As 2020 dawns, we are in the midst of another technological revolution in the banking industry – the monetization of “big data.” Once again, this innovation will provide both opportunities and risks for banks.
Banks and credit unions could face additional regulations as state legislators seek to govern what companies do with consumer information in the absence of federal standards.
NPI often comes up in the context of explaining why we can’t do something. If you are going to push back against what you interpret as unnecessary and bureaucratic data security limitations, you’ll need to start with a clear understanding of what exactly counts as non-public personal information.
If adopted, the FTC’s new cybersecurity standards would cause significant disruption to entities subject to the its jurisdiction, just as the New York requirements disrupted entities operating in that state.
