News & Analysis as of

Data Security Dodd-Frank Wall Street Reform and Consumer Protection Act

Husch Blackwell LLP

Federal Trade Commission Amends GLBA’s Safeguards Rule

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Key Point: The Federal Trade Commission (FTC) has amended the Safeguards Rule to require non-banking financial institutions to inform the FTC within 30 days of discovering any unauthorized acquisition of unencrypted customer...more

White & Case LLP

CFPB Proposes Controversial Personal Financial Data Rights Rule

White & Case LLP on

On October 19, the Consumer Financial Protection Bureau (the "CFPB") proposed the long-anticipated "Personal Financial Data Rights Rule" (the "Proposed Rule"), which would govern access for consumers and data aggregators to...more

Wiley Rein LLP

Wiley Consumer Protection Download (October 17, 2022)

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Regulatory Announcements- FTC Announces Agenda for October 2022 Open Commission Meeting. On October 13, the FTC announced the agenda for its October 20, 2022 Open Commission Meeting. Specifically, the agency announced that...more

Husch Blackwell LLP

Chopra’s Views On Data Security Could Impact Implementation Of Section 1033

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Keypoint: As leadership at the CFPB shifts, responses to the CFPB’s Notice of Proposed Rulemaking to implement Section 1033 of the Dodd Frank Act looms. More than a decade ago, the Dodd Frank Act created the Consumer...more

Cozen O'Connor

Google Faces 2 Antitrust Suits | “Made In USA” Glue Isn’t | Mortgage-Backed Securities Settlement

Cozen O'Connor on

Antitrust- Google Is in the Crosshairs of Two Multistate Antitrust Suits- •Two groups of AGs filed antitrust lawsuits against Google LLC (“Google”). •A group of seven Republican AGs, led by Texas AG Ken Paxton, sued...more

Hudson Cook, LLP

Ask and You Shall Receive: CFPB Issues ANPR on Consumer-Permissioned Access to Financial Records

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Financial institutions and fintech firms increasingly access consumer financial data and provide services to consumers using data from various financial accounts. This includes programs that assist consumers in managing...more

Bradley Arant Boult Cummings LLP

CFPB Issues Advanced Notice of Proposed Rulemaking on Section 1033 for Consumer-Authorized Access to Financial Data

On October 22, 2020, the CFPB issued an advance notice of proposed rulemaking (ANPR) soliciting comments on implementation of Section 1033 of the Dodd-Frank Act. As outlined in the ANPR, Section 1033 will require consumer...more

White & Case LLP

CFPB Seeks Comments on Highly Anticipated Consumer Access to Financial Information Rulemaking

White & Case LLP on

The Bureau of Consumer Financial Protection (CFPB or Bureau) has formally commenced its long-awaited rulemaking process to implement section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank...more

Manatt, Phelps & Phillips, LLP

CFPB Announces Rulemaking on Consumer Access to Financial Records

Will consumers gain better-defined insights into their own financial records? Yes, says the Consumer Financial Protection Bureau (CFPB or Bureau), which issued an advance notice of proposed rulemaking (ANPR) concerning...more

Fox Rothschild LLP

U.S. Consumer Financial Protection Bureau Seeks Input On Consumer Access To Financial Records

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The U.S. Consumer Financial Protection Bureau (CFPB) is issuing an Advanced Notice of Proposed Rulemaking to solicit comments and information that will assist the development of proposed regulations under Section 1033 of the...more

Ballard Spahr LLP

FTC Holds Workshop on Data Portability

Ballard Spahr LLP on

On September 22nd, the Federal Trade Commission (FTC) hosted an event, “Data To Go: An FTC Workshop on Data Portability,” to examine the potential benefits and challenges to consumers and competition raised by data...more

Ballard Spahr LLP

Senate Banking Committee Probes Mulvaney’s Leadership at the CFPB

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On April 12, 2018, Mick Mulvaney, the Acting Director of the Consumer Financial Protection Bureau (Bureau) testified before the Senate Committee on Banking, Housing, and Urban Affairs regarding the Bureau’s Semi-Annual Report...more

