The Task Force on Financial Technology of the House Financial Services Committee has scheduled a hearing entitled “Banking on Your Data: The Role of Big Data in Financial Services” on November 21, 2019. The Task Force is expected to explore, in part, a legal framework for big technology firms that have entered the financial marketplace.… Continue Reading
big data
CFPB provides insight on treatment of big data
By Joseph J. Schuster on
Posted in Fair Lending, Regulatory and Enforcement
This will follow up on Barbara Mishkin’s January 14, 2016 blog “FTC warns use of big data may violate federal consumer protection laws.” At the American Bar Association’s Consumer Financial Services Committee meeting last month in Park City, Utah, Bryce Stephens and Jeffrey Langer from the CFPB provided insight as to how the CFPB treats the use of big data by creditors. … Continue Reading
FTC warns use of big data may violate federal consumer protection laws
By Barbara S. Mishkin on
A new FTC report, “Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues,” warns that certain uses of big data consisting of consumer information may implicate various federal consumer protection laws. In the report, the FTC puts companies on notice that it intends “to monitor areas where big data practices could violate existing laws” and “bring enforcement actions where appropriate.”… Continue Reading