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Data Security in the Modern World-FSOC article (link)

FSOC: Data Security in the Modern World-

WASHINGTON – The Subcommittee on Financial Institutions and Consumer Credit held a hearing today to examine the current data security and breach notification regulatory regime, and identify potential opportunities to reform the current framework in order to reduce vulnerabilities and shortcomings in the system and better protect consumers.

As reliance on technology increases, so do data breaches and increased risk to consumers and businesses in all sectors of the economy. Due in part to a patchwork of conflicting state laws, data security and breach notification standards have long been a subject of considerable debate.

 

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CFPB issues Request for Information on Supervision Process

CONSUMER FINANCIAL PROTECTION BUREAU ISSUES REQUEST FOR INFORMATION ON SUPERVISION PROCESSES

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today issued a Request for Information (RFI) about the Bureau’s supervision processes. The Bureau is seeking comments and information from interested parties to assist in assessing the overall efficiency and effectiveness of its supervision program and whether any changes to the program would be appropriate. This is the fourth in a series of RFIs announced as part of Acting Director Mick Mulvaney’s call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers. This RFI will provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities. The next RFI in the series will address the Bureau’s external engagement processes, and will be issued next week.

The RFI on supervision processes is available at: https://files.consumerfinance.gov/f/documents/cfpb_rfi_supervision-program_022018.pdf

The Bureau will begin accepting comments once the RFI is printed in the Federal Register, which is expected to occur on February 20. The RFI will be open for comment for 90 days.

The Bureau anticipates issuing RFIs on the following topics in the coming weeks:

*   External Engagement
*   Complaint Reporting
*   Rulemaking Processes
*   Bureau Rules Not Under §1022(d) Assessment
*   Inherited Rules
*   Guidance and Implementation Support
*   Consumer Education
*   Consumer Inquiries

More information about the call for evidence is available at: http://www.consumerfinance.gov/policy-compliance/notice-opportunities-comment/open-notices/call-for-evidence/


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