News & Analysis as of

Data Collection Banking Sector Consumer Financial Protection Bureau (CFPB)

Nutter McClennen & Fish LLP

Nutter Bank Report: August 2024

CFPB Issues Filing Instructions Guide for Small Business Lending Data - The CFPB has published instructions for banks and other covered financial institutions to submit small business lending data that is required to be...more

Orrick, Herrington & Sutcliffe LLP

Financial agencies propose rules to standardize data collections

On August 2, the OCC, Fed, FDIC, NCUA, CFPB, FHFA, CFTC, SEC and Treasury (collectively, the agencies) released an interagency NPRM to establish data standards across these agencies for “certain collections of information...more

K&L Gates LLP

Overview of the CFPB's Proposed Open Banking Rule and Final Industry Standard Setting Rule

K&L Gates LLP on

The financial services and banking industry landscape continues to evolve in the face of new and emerging technologies. This phenomenon is especially prevalent in the sharing of consumer data between financial institutions...more

Saul Ewing LLP

Is Your Video Game Account a Bank Account? The CFPB Thinks So.

Saul Ewing LLP on

Mark April 4, 2024 in your calendar – it is the day that the Consumer Financial Protection Bureau (CFPB) set its sights on the video game industry. The CFPB issued a Report this week entitled "Banking in video game and...more

Sheppard Mullin Richter & Hampton LLP

President Biden Vetoes Congressional Review Act Disapproval of CFPB’s Small Business Lending Data Collection Rule

On December 19, President Biden vetoed the joint resolution (S. J. Res. 32) the US Senate and House of Representatives passed under the Congressional Review Act that would have repealed the CFPB’s small business data...more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

Nutter McClennen & Fish LLP

Nutter Bank Report: September 2023

The CFPB has published guidance about compliance with Regulation B, which implements the Equal Credit Opportunity Act (ECOA), when lenders deliver denial notices based on underwriting decisions using artificial intelligence...more

Katten Muchin Rosenman LLP

Federal Court Grants Bankers' Requested Stay from Compliance with the CFPB's Small Business Data Collection Rule

On July 31, the US District Court for the Southern District of Texas issued an order granting in part and denying in part the motion for preliminary injunction filed by the Texas Bankers Association, Rio Bank (a Texas...more

Sheppard Mullin Richter & Hampton LLP

Lawsuit Challenges CFPB Reporting Rule for Small Business Lending

On April 26, an association of Texas state banking organizations and a Texas minority depository institution filed a joint complaint against the CFPB in Texas federal court seeking to invalidate a recently finalized agency...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

Davis Wright Tremaine LLP

CFPB Initiates Process to Regulate Financial Data Access

Last week, with the issuance of an Advance Notice of Proposed Rulemaking (ANPR), the Consumer Financial Protection Bureau (CFPB) announced its intention to explore regulation of open banking. The Notice requests public input...more

Goodwin

SEC Stays Busy With Amendments And Extensions To Various Rules, Definitions And Disclosures

Goodwin on

In the News. The Securities and Exchange Commission (SEC) adopted final rules to update and expand the statistical disclosures that bank and savings and loan registrants must provide to investors for the first time in 30...more

Eversheds Sutherland (US) LLP

A CFPB data access rule could be a win for open banking in the US

On July 24, 2020, the Consumer Financial Protection Bureau (CFPB) announced plans to issue an advance notice of proposed rulemaking (ANPR) regarding consumer-authorized third party access to financial records. The...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: Regulators Continue To Take Action In The Wake Of The COVID-19 Outbreak

Goodwin on

In This Issue. Federal and state regulators continued to take action in the wake of the ongoing global outbreak of the coronavirus (COVID-19). As discussed in several Goodwin client alerts, Congress passed, and the President...more

Nutter McClennen & Fish LLP

Fintech in Brief: Interagency Statement on the Use of Alternative Data in Credit Underwriting

On December 3, 2019, the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and National Credit Union...more

BCLP

What is Open Banking, and What are its Implications?

BCLP on

This post is the first in a series discussing open banking, its implementations, and its implications. “Open banking” is a phrase that has been coined to capture a current theme in financial sector innovation – one that...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Report Reveals Impact Removal Of Public Records Has On Credit Reporting: Did It Make A Difference?

The CFPB recently issued its second Quarterly Consumer Credit Trends Report which examines the impact of changes to credit reporting regarding the reporting of civil public records. ...more

Ballard Spahr LLP

CFPB launches new formatting tool for HMDA reporting

Ballard Spahr LLP on

On February 1, the CFPB announced the launch of the 2018 HMDA LAR Formatting Tool (the “Tool”). The Tool will help financial institutions create an electronic file to submit HMDA data collected in 2018 and reported in 2019. ...more

Ballard Spahr LLP

Senator Warren claims CFPB data collection freeze unjustified

Ballard Spahr LLP on

In a letter to Leandra English and Mick Mulvaney, Senator Elizabeth Warren calls the freeze imposed by Mr. Mulvaney on the CFPB’s collection of personally identifiable information (PII) “unjustified.” (Not surprisingly,...more

Ballard Spahr LLP

CFPB adjusts HMDA data collection, TILA mortgage escrow thresholds

Ballard Spahr LLP on

In notices published in today’s Federal Register, the CFPB adjusted the thresholds of the asset-size exemptions for collecting HMDA data and establishing an escrow account for certain mortgage loans under TILA....more

Ballard Spahr LLP

CFPB, other agencies announce good faith efforts approach to revised HMDA rule enforcement; CFPB to engage in HMDA rulemaking to...

Ballard Spahr LLP on

The CFPB has announced that with regard to the collection in 2018 of the expanded data fields under the revised Home Mortgage Disclosure Act (HMDA) rules, the CFPB does not intend to require data resubmission unless data...more

Ballard Spahr LLP

CFPB data collection freeze impacting CFPB examinations

Ballard Spahr LLP on

Since Mick Mulvaney’s appointment by President Trump as CFPB Acting Director, there have been widespread media reports about Mr. Mulvaney’s plans to impose a freeze on the CFPB’s collection of personally identifiable...more

Ballard Spahr LLP

Mulvaney puts hold on CFPB data collection, takes other actions as Acting Director

Ballard Spahr LLP on

We have previously blogged about reports that Mick Mulvaney, President Trump’s designee as CFPB Acting Director, has put a 30-day freeze on all regulatory action, CFPB hiring, and new enforcement cases. ...more

Ballard Spahr LLP

CFPB further updates HMDA Rule guidance materials

Ballard Spahr LLP on

The CFPB recently posted on its website updated versions of guidance in connection with the revisions to the Home Mortgage Disclosure Act (HMDA) rules that become effective on January 1, 2018, and also posted a new guidance...more

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