In an effort to promote the development of new financial technology (fintech) products, Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau (CFPB), announced last week the creation of the Office of Innovation. Mulvaney said the new division, to be run by Paul Watkins under the umbrella of the CFPB, is designed to foster
CFPB Stops Collecting Personal Information in Light of Cybersecurity Concerns
By Linn Foster Freedman on
Posted in Cybersecurity
The Consumer Financial Protection Bureau, one of the watchdogs of the financial services industry, has announced through Acting Director Mick Mulvaney, that it will no longer collect personal information of consumers due to cybersecurity concerns and in an effort to improve the CFPB’s cybersecurity program.
According to Mulvaney, the Inspector General’s report this year about…