On October 28, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a new interpretive rule replacing its 2022 interpretive rule (withdrawn in May 2025) concerning the scope of preemption under the Fair Credit...more
10/29/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Reports ,
Executive Orders ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Interpretive Rule ,
New Guidance ,
Preemption ,
Regulatory Reform ,
Regulatory Requirements ,
Statutory Interpretation
As artificial intelligence continues to transform the financial services industry, banks — especially smaller institutions with limited resources — need to consider how to responsibly and effectively integrate these tools...more
10/23/2025
/ Anti-Money Laundering ,
Artificial Intelligence ,
Banks ,
Consumer Financial Products ,
Critical Infrastructure Sectors ,
Data Management ,
Data Privacy ,
Data Security ,
Financial Services Industry ,
Innovative Technology ,
Machine Learning ,
Popular ,
Regulatory Requirements ,
Risk Management ,
Third-Party Risk ,
Transparency
All businesses struggle with cybersecurity risks presented by their service providers. New guidance from the NY DFS applies to all DFS licensees, but would assist any business in any industry in addressing these risks.
...more
10/22/2025
/ Artificial Intelligence ,
Cloud Computing ,
Compliance Monitoring ,
Cybersecurity ,
FinTech ,
New Guidance ,
NYDFS ,
Policies and Procedures ,
Risk Assessment ,
Risk Management ,
Third-Party Service Provider
In this crossover episode of Payments Pros and The Consumer Finance Podcast, Carlin McCrory is joined by colleague Kim Phan to discuss the Consumer Financial Protection Bureau's (CFPB) recent developments regarding Section...more
In this episode of Payments Pros, Carlin McCrory is joined by colleague Kim Phan to discuss the Consumer Financial Protection Bureau's (CFPB) recent developments regarding Section 1033 of the Consumer Financial Protection Act...more
Plaintiffs’ attorneys have started sending a wave of letters asserting opt-out and access rights under California’s Shine the Light law....more
9/22/2025
/ California ,
Civil Monetary Penalty ,
Consumer Privacy Rights ,
Data Privacy ,
Data Protection ,
Disclosure Requirements ,
Marketing ,
Opt-Outs ,
Penalties ,
Personal Information ,
Policies and Procedures ,
Private Right of Action ,
Regulatory Reform ,
State Privacy Laws
The Report authored by the Presidential Working Group on Digital Assets Markets (PWG), titled “Strengthening American Leadership in Digital Financial Technology,” along with the accompanying fact sheet, outlines several key...more
9/19/2025
/ AML/CFT ,
Banks ,
Blockchain ,
CFTC ,
Cryptocurrency ,
Cybersecurity ,
Data Privacy ,
Digital Assets ,
Financial Crimes ,
Financial Institutions ,
Financial Regulatory Reform ,
FinTech ,
Investment ,
Securities and Exchange Commission (SEC) ,
Trump Administration
On September 5, President Trump signed into law the Homebuyers Privacy Protection Act (HPPA) (H.R. 2808). This bipartisan legislation, sponsored by Representatives John Rose (R-TN) and Ritchie Torres (D-NY), aims to safeguard...more
9/15/2025
/ Consumer Financial Products ,
Consumer Privacy Rights ,
Consumer Reporting Agencies ,
Data Privacy ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Lead Generators ,
Mortgage Lenders ,
Mortgages ,
New Legislation ,
Opt-In ,
Regulatory Reform ,
Trump Administration
On August 21, the Consumer Financial Protection Bureau (CFPB or Bureau) took a significant step forward in its reconsideration of the Section 1033 open banking final rule, originally issued in November 2024, by issuing an...more
8/25/2025
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Comment Period ,
Consumer Data Requests ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data Privacy ,
Data Security ,
Financial Regulatory Reform ,
Open Banking ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Requirements ,
Rulemaking Process
In a significant turn of events, the Consumer Financial Protection Bureau (CFPB or Bureau) has decided to initiate a new rulemaking process concerning its final rule on personal financial data rights under Section 1033 of the...more
7/30/2025
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data Privacy ,
Financial Institutions ,
Financial Services Industry ,
Open Banking ,
Personal Data ,
Rulemaking Process ,
Stays
In this episode of Moving the Metal: The Auto Finance Podcast, hosts Brooke Conkle and Chris Capurso are joined by colleagues Kim Phan and Aileen Ng for a deep dive into the Federal Trade Commission's (FTC) Safeguards Rule...more
