The Consumer Financial Protection Bureau offered a carrot and stick to financial institutions, proposing a rule Tuesday that would reward banks that limit the amount of consumer data they share by allowing them to post their privacy policies online rather than mailing out annual notices to each customer.
“Consumers need clear information about how their personal information is being used by financial institutions,” CFPB director Richard Cordray said in a written statement. “This proposal would make it easier for consumers to find and access privacy policies, while also making it cheaper for industry to provide disclosures.”
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