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The collection, protection, and use of consumer data, particularly financial information, continues to be subject to ongoing debate and an often-changing regulatory landscape. Collectively, the necessity and value of consumer financial information, as well as the regulatory, reputational, and legal risks resulting from noncompliance, misuse, and loss of consumer data requires a thorough understanding of the broad spectrum and sources of the requirements, restrictions, and best practices regarding the treatment of such information.
This two-hour recording is designed to provide institutions with a refresher on the foundational legal and regulatory requirements and expectations with respect to collecting and protecting consumer financial information, as well as an update on recent incidents, cases, and statutory changes.
Data privacy and protection requirements are complex and come from many sources. It can often be both confusing and daunting to understand and apply the requirements and restrictions – as well as the exceptions and permissible uses – with respect to consumer financial information. A thorough understanding of financial information privacy and protection basics will help institutions avoid compliance errors, respond to incidents, and understand how to permissibly use and share consumer financial information.
Upon completion of this two-hour recording, participants will understand the basics and more with respect to consumer financial information:
- Privacy and protection requirements under federal laws and regulations (e.g., GLBA, FCRA, and FACTA);
- Permissible uses and sharing;
- Responding to legal process and law enforcement issues;
- Responses to cyber threats and data breaches;
- State and international legal implications (e.g., GDPR and CCPA);
- Enforcement and noncompliance risks; and
- Best practices and key policy considerations.
The recording is designed for Compliance Officers, auditors, product/business line managers, and anyone involved with the collection, protection, and sharing of consumer financial information.