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Guarding Consumer Financial Data As Federal Scrutiny Grows | #itsecurity | #infosec | #hacking | #aihp

By Avi Gesser, Courtney Dankworth and Jehan Patterson (August 11, 2022, 4:45 PM EDT) — On June 7, U.S. Senate Banking Committee Chairman Sherrod Brown, D-Ohio, wrote a letter to Financial Stability Oversight Council Chair Janet Yellen, urging FSOC to consider the extent to which financial institutions’ collection and sale of consumer financial data pose a threat to the country’s financial stability.

In his letter, Brown stated that financial institutions’ access to consumer data “creates a concerning entry point for bad actors to obtain and use that information for their own purposes.”[1]

FSOC, established by the Dodd-Frank Act in 2010, comprises federal and state financial regulators and is authorized to, among other things, identify risks to the financial stability…

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