31 May

Privacy in Fintech and Housing

first_imgHome / Daily Dose / Privacy in Fintech and Housing Demand Propels Home Prices Upward 2 days ago  Print This Post in Daily Dose, Featured, News, Technology The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago May 7, 2019 1,717 Views Previous: Law Firms and Mortgage Servicers Convene in Dallas Next: Should Allen Parker Remain as Wells Fargo CEO? Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: FinTech Senate Banking Committeecenter_img FinTech Senate Banking Committee 2019-05-07 Seth Welborn About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Privacy in Fintech and Housing Data Provider Black Knight to Acquire Top of Mind 2 days ago On Tuesday, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing on “Privacy Rights and Data Collection in a Digital Economy.” Witnesses included Peter Chase, Senior Fellow for the German Marshall Fund of the United States; Jay Cline, Privacy and Consumer Protection Leader, Principal, PwC US; and Maciej Ceglowski, Founder, Pinboard.“My concerns about big data collection go back as far as the creation of the CFPB, which was collecting massive amounts of personal financial information without an individual’s knowledge or consent,” said Chair Mike Crapo in his opening statement.“Consumers deserve to know what type of information is being collected about them, what that information is being used for and how it is being shared,” Crapo added.The witnesses discussed the impact of the EU’s General Data Protection Regulation in the U.S., and how it differs from the 1995 Data Protection Directive.“While it is too soon to draw definitive conclusions about the GDPR, there is a tension between its concept of user consent and the reality of a surveillance economy that is worth examining in more detail,” said Ceglowski. “A key assumption of the consent model is any user can choose to withhold consent from online services. But not all services are created equal—there are some that you really can’t say no to. Take the example of Facebook. Both landlords and employers in the United States have begun demanding to see Facebook accounts as a condition of housing or employment.”Crapo noted that the use of personal data can “provide value, such as risk mitigation, fraud prevention, and identity verification, or to meet the requirements of laws or regulations.”“However, in many other cases, that data can be used in ways that have big implications for their financial lives, including to market or make decisions on financial products or services that impact a consumer’s access to or cost of credit and insurance products, or in ways that impact their employment prospects.”Watch the complete hearing webcast here. Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img

Leave a Reply

Your email address will not be published. Required fields are marked *