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Consumer Financial Protection Bureau (CFPB) Small Business Regulatory Enforcement Fairness Act

Ballard Spahr LLP

CFPB proposed rule would makes certain overdraft program’s credit subject to Regulation Z disclosure requirements and could cap...

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In furtherance of the Biden Administration’s “junk fee” agenda, on January 17, 2024, the Consumer Financial Protection Bureau issued its proposed rule to amend Regulations E and Z to regulate overdraft services provided by...more

Ballard Spahr LLP

Financial trade groups remind CFPB of the SBREFA requirements for the imminent overdraft and NSF fee rulemaking

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On January 3, 2023, American Bankers Association, America’s Credit Unions, and Independent Community Bankers of America wrote a letter to CFPB Director Rohit Chopra to address their concerns that the CFPB’s proposal for...more

Ballard Spahr LLP

Atlantic Union Bank to pay $6.2M for its unlawful overdraft opt-in practices

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On December 7, 2023, Atlantic Union Bank (the “Bank”) entered into a consent order with the Consumer Financial Protections Bureau (CFPB) related to its in-person and telephone overdraft opt-in sales practices during...more

Ballard Spahr LLP

Trade groups urge CFPB to issue ANPR on FCRA rulemaking

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In September 2023, the CFPB announced that it was launching a Fair Credit Reporting Act rulemaking and issued an outline of the proposals it is considering in preparation for convening a Small Business Advisory Review Panel. ...more

Ballard Spahr LLP

Trade groups seek extension of comment period on CFPB Section 1033 proposal

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Fifteen trade groups have joined in a letter to the CFPB requesting an extension of the comment period on the CFPB’s proposed rulemaking on personal financial data rights. The proposal implements Section 1033 of the...more

Fox Rothschild LLP

The CFPB Considers Rules to Remove Medical Debt from Credit Reports: What does this Mean for Medical and Dental Providers?

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Last month, the Consumer Financial Protection Bureau (CFPB) kicked off a rulemaking process that, if enacted, would reshape the credit reporting and debt collection landscape and could have a detrimental effect on medical and...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - October 2023 #2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Davis Wright Tremaine LLP

Quick Reactions to the CFPB's Potential Changes to Credit Reporting Practices

Takeaways from the CFPB's proposal, which addresses the Bureau's FCRA concerns – from brokers to data security to targeted marketing - The Consumer Financial Protection Bureau (CFPB) recently took its first step in making...more

Troutman Pepper

CFPB Extends Deadline for FCRA Rulemaking Feedback by One Week

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As discussed here, on September 21 the Consumer Financial Protection Bureau (CFPB) released an outline of its plans for rulemaking under the Fair Credit Reporting Act (FCRA). The outline was supplied for initial comment to a...more

Ballard Spahr LLP

CFPB Launches FCRA Rulemaking to Eliminate Creditor Use of Medical Debt

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On September 21, 2023, with limited time to digest the comments received by September 11, 2023 from the request for information regarding medical payment products, the Consumer Financial Protection Bureau (CFPB) started the...more

Venable LLP

CFPB Releases FCRA Rulemaking Outline Topics

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The Consumer Financial Protection Bureau (CFPB) is currently considering a rulemaking to address various consumer reporting topics under the Fair Credit Reporting Act (FCRA) and has released an Outline of Proposals and...more

Eversheds Sutherland (US) LLP

CFPB proposal signals a dramatic expansion of the Fair Credit Reporting Act to data brokers

On September 15, 2023, the Consumer Financial Protection Bureau (CFPB) published an outline of expansive rulemaking proposals to modernize the coverage of the Fair Credit Reporting Act (FCRA) to include data brokers, data...more

Troutman Pepper

CFPB Outlines Rulemaking Plan to Dramatically Alter Decades of FCRA Requirements for Everyone in the Consumer Data Ecosystem

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The Consumer Financial Protection Bureau (CFPB) has started the process of issuing rules on several topics affecting the entire ecosystem that collects, sells, and uses data about consumers, according to an Outline of the...more

Husch Blackwell LLP

CFPB Director Issues Statement on FCRA Data Broker Proposed Regulation

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The Consumer Financial Protection Bureau (CFPB) has been at the forefront of discussions surrounding the evolving role of data brokers in today’s digital economy. In particular, Director Rohit Chopra recently announced that...more

Wiley Rein LLP

CFPB Poised to Significantly Expand the Reach of the Fair Credit Reporting Act

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On August 15, 2023, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra announced that the CFPB will be moving forward with a rulemaking next month to expand the categories of data subject to the Fair Credit...more

Ballard Spahr LLP

CFPB announces plans to propose rule regulating data brokers under the FCRA

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In remarks delivered yesterday at a roundtable convened by the White House on protecting Americans from harmful data broker practices, CFPB Director Chopra announced that the CFPB plans to propose a rule under the Fair Credit...more

Bilzin Sumberg

Financial Institutions Voice Strong Opposition to CFPB’s Credit Card Late Fee Proposal

Bilzin Sumberg on

In February, the Consumer Financial Protection Bureau (CFPB) proposed amending the Federal Reserve Board’s Regulation Z with respect to the amount of fees that credit card issuers are permitted to charge their customers for...more

Orrick, Herrington & Sutcliffe LLP

CFPB reports on Section 1033 rulemaking

The CFPB recently released a final report issued by the Small Business Review Panel (Panel), which examines the impact of the Bureau’s proposals to address consumers’ personal financial data rights. Section 1033 of Dodd-Frank...more

Ballard Spahr LLP

Republican House members send letter to Director Chopra raising concerns about CFPB credit card late fees proposal

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A group of 17 Republican members of the House Financial Services Committee have sent a letter to CFPB Director Chopra regarding the CFPB’s credit card late fees proposal. ...more

Troutman Pepper

Public Comments on the CFPB’s Proposed Section 1033 Data Access Rule

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As discussed here, on October 27, 2022, the CFPB released an Outline of Proposals and Alternatives Under Consideration for public comments on the CFPB’s Section 1033 rulemaking. The window for providing written feedback...more

Ballard Spahr LLP

Banking trade groups highlight CFPB SBREFA obligations for credit card penalty fees rulemaking

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In a letter to Director Chopra, five banking trade groups address the CFPB’s obligation to comply with the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA) before proposing a rule on credit card late fees...more

Troutman Pepper

Banking Groups Warn CFPB of Adverse Impact on Small Banks of Proposed Elimination of Late Fee Safe Harbor, Request SBREFA Panel

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Bankers are opposing any effort by the Consumer Financial Protection Bureau (CFPB or Bureau) to reduce or eliminate the late fee safe harbor, citing a potentially significant adverse impact on community banks and credit...more

Orrick, Herrington & Sutcliffe LLP

CFPB releases regulatory agenda

Recently, the Office of Information and Regulatory Affairs released the CFPB’s fall 2022 regulatory agenda. Key rulemaking initiatives that the agency expects to initiate or continue include...more

Seward & Kissel LLP

Open Banking is Coming to America

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On October 27, 2022, the Consumer Financial Protection Bureau (“CFPB”) announced a new regulatory framework (“Framework”) governing “Personal Financial Data Rights,” or, by another name, “open banking.” Conceptually, open...more

Cadwalader, Wickersham & Taft LLP

Consumer Financial Protection Bureau Kicks Off Extensive Privacy Rulemaking Process

The CFPB took the first step last week to put into place a comprehensive privacy rule that would significantly impact how consumers can manage their financial data. Just envision a world where you can take all of your...more

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