What measures does CfPA recommend to ensure funding portal intermediaries safeguard nonpublic personal information and provide transparency about their privacy policies and practices?
Thank you for a good question! This topic aligns closely with CfPA's policy platform, and here is our position on the matter.
Privacy and Safeguarding of Nonpublic Personal Information
Funding portal intermediaries should be required to provide notices to customers about their privacy policies and practices, describe conditions under which they may disclose nonpublic personal information to nonaffiliated third parties, and provide customers with an opportunity to opt out of such disclosures. Portals should also implement an information security program that includes administrative, technical, and physical safeguards designed to protect the security, confidentiality, and integrity of nonpublic personal information.