Akin Gump Strauss Hauer & Feld LLP

Trump Administration: 2017 Recap and 2018 Outlook

On January 20, 2017, businessman Donald J. Trump was sworn in as the 45th President of the United States following a contentious and unconventional 2016 presidential election. Republicans also successfully maintained control...more

Epiq

How the Trump Administration May Affect the Legal Landscape

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President Trump campaigned on reversing many Obama-era policies, and he is making good on his promises. The uncertainty of which major regulatory changes are in the pipeline is certainly keeping the legal community on its...more

Bradley Arant Boult Cummings LLP

Parallel Universe or Coincidence: The CFPB’s New Data Consumer Protection Principles’ Relationship to GDPR

On October 18, 2017, the Consumer Financial Protection Bureau (CFPB) outlined nine non-binding Consumer Protection Principles (the Principles) for the access and sharing of consumer information between third-party companies....more

Proskauer - Whistleblower Defense

S.D. Fla. Refuses To Dismiss SOX and Dodd-Frank Whistleblower Claims

The Southern District of Florida recently denied a Rule 12(b)(6) motion to dismiss a former employee’s Sarbanes-Oxley and Dodd-Frank whistleblower retaliation claims, finding that the plaintiff sufficiently alleged that she...more

Ballard Spahr LLP

ABA Critical of HMDA Rule in Comments to Treasury Secretary

Ballard Spahr LLP on

Based on the President’s executive order 13772 on The Core Principles for Regulating the United States Financial System, the American Bankers Association (ABA) submitted a white paper to Treasury Secretary Mnuchin that...more

Nutter McClennen & Fish LLP

Nutter Bank Report, April 2017

CFPB Delays the Effective Date of New Prepaid Accounts Rule - The CFPB adopted a final rule on April 20 that delays the general effective date of its rule governing prepaid accounts by six months. The rule will now take...more

Alston & Bird

The Digital Download - Alston & Bird’s Privacy & Data Security Newsletter – November 2016

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Updates on the EU: German DPA Publishes First Privacy Shield Guidelines, Requires German-Law Contracts for Transfers. On June 7, 2016, the European Commission adopted the EU-U.S. Privacy Shield. One question that many...more

WilmerHale

The CFPB and Data Security Enforcement

WilmerHale on

The Consumer Financial Protection Bureau (CFPB) announced its intention to act as a data security regulator by releasing its first unfair, deceptive or abusive acts or practices (UDAAP) enforcement action for allegedly...more

Goodwin

CFPB Steps Up Scrutiny of FinTech Companies

Goodwin on

On March 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will begin collecting complaints from consumers about online marketplace lenders, signaling its intention to increasingly regulate the...more

Stinson LLP

Recent Data Security Enforcement Action Marks Ever Expanding CFPB Authority

Stinson LLP on

On March 2, 2016, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against online payment system company Dwolla, Inc. for allegedly deceiving consumers about its data security practices. This...more

K&L Gates LLP

A New Cyber Regulator on the Beat: The CFPB Issues its First Cybersecurity Order and Fine

K&L Gates LLP on

On March 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) instituted its first data security enforcement action, in the form of a consent order against online payment platform Dwolla, Inc....more

Orrick, Herrington & Sutcliffe LLP

CFPB Jumps Into Cyber Enforcement Pool

In a much anticipated move, on March 2, 2016, the Consumer Financial Protection Bureau (CFPB) entered the cybersecurity foray with its first enforcement action against Dwolla, Inc., an online payment processing start-up. ...more

Holland & Knight LLP

CFPB Expands UDAAP Jurisdiction in First Foray into Data Security Enforcement

Holland & Knight LLP on

The Consumer Financial Protection Bureau (CFPB) announced that it has entered into a consent order with online payment platform Dwolla Inc., alleging that Dwolla made false representations to consumers relating to its data...more

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