US Treasury Calls for Consumer Protection in Fintech Industry

David Stein is quoted in Global Data Review regarding the U.S. Department of Treasury’s recommendation to introduce data protection regulations in the fintech industry. Mr. Stein suggested that such a law may have to be modeled on existing state-level legislation. He says, “There likely would be pressure to enhance existing federal data security laws that apply to financial institutions to reflect more stringent data security and breach notification standards adopted by certain states, such as New York.” Mr. Stein noted that a laxer interpretation of the law could create “tension.” Mr. Stein believes that the report gives “needed attention” to the financial services products.