It can be daunting for Fintechs, money services businesses (MSBs), and other non-bank entities operating in the consumer financial products and services space to navigate privacy legislation and determine which provisions of...more
When an entity shares data outside of its organization, the following questions often arise: Does the FCRA or GLBA (or both) apply to the specific type of data sharing? And how do these laws impact my company’s financial...more
With more people working remotely than ever before in light of COVID-19, firms in the private equity and hedge fund space should review their Regulation S-P privacy and information-safeguarding policies to ensure they are...more
A recent complaint filed by the Federal Trade Commission serves as a perfect illustration of why one should not fire off a response to something on social media when angry. The diablo (Spanish for devil) in this article's...more
The CFPB announced that it has entered into a settlement with the owners of payday loan retail outlets that operated under the name “Cash Tyme” in seven states to resolve alleged violations of the Consumer Financial...more
The Consumer Financial Protection Bureau (CFPB) has issued its final rule adopting changes to Regulation P, which governs the requirements for financial institutions to issue privacy notices to its customers....more
Headlines - ...OCC to Begin Accepting Applications for Bank Charters for Fintech Companies ...Agencies Issue Rules Implementing 18-Month Exam Cycles for Community Banks...more
On August 10, 2018, the Bureau of Consumer Financial Protection released a final rule which “finalized amendments to implement legislation that allows financial institutions that meet certain requirements to be exempt from...more
The CFPB has issued a final rule amending the provisions of Regulation P that implement the Gramm-Leach-Bliley Act (GLBA) annual privacy notice requirement. The final rule is intended to reflect the GLBA amendments made by...more
On August 10, 2018 the Consumer Financial Protection Bureau (CFPB) issued a final rule adopting changes to Regulation P to bring the regulation into conformity with its authorizing statute, the Gramm-Leach-Bliley Act, 15...more
On Friday, the Consumer Financial Protection Bureau announced its “finalized amendments” to Regulation P, an implementing regulation of the federal financial Gramm Leach Bliley Act. Regulation P governs the provision of...more
The U.S. Consumer Financial Protection Bureau published its semi-annual report. The report, which is mandated by the Dodd-Frank Act, highlights and summarizes various topics the CFPB is working on, including a list of rules,...more
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
On July 1st, the CFPB proposed to amend Regulation P under the Gramm-Leach-Bliley Act (GLBA) to implement the statutory changes made by the Fixing America’s Surface Transportation Act (see prior post) that provided financial...more
A new lawsuit filed by the CFPB in a California federal district court alleges that the defendants, a company and its individual owner, are engaged in a nationwide student financial aid scam. In addition to injunctive relief,...more
The CFPB complaint database was created with altruistic intentions. They envisioned a tool that consumers could use to search a downloadable database for research on a product or specific lender, just as they would research...more
The Consumer Financial Protection Bureau ("CFPB") recently amended Regulation P, which requires – in connection with the Gramm-Leach-Bliley Act – that financial institutions provide an annual disclosure of their privacy...more
CFPB Amends Regulation P to Permit Financial Institutions to Post Annual Privacy Notices Online in Lieu of Delivering Hard Copies to Customers - The Consumer Financial Protection Bureau (CFPB) has always touted itself...more
The Consumer Financial Protection Bureau has issued a final rule that amends Regulation P to allow financial institutions that meet certain requirements to deliver annual privacy notices to their customers using an...more
The FRB repealed its several regulations including Regulation DD, Truth in Savings and, Regulation P, Privacy of Consumer Financial Information. The Dodd-Frank Act granted rulemaking authority for a number of consumer...more
The CFPB is extending the comment period on its proposed rule that would amend Regulation P to allow financial institutions that satisfy certain conditions to deliver annual privacy notices to their customers using an...more
The Consumer Financial Protection Bureau recently published a proposed rule that would amend Regulation P to allow financial institutions, under certain circumstances, to deliver annual privacy notices to their customers...more
The CFPB has published a proposed rule that would amend Regulation P to allow financial institutions that satisfy certain conditions to deliver annual privacy notices to their customers using an alternative online delivery...more
The CFPB has proposed rules to afford financial institutions an alternative delivery method for annual privacy notices under the privacy provisions of GLBA and Regulation P (12 CFR part 1016). This alternative delivery method...more