Financial Crime World

Puerto Rico Takes a Strong Stance on Consumer Data Protection

Puerto Rico has implemented a comprehensive framework of laws and regulations governing the handling of consumer financial data, taking a proactive approach to ensure that companies operating in the territory comply with strict guidelines aimed at preventing data breaches and protecting individual privacy rights.

Regulation of Credit Reporting Agencies

The Fair Credit Reporting Act (FCRA) of Puerto Rico is a key piece of legislation that aims to safeguard consumers from inaccurate or unfair credit reporting practices. Under this law, credit reporting agencies are required to:

  • Provide consumers with free access to their credit reports once a year
  • Investigate and correct any inaccuracies within 30 days
  • Obtain consent before sharing personal financial data
  • Limit the amount of time negative information can be included in a credit report

Data Protection Regulations

The Office of the Commissioner of Financial Institutions (OCFI) is responsible for enforcing regulations related to reporting agencies operating in Puerto Rico. The OCFI:

  • Monitors compliance with the FCRA and conducts investigations into any complaints received from consumers
  • Prohibits financial institutions from disclosing or selling non-public personal financial information without obtaining written consent from consumers

Education Programs

The Puerto Rico Department of Consumer Affairs offers workshops and seminars on consumer rights and protection against fraud and identity theft. Additionally, local non-profit organizations such as Centro de Estudios y Adiestramiento en Patronato Inc. (CEAP) provide free courses on financial education, including topics related to protecting personal data.

The OCFI also has a Consumer Protection Education Program that educates individuals on their rights as consumers and how to protect themselves against financial fraud.

Protection Against Discrimination

Puerto Rico’s laws prohibit discrimination based on an individual’s personal data, with protections in place to prevent unfair treatment in employment, housing, and credit lending. Specifically:

  • The Equal Credit Opportunity Act (ECOA) prohibits credit and lending discrimination based on race, color, religion, national origin, sex, marital status, age or because someone receives public assistance

Designated Privacy Officer

Puerto Rico’s Data Privacy Law (Law 180-2018) requires all companies to have a designated privacy officer responsible for implementing and enforcing data privacy and security compliance. Failure to designate a privacy officer can result in fines or penalties under the law.

Protection of Individual Privacy Rights

In cases where law enforcement agencies request access to consumer data, Puerto Rico’s laws ensure that measures are in place to protect individual privacy rights. Law enforcement agencies must:

  • Follow established procedures to access consumer data
  • Notify affected individuals in the event of a data breach

Overall, Puerto Rico’s comprehensive framework of laws and regulations demonstrates its commitment to protecting the personal data of its citizens and ensuring that companies operating in the territory comply with strict guidelines aimed at preventing data breaches and protecting individual privacy rights.