CFPB report warns of bank exemptions in state privacy laws

The CFPB has released a report, "State Consumer Privacy Laws and the Monetization of Consumer Financial Data," summarizing state laws that give consumers more control over their data, how these rights complement the protections under federal law, and the gaps in protection that result from state law exemptions for financial institutions subject to the Gramm-Leach-Bliley Act (GLBA) or the Fair Credit Reporting Act (FCRA).

The CFPB suggests that state policymakers should assess gaps in their state data privacy laws, and consider the importance of ensuring that their citizens are protected in instances where federal law currently has gaps or may be ineffective.