One of the most talked about issues from a global perspective is the impact of the various cross-border data proposals that are taking place.
In October 2015, the European Union Safe Harbor framework was invalidated because it did not provide a sufficient level of data protection for personal data transferred by companies from the EU to the U.S. as required by EU law.
In February 2016, the EU-U.S. Privacy Shield was announced by the European Commission and the U.S. Department of Commerce as a replacement for Safe Harbor. The EU-U.S. Umbrella Agreement covers data transfers across the Atlantic for law enforcement purposes while the EU-U.S. Privacy Shield covers data exchange for commercial purposes. (BIIA Comment: The European privacy advocates do not buy into this concept).
Cross border data issues are also a topic in Asia. The Asia-Pacific Economic Cooperation Cross-Border Privacy Rules (APEC CBPR) framework is a regional, multilateral, cross-border data transfer mechanism and enforceable privacy code of conduct developed for businesses by the 21 APEC member economies. The CBPRs implement the nine high-level APEC Privacy Principles set forth in the APEC Privacy Framework. Currently, the U.S., Mexico, Canada and Japan are participants in the APEC CBPR framework. Other APEC economies are in the process of determining how and when they may join.
All credit bureaus should be aware of cross-border data issues no matter where they are. This will directly affect their business models not only now but in the future. Two experts who on cross-border data will join us in Toronto to discuss the possible impact this will have on credit bureaus, lenders and others. Enrico Lodi, General Manager of Credit Bureau Services for CRIF and Tony Hadley, Senior Vice President of Government Affairs and Public Policy for Experian will share their thoughts on this very important issue.
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