Why Data Trusts Are a Win-Win for Companies and Consumers

Data is imperative to many crucial business processes, like marketing, product development, fraud protection, and AI. But complying with proliferating and conflicting data privacy regulations is far from easy. And asking consumers to be responsible for making decisions about their own data privacy isn’t a solid solution.  One AI expert has proposed a solution: data…
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OCC And Capitol One

OCC Fines Capital One: Key Takeaways

Last year, Capital One experienced one of the largest-ever data breaches of a bank, when a hacker–Paige Thompson–got her hands on the personal information of over 106 million customers and applicants via a misconfigured AWS server. Now, the Office of the Comptroller of the Currency (OCC) has hit the bank with a whopping $80 million…
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COVID-19 Extensions In NY Financial Department

COVID-19 Brings Deadline Extensions from NY Department of Financial Services

The New York State Department of Financial Services (NYDFS) has taken several steps in response to the COVID-19 pandemic. On March 12, NYDFS released a compliance order and a series of guidance letters extending certain deadlines and requesting that organizations submit their plans for managing the risks resulting from COVID-19. The announcements regarding the extension…
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As Federal Regulations Slip, States Are Filling The Gap

As Federal Regulations Slip, States are Filling the Gap

In the years since its 2011 inception, the Consumer Financial Protection Bureau (CFPB) has been a valuable shield between consumers and predatory financial practices. The federal regulatory body held Wells Fargo accountable when the bank was caught opening fake accounts in customers’ names, and it forced Capital One Bank to reimburse customers for unnecessary add-ons.…
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What All Financial Institutions Can Learn From the Capital One Breach

Learning lessons from another financial institution’s mistake, such as the Capital One Breach in 2019, is one of the best ways to help make important improvements. Paige Thompson, 33, of Seattle, Washington was arrested on July 29, 2019 for stealing more than 100 million credit card applications from Capital One Financial Corporation. Court filings allege…
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