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Justin Potesta partners with clients to navigate novel issues at the intersection of finance, privacy, and technology.

The Consumer Financial Protection Bureau (CFPB) announced that it was issuing a Notice of Proposed Rulemaking regarding Personal Financial Data Rights on October 19, 2023. The proposed rule (Proposed Rule) would implement section 1033 of the Consumer Financial Protection Act of 2010 (CFPA), which gives consumers the right to access their financial data and authorizes third parties to access it on their behalf. Data providers would be required to provide consumers and authorized third parties, upon the consumer’s request, covered data in an electronic and standardized form consistent with industry standards developed by standard-setting bodies recognized by the CFPB. Additionally, the rule would limit authorized third parties’ collection, use, and retention of covered data. Continue Reading CFPB Issues Proposed Open Banking Rule

The U.S. Department of Homeland Security (DHS) announced new policies on September 14, 2023, regarding its use and acquisition of artificial intelligence (AI) technologies, including facial recognition and face capture technologies. DHS also appointed Eric Hysen as the department’s first chief AI officer.Continue Reading DHS Announces New Artificial Intelligence and Facial Recognition, Face Capture, and Facial Analysis Policies

The Federal Trade Commission (FTC) issued a policy statement on May 18, 2023, addressing concerns relating to the collection and use of biometric information. The Biometrics Policy Statement, which the FTC’s Commissioners voted 3-0 to issue, outlines practices related to biometric information that the FTC views as violations or will take into account when evaluating possible violations of the prohibition against unfair or deceptive acts and practices in Section 5 of the FTC Act.Continue Reading FTC Issues Policy Statement Regarding Biometric Information