Jeremy Mandell was quoted in a S&P Market Intelligence article about the Consumer Financial Protection Bureau's proposal on an "open banking" rule that would require financial institutions to set up data connectivity to make customer data available to third parties for free upon a consumer's request.
Jeremy mentioned that “the proposed ruling did not address who carries the liability in the event of a data breach…While financial institutions are routinely examined by regulators to meet security standards in compliance with the Gramm-Leach-Bliley Act, fintechs, in general, are not subject to examinations regarding the act's compliance.”