CFPB Urges States to Act on Consumer Financial Data Protection

Cozen O'Connor
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  • The CFPB issued a report on State Consumer Privacy Laws and the Monetization of Consumer Financial Data, which examines existing privacy protections for consumers’ financial data under federal and state laws.
  • The report finds that there are gaps in the protection of consumer financial information where state privacy laws contain exemptions for data covered by federal laws, yet the same federal laws—including the Gramm-Leach-Bliley Act and Fair Credit Reporting Act—primarily are focused on disclosures and opt-out requirements and do not offer adequate privacy protections against the increasing collection and use of consumer data by financial institutions.
  • The CFPB reminds states that they have the authority to go beyond existing federal privacy protections and urges action to address these gaps in protecting consumers’ financial data.
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