FSR Files Joint Letter With Congress Regarding Consumer Data Safety – NMP Skip to main content

FSR Files Joint Letter With Congress Regarding Consumer Data Safety

NationalMortgageProfessional.com
Feb 06, 2014

The Financial Services Roundtable (FSR), along with other financial industry representatives, in a joint letter outlined a number of steps Congress should consider as it holds hearings this week on safeguarding consumer financial data. While consumers enjoy “zero liability” in the event of a cyber attack or data breach, the costs for financial institutions can be extensive and it is important Congress consider several issues to improve protections for consumers. “Protecting customers and the financial system from a cyber attack is at the top of mind for financial services CEOs,” said Tim Pawlenty, CEO of FSR. “The financial services sector has taken many steps to protect customers and is among the most prepared of all sectors.  But we need to stay ahead of cyber attackers and it is critical that Congress move forward on cyber threat information sharing legislation.” The letter outlined three steps Congress can take to help encourage the safeguarding of financial information: 1. Establish a national data security breach and notification standard, just as the Data Security Act of 2014 (S. 1927), introduced by Sens. Tom Carper (D-DE) and Roy Blunt (R-MO). 2. Make those responsible for data breaches responsible for their costs. 3. Share threat information across sectors in a protected fashion.
Published
Feb 06, 2014
CRA Impact May Not Be As Profound As Feared

CFPB Director Rohit Chopra tells MBA conference changes shouldn’t be difficult

Regulation and Compliance
May 17, 2022
A UDAAP Expansion

The CFPB’s new memo about consumer complaints

Regulation and Compliance
May 17, 2022
Builders, Lenders Praise Biden Plan To Improve Housing Supply

'Housing Supply Action Plan' seeks to improve affordability by increasing housing inventory over the next five years.

Regulation and Compliance
May 17, 2022
Trigger Leads Could Be Outlawed In Mortgage Industry

N.Y. congressman says selling the information increases risk of fraud, ID theft.

Regulation and Compliance
May 17, 2022
Georgia Governor Signs New Mortgage Licensing Law

Lessens impact on hiring of out-of-state employees with criminal records

Regulation and Compliance
May 10, 2022
10,000 NAHB Members Sign Letter To Biden Seeking Housing Market Help

The letter cites rapidly rising interest rates, rising home prices and rents, and the rising cost of lumber and building materials for significantly decreasing housing affordability.

Construction
May 02, 2022