Financial Privacy Compliance Toolkit
Resources to assist businesses, including financial institutions, that handle individuals' financial information in creating, implementing, and reviewing privacy and data security compliance programs.
Customers entrust financial institutions and other businesses with sensitive financial, payment card, and other personal information ( www.practicallaw.com/1-501-8805) . To address the increased potential for consumer harm or fraud caused by the improper disclosure or misuse of this information, certain sector-specific laws and self-regulatory standards provide additional protections for payment card data and other financial information or impose additional obligations on financial or credit institutions.
Laws and self-regulatory standards that specifically address the privacy and security of financial, credit, or payment card data include:
The Fair and Accurate Credit Transactions Act of 2003 (FACTA).
The Payment Card Industry Data Security Standard (PCI DSS).
Failure to comply with these privacy and data security laws and standards can result in significant adverse consequences, including:
Government investigations and sanctions.
Diminished brand reputation and lost sales.
This Toolkit contains continuously maintained resources that provide practical guidance on complying with laws and standards that apply specifically to the collection, use, disclosure, and protection of consumers' financial information.