Taft Columbus partner David Stein was quoted in the recent American Banker article, “CFPB still has not informed consumers about data breach,” published on April 24.
The article discusses the scrutiny that resulted from the Consumer Financial Protection Bureau failing to alert customers after a bank auditor, who had access to extensive data collections, sent regulatory information on institutions and personal data on consumers to his own personal email. Numerous professionals stated that the office now has insight into understanding what happens at a company after a breach. Stein remarked, “Would it be fair to penalize or fine a regulated entity if its primary enforcement agency commits the same negligent errors? No company suffers a data breach without a lot of hand-wringing, and it’s really important that the office understands that anyone touching data can be a weak link.”
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Stein is a partner in Taft’s Finance group and maintains a national practice advising businesses on issues involving a wide range of matters, including real estate, fintech, privacy, credit reporting, fair lending, data security, loan origination and servicing, and e-commerce. As an advocate, his practice focuses on federal and state financial services litigation, regulatory compliance, investigations and enforcement, consumer financial services, and consumer privacy.