News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Banking Sector Data Privacy

Cooley LLP

CFPB Finalizes Section 1033 Rule on Personal Financial Data Rights

Cooley LLP on

On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) released its long-awaited final rule implementing Section 1033 of the Consumer Financial Protection Act (CFPA) concerning personal financial data rights....more

Orrick, Herrington & Sutcliffe LLP

Congress members: 1033 Rule could hinder innovation of fraud prevention tools

On July 31, a bipartisan group of Congress members sent a letter to CFPB Director Rohit Chopra raising concerns regarding the Bureau’s proposed 1033 Rule, which relates to consumer financial data privacy (covered by InfoBytes...more

American Conference Institute (ACI)

[Event] 24th National Forum on Prepaid Accounts Compliance - April 8th, New York, NY

The 24th National Forum on Prepaid Accounts Compliance will address the latest developments impacting the prepaid industry and provide answers to the most pressing questions and challenges being faced by practitioners in this...more

Brownstein Hyatt Farber Schreck

CFPB Seeks to Fundamentally Alter the Credit Reporting Process and Use of Public Data

On Sept. 21, 2023, the Consumer Financial Protection Bureau (CFPB) officially announced it is considering a rulemaking to address several consumer reporting topics under the Fair Credit Reporting Act (FCRA). Under the process...more

Eversheds Sutherland (US) LLP

CFPB previews consumer data portability rule meant to accelerate US open banking adoption

On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued an advance notice of proposed rulemaking (ANPR) with respect to a new consumer financial data portability rule mandated by Section 1033 of the...more

Wilson Sonsini Goodrich & Rosati

CFPB Announces Proposed Rules to Accelerate Open Banking

On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) announced its long-awaited proposed rule regulating “Personal Financial Data Rights” (the proposed rule). The proposed rule implements Section 1033 of the...more

Brownstein Hyatt Farber Schreck

CFPB Proposes Long-Awaited Data Sharing Rule

On Oct. 19, 2023, the Consumer Financial Protection Bureau (CFPB) released a Notice of Proposed Rulemaking (NPRM) on Personal Financial Data Rights, which would change the way financial institutions hold and distribute...more

Fox Rothschild LLP

CFPB Financial Data Rights Rulemaking: What You Need to Know

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“When a consumer permits their private data to be used by a company for a specific purpose, it is not a free pass for a firm to exploit the data for other uses, no matter what the legal mouse-print may say,” Rohit Chopra, the...more

Bradley Arant Boult Cummings LLP

Chambers Global Practice Guide: Fintech 2021 Trends and Developments

Crisis has set the stage for fintech companies in 2021, creating both new opportunities and potentially unprecedented challenges to innovation. While the coronavirus pandemic continues to accelerate the digital transformation...more

ArentFox Schiff

New Federal Regulation of Financial Data: CFPB Issues Long-Awaited Notice of Proposed Rulemaking

ArentFox Schiff on

The Consumer Financial Protection Bureau (Bureau or CFPB) has recently issued a formal proposal for a national regulatory standard governing companies’ handling of consumer data and their privacy rights with respect to...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - August 2020

Troutman Pepper on

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more

Goodwin

Financial Services Weekly Roundup: The OCC’s True Lender Test Embraces A Simplified Solution

Goodwin on

In This Issue. The Office of the Comptroller of the Currency (OCC) proposed a rule that would establish that a national bank or federal savings association is the “true lender” of a loan if, as of the date of origination, the...more

Cozen O'Connor

Attorneys General On The Front Line Against Coronavirus-Related Scams

Cozen O'Connor on

Breaking News- Attorneys General on the Front Line Against Coronavirus-Related Scams- Christopher Allen, a Member of Cozen O’Connor’s State Attorneys General Practice, penned a brief summary about the efforts of AGs to...more

BCLP

Data Dilemma

BCLP on

On today's episode Jonathan Hightower and Ken Achenbach discuss the CFPB's recent data proposal and what it means for banks....more

Ballard Spahr LLP

ABA comments on CFPB’s RFI on consumer access to financial information

Ballard Spahr LLP on

The American Bankers Association has submitted a comment letter in response to the CFPB’s request for information regarding consumer access to financial information. The ABA observes that while larger institutions have...more

Ballard Spahr LLP

PLI 22nd Annual Consumer Financial Services Institute – 25 Percent Discount Available

Ballard Spahr LLP on

We are pleased to invite you to the 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, March 27-28, 2017, in New York City (and by live webcast and groupcast in Atlanta and...more

Ballard Spahr LLP

PLI 22nd Annual Consumer Financial Services Institute – 25% Discount Available

Ballard Spahr LLP on

We are pleased to invite you to the 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, March 27-28, 2017, in New York City (and by live webcast and groupcast in Atlanta and...more

Ballard Spahr LLP

CFPB representatives to be featured at 22nd Annual PLI Consumer Financial Services Institute

Ballard Spahr LLP on

The 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, will take place on March 27-28, 2017 in New York City (and by live webcast and groupcast in Atlanta; Philadelphia, Pittsburgh,...more

Ballard Spahr LLP

Federal appeals court confirms FTC authority to regulate cybersecurity policies and procedures

Ballard Spahr LLP on

Banks and other companies subject to the CFPB’s jurisdiction face the possibility that the CFPB could begin using its authority under Sections 1031 and 1036 of the Dodd-Frank Act (which proscribe unfair, deceptive or abusive...more

Robinson+Cole Data Privacy + Security Insider

Protecting financial institutions in cyberspace—U.S. financial regulators come up with a new tool kit to stem cyberthreats

The Federal Financial Institutions Examination Council (FFIEC) has recently developed a new tool to help U.S. financial institutions combat the increasing volume and sophistication of cyber attacks. To blunt threats to a...more

Orrick, Herrington & Sutcliffe LLP

Treasury Request for Public Input on Expanding Access to Credit through Online Marketplace Lending

On July 20, the Department of the Treasury published a Notice and Request for Information (“RFI”) seeking comment on various aspects of online marketplace lending, including – - the business models and products offered...more

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