Nov 20, 02:20 PM

CFPB's Section 1033 Rule Raises Privacy Concerns, Paige Pidano Paridon Critiques Amid New California Data Broker Regulations

The Consumer Financial Protection Bureau (CFPB) has recently released a report assessing federal and state privacy protections for consumer financial data, highlighting concerns over the security and privacy implications of its Section 1033 rule. Paige Pidano Paridon, Co-Head of Regulatory Affairs at the Bank Policy Institute (BPI), has criticized the rule for its potential shortcomings. In addition, the CFPB has urged states to address gaps in federal financial privacy statutes. Meanwhile, the California Privacy Protection Agency has adopted new regulations for data brokers, expanding their definition and implementing a registration and fee requirement under the Delete Act. The agency has also settled with two data brokers for failing to comply with these regulations. These developments reflect ongoing efforts to enhance consumer protection in the financial data landscape.