7/8/2025
/ Automotive Industry ,
Automotive Loans ,
Biden Administration ,
Cybersecurity ,
Data Breach ,
Data Security ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Gramm-Leach-Blilely Act ,
Safeguards Rule ,
Trump Administration
In this special crossover episode between FCRA Focus and The Consumer Finance Podcast, Kim Phan, Dave Gettings, Chris Willis, and Cindy Hanson explore the recent withdrawal of Consumer Financial Protection Bureau (CFPB)...more
On June 2, the New Jersey Division of Consumer Affairs announced the publication of new proposed regulations to implement the New Jersey Data Privacy Act (NJDPA), N.J. Stat. §§ 56:8-166.4 et seq., which went into effect on...more
6/11/2025
/ Artificial Intelligence ,
Consumer Privacy Rights ,
Customer-Loyalty Programs ,
Data Collection ,
Data Management ,
Data Privacy ,
Disclosure Requirements ,
New Jersey ,
Personal Data ,
Proposed Regulation ,
Regulatory Agenda
In this special crossover episode between FCRA Focus and The Consumer Finance Podcast, Kim Phan, Dave Gettings, Chris Willis, and Cindy Hanson explore the recent withdrawal of Consumer Financial Protection Bureau (CFPB)...more
In this episode of FCRA Focus, hosts Kim Phan and Dave Gettings are joined by Eric Ellman, president of the National Consumer Reporting Association (NCRA), for an insightful discussion on the current landscape of tenant...more
In this crossover episode of The Consumer Finance Podcast and Regulatory Oversight, Chris Willis, Kim Phan, and Stephen Piepgrass provide insights on a new joint privacy task force among several state AGs, known as the...more
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed its decision to withdraw the proposed rule titled “Protecting Americans from Harmful Data Broker Practices (Regulation V)” in the Federal Register....more
5/15/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data Brokers ,
Deregulation ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Proposed Regulation ,
Proposed Rules ,
Regulation V ,
Regulatory Reform ,
Regulatory Requirements ,
Rescission ,
Statutory Authority ,
Trump Administration
In this crossover episode of The Consumer Finance Podcast and Regulatory Oversight, Chris Willis, Kim Phan, and Stephen Piepgrass provide insights on a new joint privacy task force among several state AGs, known as the...more
Join us for a special crossover episode of The Consumer Finance Podcast and Regulatory Oversight, where Chris Willis, Kim Phan, and Gene Fishel delve into the evolving world of state AI legislation. As AI becomes a pivotal...more
Join us for a special crossover episode of The Consumer Finance Podcast and Regulatory Oversight, where Chris Willis, Kim Phan, and Gene Fishel delve into the evolving world of state AI legislation. As AI becomes a pivotal...more
In this episode of FCRA Focus, hosts Kim Phan and Dave Gettings bring you the latest updates from the regulatory and litigation sides of the house. Dave shares his insights on the challenges and litigation surrounding...more
4/29/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Credit Reports ,
Data Privacy ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Fraud ,
Identity Theft ,
Lenders ,
Regulatory Requirements
On April 8, the Office of the Comptroller of the Currency (OCC) officially notified Congress of a significant information security incident involving its email system. This notification, mandated by the Federal Information...more
4/11/2025
/ Banks ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Data Security ,
Electronic Communications ,
Email ,
Federal Information Security Modernization Act (FISMA) ,
Financial Institutions ,
Homeland Security Cybersecurity & Infrastructure Security Agency (CISA) ,
Incident Response Plans ,
Information Technology ,
OCC ,
Regulatory Requirements ,
Reporting Requirements ,
U.S. Treasury ,
Vulnerability Assessments
On March 18, President Donald Trump dismissed the two Democratic commissioners from the Federal Trade Commission (FTC). The removal of Commissioners Alvaro Bedoya and Rebecca Kelly Slaughter has sparked significant...more
In the latest episode of Payments Pros, host Carlin McCrory welcomes Kim Phan to discuss the Consumer Financial Protection Bureau's (CFPB) recent inquiries into enhancing privacy protections.
On January 10, the CFPB sought...more
We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more
2/17/2025
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Regulatory Agenda ,
Regulatory Requirements ,
TCPA ,
UDAAP ,
Uniform Commercial Code (UCC)