Financial Privacy, Security & Open Banking

    •  

Overview

Recent efforts by the Consumer Financial Protection Bureau (CFPB) and other regulators have raised the profile around the collection, use, and sharing of consumer financial data, which has in turn put a spotlight on financial privacy and data use practices.

Through progressive rulemakings and guidance by the CFPB, the FTC, and other regulators, financial institutions (like banks and credit unions) and other financial services providers (fintechs, credit marketplaces, data brokers, financial management apps, and more) are becoming increasingly subject to a rapidly evolving legal landscape governing consumer financial data.

DWT's Financial Privacy, Security & Open Banking team is a cross-practice, multidisciplinary group of attorneys with expertise in banking and payments, fintech, consumer protection regulation, privacy and data security, and technology transactions. Our team helps financial services clients manage all aspects of collecting, using, and sharing consumer financial data—from complying with the law to negotiating data-sharing agreements, as well as compliance counseling and enforcement defense.

Check out our Open Banking Developments page, dedicated to keeping you up to date on all things open banking.

Our Capabilities

Privacy

States are increasingly adopting comprehensive privacy laws to regulate the collection, use and sharing of consumer data within their jurisdictions. We help clients gain a more holistic understanding of how various privacy regimes can apply to consumer financial data as it navigates among different data users, in order to better comply with law, mitigate risk and negotiate favorable data sharing agreements.

The era of open banking and finance is here. Since the days of screen scraping, we have helped data providers, data aggregators, and fintech data users adapt to changing regulations—and you can trust us to keep you informed about the ever-evolving regulatory regime.

Read More

The CFPB has stepped up its scrutiny over companies' credit reporting practices, with particular focus on "furnisher" obligations under the FCRA to accurately report information and to investigate and correct errors. This has led to a number of CFPB guidance and enforcement actions.

Efforts are underway to delve further into the credit reporting practices of users of consumer report, as evidenced by the CFPB's recent proposal to ban medical bills from credit reports and potentially more FCRA rulemakings addressing data brokers, FCRA permissible purpose, CRA data security and consumer disputes.

We assist clients on FCRA compliance, transactional and enforcement/litigation matters, including counseling clients on identity verification, fraud detection and similar "non-FCRA" services.

Financial institutions and other companies are increasingly finding themselves subject to a slew of data security obligations, from data breach and security laws to technical, sector-specific requirements. We help clients gain a comprehensive and holistic understanding of how these obligations apply to them, including information security and data breach response, incident and breach readiness, security program development, security compliance, and transaction counseling.

digital privacy

Contact Us

We're here to help. Email us with any questions or comments and we'll get you connected to the right person.