fans. This opportunity came through… Read the rest
Join us on March 14, 2019, at 2 p.m. ET for Instant Funding through Push Payment Technology, presented by REPAY.
In today’s fast-paced and highly digital world, it’s important for lenders to stay relevant by offering flexible… Read the rest
Notwithstanding press reports to the contrary, thoughtful review of data about the state of vehicle finance demonstrates that the market has grown in recent years with continued participation across the credit spectrum. The vehicle finance… Read the rest
Each year since the mid-1980s, the AFSA Education Foundation offers two important enrichment programs for employees of member companies. The first program is THE EDGE, an acronym for Education, Development, Growth, and Enrichment. Designed… Read the rest
