Financial Privacy And Consumer Protection

The question of how financial services should be regulated in the interests of consumers has never been more topical. The structure of the financial services industry is changing rapidly and the need for the law to keep pace with these changes has never been greater. This book examines the role of the law in the protection of the consumer, in particular the ways in which the law is, and could be, used to protect consumers when purchasing financial services. A prominent panel of contributors first examines the role of the European Union and the ombudsmen schemes operating in the United Kingdom in improving consumer protection. Eight expert papers present a detailed analysis of aspects of the various legal mechanisms protecting consumers in the banking, financial services, investments and insurance industries. The final part of the book is concerned with the important and controversial area of consumer credit. This unique work is a welcome contribution to a rapidly developing area of law, which has so far received little attention from commentators. It will be of great interest to those at the cutting edge of banking, financial services and consumer law, whether practicing lawyers or in-house counsel, and all those involved in advising consumers.

Privacy of Consumer Financial Information (US Consumer Financial Protection Bureau Regulation) (CFPB) (2018 Edition) The Law Library presents the complete text of the Privacy of Consumer Financial Information (US Consumer Financial Protection Bureau Regulation) (CFPB) (2018 Edition). Updated as of May 29, 2018 Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies to the Bureau of Consumer Financial Protection (Bureau) as of July 21, 2011, including most provisions of Subtitle A of Title V of the Gramm-Leach-Bliley Act (GLB Act), with respect to financial institutions described in section 504 of the GLB Act. The Bureau is in the process of republishing the regulations implementing those laws with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act. In light of the transfer of rulemaking authority for the privacy provisions of the GLB Act to the Bureau, the Bureau is publishing for public comment an interim final rule establishing a new Regulation P (Privacy of Consumer Financial Information). This interim final rule does not impose any new substantive obligations on regulated entities. This book contains: - The complete text of the Privacy of Consumer Financial Information (US Consumer Financial Protection Bureau Regulation) (CFPB) (2018 Edition) - A table of contents with the page number of each section

This book addresses the questions of discrimination, vulnerable consumers, and financial inclusion in the light of the emerging legal, socioeconomic, and technological challenges. New technologies – such as artificial intelligence-driven consumer credit risk assessment and Fintech platforms, the changing nature of vulnerability due to the ongoing COVID-19 pandemic, as well as the sophistication of digital technologies, which help circumvent legal barriers and protections – necessitate the continuous study of the existing legal frameworks and measures that are capable of tackling these challenges. Organized in two major parts, the first addresses, from multiple national angles, the idea of a human rights approach to consumer law, in order to replace the mantra of economic efficiency that characterizes financial services with those of human dignity and freedom from discrimination and from debt-induced servitude. The second tackles the challenges posed by increased usage of technology in connection with financial services, which tends to solve, but also creates, additional issues for consumers in general, and for vulnerable groups in particular.

The financial services sector has had a respectable track record in the protection of consumer privacy. However, business practices, industry consolidation, electronic commerce and economic trends have raised consumer privacy as a key issue in the financial services sector. Improvements in the rapid transfer of information provide a new medium for the purchase of goods and services, that is, the medium of electronic commerce. The European Union has forced the issue with the Data Protection Directive. As a result, the United States has had to debate the lack of regulation or standards governing the new medium of electronic commerce. The debate could hinder any advance by society to engage in new technology. Because of increased government attention through regulatory and legislative action, corporations are developing self-regulatory initiatives to create industry standards for electronic commerce. Consumer privacy deals with how and what types of information are collected and how the data is controlled and accessed. Consumer concepts of privacy will resist or allow different configurations of what is allowable and what is utilized. The book is an exploratory and descriptive study that assesses the privacy concerns of today's consumer, as well as determines the potential impact of consumer privacy concerns on technological innovation and public policy. In order to understand privacy concerns, the study builds and extends current quantitative research on privacy in the financial service sector. Current research was developed to assess the privacy concerns of consumers. It was not designed to analyze or evaluate the specific impact of privacy on underrepresented consumers. The study expands research to focus on this particular segment of the population. Using privacy as the foundational issue/motivation for developing perspectives on financial education, the study focuses on people of color in the financial mainstream of our economy.

Understanding the financial privacy and data security landscape in the U.S. involves following a moving target as the landscape is continually changing. To appropriately advise clients on these issues, it is necessary to stay on top of the ever-changing legal, regulatory, and industry developments that impact data protection issues. This practical and user-friendly resource provides a basic understanding of major data protection laws and regulations relevant to the U.S. financial sector and guides you on where and how to seek further information. To help you tackle and untangle the intricacies of this evolving area of the law, this book includes practice tips and historical perspectives outlining relevant information. The book discusses: Fundamental concepts and terminology U.S. data protection framework Navigating and evaluating the requirements and risks The landscape of the major fedral laws - GLBA, FCRA, and RFPA - as well as relevant state analogues UDA(A)P and general consumer protection laws and other data protection laws Industry standards and initiatives, which can be helpful sources for best practices, information sharing, and peer benchmarking Laws, regulations, and risk considerations relevant to incident response And more! This book was published on 07/06/2023