On March 30, 2023, the Consumer Financial Protection Bureau (“CFPB”) (finally) issued its Final Rule on Section 1071 — only one day ahead of the court-ordered deadline to do so. This means that covered financial institutions...more
The ways consumers make payments, including the data and technology associated with those payments, is becoming an increased focus of regulators. Financial institutions should carefully and thoroughly consider the recent...more
10/29/2021
/ Biden Administration ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Management ,
Data Privacy ,
Dodd-Frank ,
EFTA ,
Executive Orders ,
Financial Services Industry ,
Gramm-Leach-Blilely Act ,
Payment Systems ,
Provider Payments ,
Regulatory Reform ,
Rulemaking Process
Over the past year and a half, the CFPB has been quietly taking steps toward implementing regulations around collecting data from commercial lenders regarding commercial loans. Those efforts culminated on September 1, 2021,...more
9/3/2021
/ Commercial Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
Financial Services Industry ,
Lenders ,
Notice of Proposed Rulemaking (NOPR) ,
Proposed Rules ,
Section 1071 ,
Small Business