Banking trade groups and consumer advocates had a second opportunity to share their opinions with the CFPB on “big tech” payment systems. Their take: The payments platforms pose a lot of consumer risk and need to be regulated.

The bureau has sent notice that financial services firms need to stay on their toes regarding data security or risk violating the Consumer Financial Protection Act.

A firm’s organizational structure and the way information is shared can have implications for the likelihood of compliance problems.

The two trade groups want the California Privacy Protection Agency to clarify what behaviors are prohibited under its proposed data privacy and security rules.

In an interpretive rule, the CFPB affirmed states’ ability to enforce fair credit reporting laws that reflect challenges and risks affecting their local economies and residents.

HMDA filing period opens; CFPB issues medical debt bulletin; CFPB sues debt collectors; CFPB files amicus brief in MLA lawsuit; OIG releases quarterly work plan.

The banking industry and consumer advocacy groups want regulators to ensure big tech companies operating payment-processing systems provide protections similar to those offered by the banking sector.

CFPB Director Rohit Chopra raised concerns about how big technology companies operate their payments platforms. The regulator is also looking into risks posed by cryptocurrency.

The Federal Trade Commission voted 3-1-1 to fine Texas-based Ascension Data & Analytics for failure to ensure its vendor was adequately securing consumers’ personal data.

The CFPB said it will consider the Government Accountability Office’s recommendation, but rulemaking will involve joint efforts with other regulators. Meanwhile, institutions can themselves revise the model form on a trial basis.