News & Analysis as of

Data-Sharing Banking Sector

A&O Shearman

HM Treasury Post-Implementation Reviews on SME Credit Information and Finance Platforms Regulations

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Alongside the U.K government's Autumn Budget delivered on October 30, 2024, HM Treasury has published two post-implementation reviews relating to small- and medium-sized enterprise credit....more

Eversheds Sutherland (US) LLP

CFPB previews consumer data portability rule meant to accelerate US open banking adoption

On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued an advance notice of proposed rulemaking (ANPR) with respect to a new consumer financial data portability rule mandated by Section 1033 of the...more

Nutter McClennen & Fish LLP

Nutter Bank Report: October 2023

The federal banking agencies have jointly issued a final rule that will modify how examiners assess compliance with the Community Reinvestment Act (CRA). Among other changes to the CRA regulations announced on October 24, the...more

Brownstein Hyatt Farber Schreck

CFPB Proposes Long-Awaited Data Sharing Rule

On Oct. 19, 2023, the Consumer Financial Protection Bureau (CFPB) released a Notice of Proposed Rulemaking (NPRM) on Personal Financial Data Rights, which would change the way financial institutions hold and distribute...more

Jenner & Block

Client Alert: The CFPB’s New “Open Banking” Rule: Consumers and Competition Expected to Win Once Policies and Procedures Ironed...

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Last week, the Consumer Financial Protection Bureau issued its long-awaited proposed rule to implement Section 1033 of the 2010 Consumer Financial Protection Act, which has come to be known as the “open banking” provision...more

McGlinchey Stafford

[Webinar] Deep Dive into Privacy and Bank Partner Programs - March 22nd, 10:00 am PT

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The next installment in McGlinchey’s Deep Dive Series covering all things privacy is a webinar featuring attorneys from McGlinchey’s Financial Institutions Compliance team....more

Perkins Coie

Fintech Legal Report - September 2021 #2

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House Financial Services Committee Discusses Consumer Rights to Access Personal Financial Data - On September 21, 2021, the House Committee of Financial Services Task Force on Financial Technology held a hybrid hearing...more

Holland & Knight LLP

Federal Reserve Vice Chair Addresses Climate-Related Financial Risks

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Federal Reserve Board (FRB) Vice Chair for Supervision Randal K. Quarles, who also is chair of the Financial Stability Board (FSB), gave a speech on July 11, 2021, to the Venice International Conference on Climate Change,...more

Latham & Watkins LLP

A Path Forward for Open Banking

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As third-party access to consumer financial data expands, regulators balance innovation, customer choice, and data protection. Consumers’ rights to access and use their personal financial information has been a key focus of...more

BCLP

Have banks and financial service companies disclosed whether they “sell” personal information?

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Most have, but some have not. While the majority of banks and financial service companies (collectively “banks”) within the Fortune 500 affirmatively state that they do not sell personal information, a significant minority...more

Latham & Watkins LLP

Open Finance: The Next Frontier in Fintech?

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Call for input: Industry needs to engage as the FCA moves forward on its transformative vision for open finance. Imagine a world in which you could access your bank accounts, credit cards, mortgage, pensions, savings...more

Davis Wright Tremaine LLP

Open Banking, APIs, and Liability Issues

The concept of open banking has been around for much of the 21st century and has been instrumental in creating a host of new banking services. ...more

BCLP

Use of Alternative Data in Underwriting Receives ‘OK’ from Federal Regulators

BCLP on

On Tuesday, December 3, 2019, U.S. federal banking regulators issued an interagency statement supporting the evaluation of alternative data when assessing consumers’ creditworthiness. Recognizing that the use of alternative...more

Nutter McClennen & Fish LLP

Fintech in Brief: Interagency Statement on the Use of Alternative Data in Credit Underwriting

On December 3, 2019, the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and National Credit Union...more

Foley Hoag LLP - White Collar Law &...

U.S. Senate Considering Update to Federal Anti-Money Laundering System

A bipartisan group of Senators, with the support of the American Bankers Association, recently introduced bill S.2563, known as the ILLICIT Cash Act. The acronym “ILLICIT” stands for “Improving Laundering Laws and Increasing...more

BCLP

Open Banking: A Practical API Licensing Primer

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This post is the fourth and final in a series discussing Open Banking, its implementations, and its implications. In the United States, “open banking” does not yet mean that bank account and transaction data can be freely...more

K&L Gates LLP

Is Open Banking Coming to the United States?

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What is Open Banking? Open banking is a collaborative model in which banks and other similar regulated financial institutions are required to share their customers’ financial data with third parties upon the request of...more

BCLP

Open Banking: What are Open APIs?

BCLP on

This post is the second in a series discussing Open Banking, its implementations, and its implications. APIs or “Application Programming Interfaces” are everywhere in ecommerce, and they provide the building blocks in the...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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In January 2017, Alibaba co-founder Jack Ma was proudly promising to create 1 million jobs in America—a heady promise but one not unthinkable given Alibaba’s massive scale. Fast forward 20 months and a growing Sino-American...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - August 2018 #2

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TCM Bank, a subsidiary of ICBA Bancard Inc., notified some 10,000 credit card applicants in the past week that their names, addresses, dates of birth, and Social Security numbers were compromised between March 2017 and the...more

Robinson+Cole Data Privacy + Security Insider

Privacy Tip #151 – Can Banks Give or Sell My Information to Facebook or Other Social Media Platforms?

Many of our readers questioned me after the Wall Street Journal article this week entitled: “Facebook to Banks: Give Us Your Data, We’ll Give you Our Users.” The questions ranged from “Can they really do this?” to “This is...more

Ballard Spahr LLP

ABA comments on CFPB’s RFI on consumer access to financial information

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The American Bankers Association has submitted a comment letter in response to the CFPB’s request for information regarding consumer access to financial information. The ABA observes that while larger institutions have...more

Foley Hoag LLP - Security, Privacy and the...

Update on President Obama’s “Summit on Cybersecurity and Consumer Protection,” Part I

The first ever Summit on Cybersecurity and Consumer Protection was convened today at Stanford University, keynoted by President Obama. The purpose of the summit: to “bring[] together major stakeholders on consumer financial...more

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