United States:
Financial Technology Industry Group Urges Bank Regulators To Tailor New Cybersecurity Rules To Risk
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On January 19, 2017, several financial technology
("fintech") companies created a new industry group, the
Consumer Financial Data Rights, to urge the Office of the
Comptroller of the Currency, the Federal Reserve Board, and the
FDIC to limit regulation of smaller fintech firms. The group aims
to: (i) promote the rights of consumers to access and share their
financial data and (ii) modify cybersecurity rules to reflect the
size of the banking institution.
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