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Personal Data Data Security Consumer Financial Protection Bureau (CFPB)

Dechert LLP

Dechert Cyber Bits - Issues 57

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CFPB Director Chopra Emphasizes “Pressing Need” for Data Protections - On June 12, 2024 and June 13, 2024, Consumer Financial Protection Bureau Director Rohit Chopra appeared before the Senate Banking Committee and the...more

Holland & Knight LLP

Consumer Financial Protection Bureau Proposes New Financial Data Portability, Security Rules

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The Consumer Finance Protection Bureau (CFPB) on Oct. 19, 2023, proposed a new Personal Financial Data Rights rule (Proposal) through which it seeks to increase competition in the financial sector. The Proposal was developed...more

White & Case LLP

CFPB Proposes Controversial Personal Financial Data Rights Rule

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On October 19, the Consumer Financial Protection Bureau (the "CFPB") proposed the long-anticipated "Personal Financial Data Rights Rule" (the "Proposed Rule"), which would govern access for consumers and data aggregators to...more

Dechert LLP

Dechert Cyber Bits - Issue 40

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FTC Settles with Experian for Alleged Customer Spamming - On August 14, 2023, the Federal Trade Commission (“FTC”) announced a proposed settlement involving Experian Consumer Services (“Experian”). A federal court entered...more

Perkins Coie

CFPB Requests Information About Data Brokers for Planned Rulemaking

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The Consumer Financial Protection Bureau (CFPB) announced on March 15, 2023, that it is issuing a Request for Information (RFI) about the business practices of data brokers, which the agency said will assist it in “planned...more

Goodwin

CFPB Issues Circular Confirming that Financial Companies May Violate Consumer Financial Protection Law by Failing to Protect...

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In August 2022, the Consumer Financial Protection Bureau (CFPB) published a circular confirming that, under certain circumstances, entities may “violate the prohibition on unfair acts or practices in the Consumer Financial...more

Sheppard Mullin Richter & Hampton LLP

FTC Signals Focus on Increasing Protections Around Personal Data

The FTC recently published an advance notice of proposed rulemaking to discuss harms associated with the collection, processing, and selling of personal data...more

Goodwin

CFPB Publishes Circular Confirming Failure to Safeguard Consumer Data Could Be Unfair in Violation of CFPA

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In This Issue: ..The Consumer Financial Protection Bureau (CFPB) published a Consumer Financial Protection Circular 2022-04 (Circular) in relation to safeguarding consumer data under the Consumer Financial Protection Act...more

Mintz Edge

FinTech Companies Face Big Privacy Challenges in 2016

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According to the FBI, “there are only two types of companies: those that have been hacked and those that will be.” It does not take an actual data breach, however, for a company to be liable for its data security practices. ...more

Bond Schoeneck & King PLLC

Cybersecurity and Data Privacy: CFPB Takes Unprecedented Action Against Company (3/16)

A new regulatory authority has entered the field of data security: the relatively new Consumer Financial Protection Board (CFPB). On March 2, the CFPB announced that it had reached a consent order with an Iowa-based company...more

Kelley Drye & Warren LLP

CFPB’s First Data Security Action; Fines Online Platform Dwolla for Alleged Weak Security Practices

On March 2, the CFPB settled its first data security enforcement action against Iowa-based Dwolla Inc. Launched as a startup in 2009, Dwolla is an online payment platform that enables customers to transfer money directly...more

Bilzin Sumberg

Alphabet Soup and Data Security

Bilzin Sumberg on

In the span of two days, mobile device users learned of two data breaches that could compromise their personal data. In one, Experian (a credit reporting agency) reported that it was hacked, potentially putting 15 million...more

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