Recent data breaches; Community Reinvestment Act; Fed could move forward with a faster payments system.
Recent data breaches highlight concerns over cyber threats, including data security and cloud security, as well as consumer protections related to fraud and credit reporting. The Federal Reserve is examining cloud security and the FTC is encouraging consumers harmed by a data breach to accept free credit monitoring offers.
The FDIC Chair projected that a joint proposal on the Community Reinvestment Act would be released in the “next few months.”
The Federal Reserve is “seriously considering” moving forward with a faster payments system that would compete with a private sector system developed by financial institutions.