August 2022 Articles – CFPB Journal

CFPB: Financial companies must safeguard consumer data

The Consumer Financial Protection Bureau recently confirmed that companies without adequate safeguards to protect consumer data are at greater risk of being held liable under the Consumer Financial Protection Act.

Trade groups request CFPB include large data aggregators in rule

Eight U.S. trade groups are urging the Consumer Financial Protection Bureau to define data aggregators as “larger participants” subject to regulatory supervision.

U.S. Bank fined $37.5 million for account fraud

The Consumer Financial Protection Bureau fined U.S. Bank $37.5 million for knowingly allowing employees to illegally access customer credit reports and for opening checking, savings and credit accounts without permission for more than a decade.