Bill Proposes a New Consumer Financial Services Agency with Considerable Privacy Responsibilities

Introduction

With President Obama scheduled to sign the Dodd-Frank Wall Street Reform and Consumer Protection Act this week, the financial services industry faces a rapidly changing regulatory environment. While a great deal of attention has been paid to the significant restructuring of the financial services regulatory regime, little focus has been placed on the proposed changes to the oversight of consumer privacy issues, data security and data stewardship. These issues may not only affect banks, but all types of businesses servicing the financial industry as well.

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