Overview
New data privacy regulations, particularly CFPB Rule 1033 (October 2024), require financial institutions to modernize their data handling practices. The key requirements are:
1. Financial institutions must provide secure access to consumer financial data upon request
2. Consumers must have control over how their data is collected, used, and sold
3. Institutions must establish clear standards for third-party data access
4. Banks and credit unions must ensure reliable and secure data transmission
Despite these requirements, many financial institutions have yet to implement comprehensive data privacy measures to meet these obligations.
This certification teaches banking personnel how to manage data privacy in modern banking. It covers the fundamentals of data privacy protection, current legislation across Europe and United States, and how to handle privacy concerns as financial institutions adopt AI technology. The program explains the difference between data privacy and security and outlines specific responsibilities for different roles within financial institutions to protect consumer data privacy. The CFPB 1033 ruleset and data breach notification laws are also explored.
Learning Objectives
If you feel like you are ill-equipped to handle data privacy protection, you are not alone! Most in the financial sector do not understand what data privacy is and how it is similar to and different from data security. This certification will help you:
- Become more familiar with data privacy as a discipline
- Gain an awareness of data privacy harms you want to mitigate for your accountholders
- Review and understand GLBA and GLBA Reg P
- Understand international data privacy laws
- Review GDPR
- Understand state data privacy laws
- Understand the history of United States federal data privacy bills
- Become familiar with the requirements outlined in CFPB 1033
- Understand the important points in data breach notification laws
- Understand what a top-down Information Privacy Program looks like for your financial institution
Audience
- Legal – Learn more about federal, state, and international data privacy laws to position your financial institution
- Compliance and Audit – Learn data privacy laws to build a data privacy compliance program at your financial institution
- Information Privacy Officer – Learn the landscape of federal, state, and international data privacy laws that need to be included in your data privacy program at your financial institution
- Information Security Officer – Review the variety of data privacy laws to integrate data privacy protection into your information security program at your financial institution
- Chief Operations Officer / President – Learn about data privacy law to understand operational changes to meet these compliance drivers
- IT Director/Manager – Learn about data privacy laws to gain insight into the technical side of data privacy law and compliance
Instructor Contact Information
Please note that Dr. Streff’s contact information has changed after the creation of the coursework. Please use this contact information versus the one provided within the coursework.
