New State Laws and the Fight for Consumer Privacy: Insights from the CFPB Report
Ronald Allan Desiderio2025-01-10T00:11:23-05:00By: Editorial Staff, Date: January 10th, 2025 The Consumer Financial Protection Bureau (CFPB) has published a pivotal report highlighting the evolving dynamics of consumer financial data privacy. The report underscores that, while state privacy laws are empowering consumers, significant gaps persist in federal protections. It notes that many state laws exempt financial institutions and consumer financial data already covered by federal regulations, despite states having the authority to establish stricter standards. Consequently, financial data privacy often lags behind protections in other sectors. Furthermore, the report questions whether existing safeguards are adequate, given the increasing trend of financial institutions [...]