John Heltman has covered the Federal Reserve and Treasury Department for American Banker since 2014. Prior to joining American Banker, he covered derivatives markets and the Commodity Futures Trading Commission for Argus Media, and prior to that covered the Environmental Protection Agency for Inside Washington Publishers. He is a 2005 graduate of St. Mary's College of Maryland.
The CFPB's recent freeze on collecting any personally identifiable information from companies it supervises is slowing investigations and could ultimately cripple the agency's enforcement function — and that may be the point.
The Office of Financial Research warned that a cyberattack could "disrupt the operations of one or more financial companies and markets and spread through financial networks and operational connections to the entire system."
The nonbinding guidance, which followed a nearly yearlong inquiry about industry practices, said consumers should have greater ability to obtain information about their financial data, among other principles.