News & Analysis as of

Data Security Consumer Financial Protection Bureau (CFPB)

Orrick, Herrington & Sutcliffe LLP

OIG makes seven recommendations for CFPB following major incident

On May 5, the OIG for the Fed authored a report with several recommendations for the CFPB following a major security incident regarding confidential supervisory information (CSI). The OIG issued four findings with seven...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 55: Implementing the 1033 Rule: SSOs, APIs and Data Security

Jane Barratt, Financial Data Exchange (FDX) co-board chair, joins RegFi co-hosts Jerry Buckley and Sasha Leonhardt to share the role FDX will play as the first standard setting organization (SSO) approved by the CFPB pursuant...more

Orrick, Herrington & Sutcliffe LLP

Managing Fraud Risk in Consumer Wires

As anticipated, 2025 is already shaping up to be a busy year in consumer financial services, with a federal district court expanding the application of a strict consumer protection law to wire transfers. The potential for a...more

McGlinchey Stafford

The Next Wave of Open Banking: New Rules on Personal Financial Data Rights

McGlinchey Stafford on

A rapid transformation in consumer finance is being brought about by open banking—a pivotal innovation that allows consumers to give third parties real-time access to their detailed financial data. Open banking has the...more

Orrick, Herrington & Sutcliffe LLP

CFPB reportedly cancels $100M+ in vendor contracts, including IT and cybersecurity

On February 11, the CFPB reportedly canceled more than $100 million in vendor contracts as part of a cost-cutting initiative by its new leadership. The cuts include 102 contracts related to the enforcement division, 33...more

Orrick, Herrington & Sutcliffe LLP

CFPB’s union raises concerns over security and alleged misuse of sensitive information

On February 7, the union representing CFPB employees published a notice expressing concerns regarding the recent addition of certain DOGE employees to the CFPB’s email directory and their presence in offices. ...more

Paul Hastings LLP

The New Administration’s Privacy and Security Updates

Paul Hastings LLP on

Two weeks into a new presidential administration, action from the White House and new leadership at federal agencies is starting to have an impact on privacy and security issues. It is not uncommon for new administrations to...more

Troutman Pepper Locke

CFPB Updates List of Consumer Reporting Companies for 2025

Troutman Pepper Locke on

On January 30, the Consumer Financial Protection Bureau (CFPB or Bureau) released its updated list of consumer reporting companies for 2025. The list includes nationwide consumer reporting companies as well as several other...more

Orrick, Herrington & Sutcliffe LLP

CFPB requests information on data protection

On January 15, the CFPB published to the Federal Register a Request for Information (RFI) on the collection, use, sharing and protection of consumer payment and personal financial data by companies offering financial products...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

Wiley Rein LLP

What Just Happened at the FTC and CFPB: Wiley Consumer Protection Download (January 24, 2025)

Wiley Rein LLP on

In the two weeks before Inauguration, both the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) released a flurry of rulemaking developments, policy announcements, and enforcement filings and...more

Clark Hill PLC

CFPB Approves FDX Application With Conditions to Foster Transparency and Open Banking

Clark Hill PLC on

The Consumer Financial Protection Bureau (CFPB) has approved the Financial Data Exchange’s (FDX) application to serve as a standard-setting body under the final rule for Personal Financial Data Rights, (“open banking”)...more

Venable LLP

The Biden/Chopra CFPB's 2025 Guidance Compendium: A Last Gasp or Lasting Legacy?

Venable LLP on

On the eve of a change in administration, the Biden/Chopra CFPB released a "Compendium of Recent CFPB Guidance," a sweeping collection of interpretations of federal consumer financial laws under the current leadership...more

Sheppard Mullin Richter & Hampton LLP

CFPB Proposes Interpretive Rule on Emerging Payment Mechanisms Under EFTA

On January 2, 2025, the Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule under the Electronic Fund Transfer Act (EFTA) and Regulation E to clarify how emerging payment systems, such as those used in...more

Cooley LLP

CFPB Explores Options for Bringing Digital Payments Providers Under Privacy and Payments Laws

Cooley LLP on

On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) initiated rulemaking processes to examine and create a framework regarding data privacy and consumer protections in the digital payments industry. In a...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

Troutman Pepper Locke

Federal Court Allows FCRA Claim to Proceed Over Alleged Unauthorized Credit Pulls

Troutman Pepper Locke on

Recently, the Eastern District of Kentucky denied a motion to dismiss under the Fair Credit Reporting Act (FCRA) after finding the plaintiffs alleged sufficient facts to support a reasonable inference that credit reports were...more

Cozen O'Connor

Technology and Data at the Forefront of 2024 NAAG Capital Forum

Cozen O'Connor on

Between December 9 and 11, 2024, the National Association of Attorneys General (NAAG) held its annual Capital Forum in Washington, D.C. State AGs, AGs-elect, AG office staff, and private sector attendees heard from federal...more

Blank Rome LLP

The BR Privacy & Security Download: December 2024

Blank Rome LLP on

Welcome to this month’s issue of The BR Privacy & Security Download, the digital newsletter of Blank Rome’s Privacy, Security, & Data Protection practice. ...more

Robinson+Cole Data Privacy + Security Insider

CFPB Issues Proposed Rule to Restrict Data Brokers’ Use of Data

The Consumer Financial Protection Bureau (CFPB) announced this week that it intends to increase the scrutiny on data brokers to better protect service members, law enforcement officials, domestic violence victims, senior...more

Foley & Lardner LLP

Office of the Comptroller of the Currency Updates “Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or...

Foley & Lardner LLP on

Financial institutions that are regulated and supervised by the Office of the Comptroller of the Currency (OCC) should know that the OCC has recently updated its booklet on Unfair or Deceptive Acts or Practices (UDAP) and...more

Goodwin

Money20/20 Zeros in on AI, Open Banking, and Payment Innovation

Goodwin on

The end of October marked the conclusion of another successful year of Money20/20, the premier event for the payments, banking, fintech, and financial services industries. If you missed the conference, fear not. Below is a...more

Orrick, Herrington & Sutcliffe LLP

OIG releases 2024 audit of the Fed’s information security program

On October 31, OIG for the Fed and the CFPB released its 2024 Audit of the Board’s Information Security Program. The audit found that the Board’s information security program continues to operate at a level-4 (managed and...more

Cooley LLP

CFPB Asserts State Consumer Privacy Laws Do Not Sufficiently Protect Consumer Financial Data

Cooley LLP on

The Consumer Financial Protection Bureau (CFPB) published a report on November 12, 2024, examining state and federal privacy protections for consumer financial data....more

Blank Rome LLP

The BR Privacy & Security Download: November 2024

Blank Rome LLP on

Welcome to this month’s issue of The BR Privacy & Security Download, the digital newsletter of Blank Rome’s Privacy, Security, & Data Protection practice....more

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