Compliance

Consumer Financial Protection Bureau Director Rohit Chopra said opposition to the bureau's recently finalized open banking rule should be viewed as banks and other large firms attempting to quash competition and stymie consumer data protection.

The Bank Policy Institute is among the parties that filed a lawsuit late Tuesday to challenge the Consumer Financial Protection Bureau's new open banking rule.

Section 1033 promised to increase competition in banking and improve the ability to offer novel payment methods, but experts say the regulation isn't clear enough to have a major impact.

A ban on screen scraping and new disclosures to consumers about data usage are among the new elements of the data protection rule.

JPMorgan Chase and bank trade groups criticized the Consumer Financial Protection Bureau's open banking rule for not providing enough data security.

The Consumer Financial Protection Bureau expanded the scope of the 1033 rule to include payment apps, provides for some secondary uses of data, and extends the timeline for compliance.

A whitepaper from FS-ISAC, a financial services industry group focused on cybersecurity, advocates that banks develop so-called "cryptographic agility."

The guidance from Adrienne Harris clarifies how a key cybersecurity regulation — Part 500 — applies to the risks and uses of AI inside banks, including risks associated with deepfakes.

The investing platform disclosed a data breach this week, offering few details on the impact or how customer accounts could cause such damage.

A debt collection agency that provided services to Truist suffered a data breach in February affecting 4.2 million people. Truist now says some of those were its customers.