In late 2020, a number of globally recognized financial institutions were fined by the OCC in various consent orders for improper handling of information assets. The fines were based on long-established regulations and guidance, but previously not relied on grounds for enforcement actions. These fines were unprecedented in their severity and frequency.
Accordingly, financial institutions should be aware of the pertinent regulations, and how to comply with them through incorporation of best practices around information governance—particularly of consumer personal information.
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