Data Privacy

Real estate finance professionals welcomed the reintroduction of legislation in the House and Senate aimed at eradicating the use of trigger leads in the real estate marketplace. The bills are the latest in a long series of bipartisan attempts to do so over the past half decade. Read on »

Pacific Residential Mortgage, LLC, reported a data breach to the California Attorney General on March 25, stemming from a ransomware attack against the Oregon-based mortgage company. Read on »

Western Alliance Bank reported a data breach involving a third-party vendor’s file transfer software, which exposed some customer personal information. The independent mortgage broker said although personal information was compromised, there is currently no evidence of fraud or identity theft resulting from the incident. Read on »

Following an investigation into a June 2024 ransomware attack against Patelco Credit Union, California’s Department of Financial Protection and Innovation issued a consent order citing cybersecurity deficiencies. Read on »

The Consumer Financial Protection Bureau recognized Financial Data Exchange as the first standard-setting body to be tasked with establishing data privacy requirements under the bureau’s final rule on personal financial data rights under Sec. 1033 of the Dodd-Frank Act. Read on »

The Senate Committee on Banking, Housing, and Urban Affairs heard testimony from Consumer Financial Protection Bureau Director Rohit Chopra in a hearing titled, “Consumer Protection: Protecting workers’ money and fighting for the dignity of work.” With the Trump administration expected to replace Chopra, the hearing may have been his last as head of the agency. Read on »

Flagstar Bancorp settled allegations brought by the Securities and Exchange Commission asserting the bank made materially misleading statements regarding a cybersecurity attack on its network in late 2021 in an event that became widely known as the “Citrix Breach.” Read on »

One of the main critiques of the Consumer Financial Protection Bureau’s efforts to address data privacy issues has been the perceived lack of third-party oversight measures. The bureau’s newly proposed rule to redefine what companies would be considered data brokers subject to Fair Credit Reporting Act standards could help address this issue. Garris Horn Senior Partner John Levonick spoke with Dodd Frank Update about what the bureau’s proposal could mean for companies downstream of financial institutions and other traditional credit reporting agencies if implemented. Read on »

The Consumer Financial Protection Bureau took another step as part of the federal government’s broader initiative to protect consumers’ personal data by introducing a proposed rule to limit the types of personal identifying information data brokers can sell and to clarify the criteria for qualifying as a “consumer reporting agency” under the Fair Credit Reporting Act. Read on »

The Consumer Financial Protection Bureau released a report indicating state and federal laws meant to safeguard consumers’ financial data lag behind those established in other economic sectors. The report highlights certain limits to consumer financial data protection laws at both levels, which the agency hopes to address through its recently finalized data privacy rule, as well as related actions. Read on »