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Data Privacy Financial Regulatory Reform Consumer Financial Protection Bureau (CFPB)

Orrick, Herrington & Sutcliffe LLP

CFPB indicates its Section 1033 rule should be set aside in filing

On May 23, the U.S. District Court for the Eastern District of Kentucky received a status report from the defendants, the CFPB and Russell Vought, stating that the Bureau has determined the Section 1033 rule to be unlawful...more

Orrick, Herrington & Sutcliffe LLP

CFPB nominee McKernan testifies at nomination hearing

On February 27, Jonathan McKernan, President Trump’s nominee for Director of the CFPB, testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. Mr. McKernan stated in his prepared remarks that the...more

DLA Piper

Digital Transformation: eSignature and ePayment News and Trends - January/February 2025

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Today’s ever-shifting business environment means that consumers, businesses, employers, and employees all expect to transact digitally. To remain efficient and competitive, companies must digitally transform their businesses....more

McGlinchey Stafford

CFPB’s Open Banking Rules: Dead on Arrival or Alive and Well?

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The Consumer Financial Protection Bureau (CFPB) finalized its long-awaited Personal Financial Data Rights rules under Section 1033 of the Dodd-Frank Act, marking a significant milestone in the regulation of...more

Orrick, Herrington & Sutcliffe LLP

Congressional letter expresses concern over DOGE, Musk influence, and CFPB work stoppage

On February 11, 189 congressional Democrats sent a letter to Acting Director Russell Vought of the CFPB and Treasury Secretary Scott Bessent expressing concerns regarding the involvement of DOGE at the CFPB and the orders to...more

Orrick, Herrington & Sutcliffe LLP

Will State-Level Consumer Protection Activity Increase Amid CFPB Shakeup?

On Saturday, February 1, Rohit Chopra was dismissed as Director of the Consumer Financial Protection Bureau (CFPB), with Secretary Scott Bessent appointed as Acting Director that same day. The following weekend, Office of...more

Ballard Spahr LLP

Financial Services trade groups call on CFPB to abandon its data broker proposed rule

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Seventeen financial services trade groups are calling on the CFPB to abandon its plan to amend rules under the Fair Credit Reporting Act (FCRA) to vastly expand the scope of the FCRA by redefining what a “consumer report” is...more

Stinson LLP

The Trump Administration Signals Significant Changes to CFPB's January 2025 Initiatives

Stinson LLP on

Many have been left wondering whether there will be material changes by the Trump administration to the recently released proposed and final rules, policy statements and requests for public comments on various initiatives by...more

Mayer Brown

FCRA in Focus

Mayer Brown on

Join us for a new episode of Financial Services Focus with partner Eric Mitzenmacher and associate Kerri Webb, as they discuss the CFPB's recently proposed FCRA rulemaking, which, if finalized as proposed, would affect the...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – January 2025 # 3

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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

Venable LLP

CFPB Seeks Public Input on Privacy and Data Practices in Consumer Finance

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The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) to gather insights on how companies offering financial products and services collect, use, and monetize consumer payment and personal...more

Troutman Pepper Locke

CFPB Issues a Roadmap for States Days Before Trump Takes Office

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As the Consumer Financial Protection Bureau (CFPB or Bureau) anticipates a shift in its leadership with the incoming administration of President Trump, the Bureau has released a report titled “Strengthening State-Level...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – January 2025 # 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

Alston & Bird

CFPB Approves Financial Data Exchange to Set Standards for 1033

Alston & Bird on

What Happened? Last week the CFPB issued an Order recognizing the Financial Data Exchange, Inc. (“FDX”) as the first standard setting body (“SSO”) under the CFPB’s Personal Financial Data Rights Rule (the “Rule”).  The Rule...more

Morrison & Foerster LLP

Open Banking Update: CFPB Recognizes First Open Banking Standard-Setting Body

On January 8, 2025, the Consumer Financial Protection Bureau (CFPB) issued a decision and order approving the application of Financial Data Exchange, Inc. (FDX) for recognition as a standard-setting body (SSB) under the...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues first application approval for company to issue standards for open banking

On January 8, the CFPB issued an order recognizing a company as a standard-setting body under its Personal Financial Data Rights rule, marking the first such recognition since the rule’s October 2024 release. The rule...more

Ballard Spahr LLP

CFPB issues medical debt rule; regulation immediately challenged in federal court

Ballard Spahr LLP on

The CFPB has issued its  final rule that will prohibit the inclusion of medical debts in credit reports lenders use to make credit decisions and that will also generally prohibit lenders from using medical debt information in...more

Cozen O'Connor

CFPB Finalizes Rule to Limit Impact of Medical Debt on Credit Reporting

Cozen O'Connor on

The CFPB has finalized a rule amending regulations under the Fair Credit Reporting Act to address the use and reporting of medical information in credit decisions. The Prohibition on Creditors and Consumer Reporting Agencies...more

Troutman Pepper Locke

CFPB Approves Financial Data Exchange as Open Banking Standard Setter

Troutman Pepper Locke on

On January 8, the Consumer Financial Protection Bureau (CFPB) officially recognized Financial Data Exchange, Inc. (FDX) as the first standard-setting body under the Personal Financial Data Rights promulgated rule under...more

McGlinchey Stafford

[Webinar] Deep Dives Presents: Open Banking - January 15th, 10:00 am PT

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Join McGlinchey’s Deep Dives series for an in-depth exploration of open banking, a transformative trend reshaping financial services. This webinar will discuss the opportunities, challenges, and regulatory considerations of...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFPB Releases Final ‘Open Banking’ Rule on Personal Financial Data Rights

On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule (Rule) on personal financial data rights under Section 1033 of the Dodd-Frank Act. The Rule imposes significant new obligations on...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 27: The Evolving Data Security Environment for Financial Services Providers

Data is the lifeblood of the financial system, making cybersecurity threats a critical economic and national security risk. During this episode, RegFi cohosts Jerry Buckley, Sherry Safchuk and Sasha Leonhardt explore the...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - November 2023

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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

Troutman Pepper Locke

CFPB Launches Rulemaking to "Jumpstart" Open Banking

Troutman Pepper Locke on

On October 19, the Consumer Financial Protection Bureau (CFPB) issued its highly anticipated notice of proposed rulemaking under Section 1033 of the Consumer Financial Protection Act of 2010 (CFPA). The proposed Personal...more

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