Put Bank Exam Council in Charge Of Data Privacy

American Banker
1 minute read | July.17.2020

From the European Union to California and now other states and countries, data protection and privacy standards going into effect often share the same objectives, but have separate and different regulatory requirements.

This creates a confusing array of legal requirements that pose compliance and reputation risks for banks. It also deserves attention by the federal bank regulators who make up the Federal Financial Institutions Examination Council.

The rapid advance of artificial intelligence, the pervasive collection of data, and the demonstrated vulnerability of such data to theft by private parties and state actors has profound personal liberty implications.