Privacy

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In the latest episode of the Consumer Finance Monitor podcast that we are releasing today, we explore a topic that is becoming increasingly important for financial services companies and virtually every other business operating in today’s digital economy: how privacy, cybersecurity, and AI governance can be transformed from compliance obligations into sources of customer confidence, resilience, and competitive advantage.… Continue Reading

On July 20, 2026, another California federal court denied class certification in a putative privacy class action involving a company’s cookie-based advertising platform. Lewis v. Magnite, Inc., 2:25-cv-03448-MWC-SSC (C.D. Cal. July 20, 2026). The plaintiffs alleged that Magnite secretly installed tracking cookies—called “khaos IDs”—on users’ browsers to collect data for targeted advertising.… Continue Reading

On April 22, 2026, the House Energy & Commerce Committee released the “Securing and Establishing Consumer Uniform Rights and Enforcement over Data Act” (the “SECURE Data Act”). The SECURE Data Act seeks to establish a comprehensive federal framework for consumer privacy rights and the protection of personal data. Subject to certain exemptions, the SECURE Data Act applies to businesses subject to the FTC Act or common carriers subject to title II of the Communications Act of 1934 that either (a) collect and process personal data of more than 200,000 consumers annually and have an annual gross revenue of $25 million or more, or (b) collect and process personal data of 100,000 consumers annually and “derive[] 25 percent or more of the[ir] annual gross revenue .… Continue Reading

On November 12, 2024, the Consumer Financial Protection Bureau (CFPB) released a report examining the carve outs and limitations contained in comprehensive state privacy laws relating to financial institutions.  In an accompanying press release, the CFPB stated that in its assessment, “privacy protections for financial information now lag behind safeguards in other sectors of the economy.”… Continue Reading

In Mortgagee Letter 2024-10, FHA announced a requirement for FHA approved lenders to notify the U.S. Department of Housing and Urban Development (HUD) of Significant Cybersecurity Incidents. The Mortgagee Letter, which is dated May 23, 2024, provides that the requirement is effective immediately.

For purposes of the reporting requirement, a Significant Cybersecurity Incident (Cyber Incident) is “an event that actually or potentially jeopardizes, without lawful authority, the confidentiality, integrity, or availability of information or an information system; or constitutes a violation or imminent threat of violation of security policies, security procedures, or acceptable use policies and has the potential to directly or indirectly impact the FHA-approved mortgagee’s ability to meet its obligations under applicable FHA program requirements.”… Continue Reading

Minnesota becomes the latest state to move to pass legislation regulating the processing and controlling of personal data (HF 4757 / SF 4782). If signed into law by Governor Tim Walz, the Minnesota Consumer Data Privacy Act, or MCDPA, would go into effect on July 31, 2025 and provide various consumer data privacy rights and impose obligations on entities that control or process Minnesota residents’ personal data.… Continue Reading

The FTC published guidance warning companies that “[i]t may be unfair or deceptive for a company to adopt more permissive data practices—for example, to start sharing consumers’ data with third parties or using that data for artificial intelligence (AI) training—and only inform consumers of this change through a surreptitious, retroactive amendment to its terms of service or privacy policy.” … Continue Reading

On November 27, 2023, the California Privacy Protection Agency (CPPA) published proposed Automated Decision-Making Rules to be discussed by the CCPA board at its upcoming meeting on December 8, 2023.  While the proposed rules are far from final—indeed, they are not even official draft rules—they signal that the CPPA is considering rules that would have significant impact on businesses subject to the California Consumer Privacy Act (CCPA).… Continue Reading

California continues to be at vanguard of data privacy rights.  The latest effort by California legislators to protect consumer privacy rights focuses on data brokers, who under the proposed California Senate Bill 362, aka the “Delete Act,” would be required to recognize and honor opt-out signals from Californians.  The law seeks to expand on the deletion and opt-out rights provided under the CCPA, which currently requires a Californians to submit their deletion and opt-out requests on a company-by-company basis.… Continue Reading

The California Privacy Protection Agency (CPPA) recently published two new sets of draft regulations addressing a range of cutting-edge data protection issues.  Although the CPPA has not officially started the formal rulemaking process, the Draft Cybersecurity Audit Regulations and the Draft Risk Assessment Regulations will serve as the foundation for the  process moving forward. … Continue Reading