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| Topics and Issues | Accuracy (40) Data breach (4) Data brokers (51) Disputes (45) Privacy (48) |
In February 2019, U.S. Senate Committee on Banking, Housing and Urban Affairs Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) asked for feedback from interested stakeholders on the collection, use, and protection of sensitive information by financial regulators and private companies. CDIA filed a comment in connection with the committee’s request.
The press release noted that
‘Given the exponential growth and use of data, and corresponding data breaches, it is worth examining how the Fair Credit Reporting Act should work in a digital economy, and whether certain data brokers and other firms serve a function similar to the original consumer reporting agencies,’ said Crapo. ‘I am particularly interested in what data is contained in modern consumer reports, how the information is gathered, who compiles it, how it is protected, how consumers can access it and correct it, and how privacy is respected.’
‘In the year and a half since the Equifax breach, the country has learned that financial and technology companies are collecting huge stockpiles of sensitive personal data, but fail over and over to protect Americans’ privacy. Outdated privacy laws don’t address the complex surveillance schemes these businesses profit from today,’ said Brown. ‘Congress should make it easy for consumers to find out who is collecting personal information about them, and give consumers power over how that data is used, stored and distributed.’
The collection, use and protection of personally identifiable information and other sensitive information by financial regulators and private financial companies (including third-parties that share information with financial regulators and private financial companies) is something that deserves close scrutiny. Americans are rightly concerned about how their data is collected and used, and how such data is secured and protected. The collection and use of personally identifiable information will be a major focus of the Banking Committee moving forward.