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.
Consumers are becoming more aware of national privacy laws as they contend with the new wave of data hungry AI applications, according to a new report from Cisco. According to the technology firm’s 2024 Consumer Privacy Survey, 53% of consumers are now familiar with privacy laws covering personal data, a 17 point increase compared to 2019, with well informed consumers much more likely to feel their data is protected (81%) compared to those who are unaware (44%).
On October 16, 2024, the Bank Policy Institute and the Clearing House Association filed a motion to intervene in Corner Post, Inc. v Board of Governors of the Federal Reserve System. On July 1, 2024, the Supreme Court sided with Corner Post in holding that a Section 702 claim under the Administrative Procedure Act (APA) to challenge a final agency action first accrues when the plaintiff is injured by final agency action and has the right to assert it in court.
Employers increasingly rely on third-party background checks, algorithmic assessments, and consumer reports when making decisions about hiring, promotions, and evaluating current employees. This reliance raises a critical question: Can an employer utilize these reports without following the Fair Credit Reporting Act (FCRA) guidelines? According to the Consumer Financial Protection Bureau (CFPB), the answer is no. The FCRA, originally established to regulate credit reporting, also extends protections to employees, ensuring that consumer information gathered and used for employment purposes is accurate, fair, and secure.
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