Congress Urged To Strengthen Protections For Financial Data – Law360

By Elise Hansen (September 21, 2021,  6:02 PM EDT) -- Shoppers want higher choices to grasp and meaningfully select how their data is used and shared by monetary service suppliers, witnesses advised the U.S. Home of Representatives' Job Pressure on Monetary Know-how on Tuesday.

Representatives heard requires clearer authorized and regulatory strains round data-sharing amongst monetary establishments and third events, in addition to requires extra sturdy, knowledgeable consent from customers whose data is aggregated and shared.

"There are limits to the methods wherein particular person shoppers can meaningfully make decisions as to how their private information is used," stated Raúl Carrillo, an affiliate analysis scholar at Yale Legislation Faculty...
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