Our podcast listeners are very familiar with federal fair lending and anti-discrimination laws that apply in the consumer lending area: the Equal Credit Opportunity Act (ECOA) and Fair Housing Act (FHA). Those statutes prohibit discriminating against certain protected classes of consumer credit applicants.
On October 16, the New York State Department of Financial Services (NY DFS) issued an industry letter to entities regulated by NY DFS (covered entities) providing guidance addressing the cybersecurity risks associated with the use of artificial intelligence (AI). The guidance purportedly aims to assist covered entities in understanding and assessing cybersecurity risks associated with threats arising from the use of AI by cybercriminals and the controls that may be used to mitigate those risks.
On Oct. 29, the FCC's Privacy and Data Protection Task Force (Task Force) announced a Memorandum of Understanding (MOU) between the FCC's Enforcement Bureau and the California Privacy Protection Agency (CPPA). The purpose of this MOU is to “ensure both agencies can align their efforts to best protect consumer privacy, ensure businesses and consumers are well-informed about their rights and obligations, and enforce privacy laws.”
Platform businesses rely on real-time data to increase growth and elevate customer engagement. A PYMNTS Intelligence report, “The Platform Business Data Readiness Survey: How Real-Time Data Can Drive Growth,” done in collaboration with Fiserv, explains how data readiness is becoming a cornerstone for companies seeking to optimize their operations and maximize their market potential. The report focuses on the significance of real-time data, the challenges businesses face and strategies to overcome these obstacles.
On October 28, 2024, CUSO Financial Services, LP (“CUSO”) filed a notice of data breach with the Attorney General of Maine after discovering that an incident at a third-party service provider resulted in unauthorized access to a CUSO employee’s account. In this notice, CUSO explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information.
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