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US CFPB warns of financial data protection gap in new state privacy laws

By Mike Swift ( November 12, 2024, 23:21 GMT | Insight) -- The Consumer Financial Protection Bureau released a report today saying there is a major gap in privacy protections for US financial data, with new state privacy laws often exempting financial data governed by a key federal law, the 25-year-old Gramm-Leach-Bliley Act, even as financial institutions increasingly share consumer information with advertisers, and hire companies “experienced in leveraging data to better make use of their own data hoards.”The privacy of Americans’ financial data is not being fully protected by state and federal law, even as a growing list of US states pass privacy laws in the absence of a comprehensive national privacy legislation, the Consumer Financial Protection Bureau warned in a new report today....

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