News & Analysis as of

Biden Administration Rulemaking Process Consumer Financial Protection Bureau (CFPB)

Ballard Spahr LLP

Reversing course, CFPB says it will issue revised open banking rule

Ballard Spahr LLP on

In a surprise announcement, the CFPB has said it will issue a revised Section 1033 open banking rule rather than simply killing the Biden Administration rule....more

Holland & Knight LLP

CFPB to Conduct Comprehensive Review of Previously Issued Guidance Documents

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The CFPB will begin the process of discontinuing regulatory "guidance" and instead enforce the Administrative Procedure Act's rulemaking process. In a pair of internal memos circulated to all divisions and offices within the...more

Kilpatrick

CFPB Signals Significant Changes to Small Business Lending Rule: New Section 1071 Rulemaking Forthcoming

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The Consumer Financial Protection Bureau (CFPB or Bureau) recently announced that it plans to revisit – and potentially revise – its controversial small business data collection rule implementing Section 1071 of the...more

Davis Wright Tremaine LLP

New Administration Outlook: What Does the CFPB "Freeze" Mean for Regulations and Pending Litigation? - Update

Treasury Secretary Scott Bessent, the then-acting director of the Consumer Financial Protection Bureau (CFPB), emailed staff on February 3 directing employees to cease all rulemaking activities, delay the implementation of...more

Holland & Knight LLP

CFPB Plans to Reopen Section 1071 Small Business Lending Rule

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The Consumer Financial Protection Bureau (CFPB) has revealed its intention to make changes to the small business loan data collection and reporting rule (1071 Rule) in light of continued opposition from financial institutions...more

Ballard Spahr LLP

American Bankers Association, state affiliates ask Trump to halt regulatory actions pending a review

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In a letter to President-Elect Donald Trump, the American Bankers Association and its 52 affiliates are calling for a halt to all regulatory actions affecting banks and an extension of all effective dates for final...more

Ballard Spahr LLP

CFPB issues Fall Regulatory Agenda

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The CFPB has issued a list of regulatory matters under consideration between now and October, 2025, although many of the regulatory initiatives face an uncertain future once the Trump Administration takes office....more

Ballard Spahr LLP

Republican leaders of House Financial Services Committee tell CFPB to stop issuing final rules

Ballard Spahr LLP on

The current and incoming Republican leaders of the House Financial Services Committee have asked financial regulators, including the CFPB, to stop “finalizing partisan rulemaking” over the next several weeks....more

Ballard Spahr LLP

Sen. Scott: CFPB ignoring call to pause rulemaking until Trump takes office

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Senate Banking Committee ranking Republican Sen. Tim Scott, R-S.C. said on December 11 that unlike several other regulators, the CFPB is ignoring his call to pause rulemaking until the Trump Administration takes office....more

Venable LLP

CFPB to Tackle Customer Service, Chatbots

Venable LLP on

The CFPB is expected to initiate a rulemaking process that would require companies under its jurisdiction to let customers talk to a human by pressing a single button. The CFPB also has plans to issue rules or guidance...more

Fisher Phillips

White House Takes Aim at Inefficient Business Practices Through “Time Is Money” Initiative: 5 Things Employers Should Do

Fisher Phillips on

The Biden Administration wants to crack down on corporate practices that it believes waste consumers’ time and money through excessive paperwork, long wait times, and other aggravations – and you’ll want to take note so you...more

Ballard Spahr LLP

CFPB to Issue Proposal to Make It Easier for Consumers to Reach ‘Real Person’ When Seeking Assistance

Ballard Spahr LLP on

Many financial services providers would be required to allow consumers seeking assistance to be connected to a “real person” by clicking on one button, under a new Biden Administration “Time is Money” initiative....more

Venable LLP

Executive Order to Prevent Access to Americans' Bulk Sensitive Personal Data and Government-Related Data by Countries of Concern

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On February 28, 2024, the Biden Administration issued Executive Order (EO) 13873, focused on restricting certain transactions involving Americans' personal data, as well as sensitive government data, to specific countries....more

WilmerHale

Biden Executive Order to Protect Americans’ Sensitive Personal Data and Related Rulemaking Could Impose Significant Restrictions...

WilmerHale on

On February 28, 2024, President Biden signed Executive Order 14117, “Preventing Access to Americans’ Bulk Sensitive Personal Data and U.S. Government-Related Data by Countries of Concern” (the EO), under the authority of the...more

Ballard Spahr LLP

CFPB’s credit card late fee final rule and overdraft and NSF fee proposed rulemaking expected prior to President Biden’s March 7th...

Ballard Spahr LLP on

Speaker of the House Mike Johnson (R-LA) has invited President Joe Biden to give his State of the Union address to a Joint Session of Congress on Thursday, March 7, 2024. The invitation was immediately accepted by President...more

Ballard Spahr LLP

Michael Guerrero Presents at ABA Consumer Financial Services Committee Meeting on CFPB Rulemaking and Non-Rulemaking Efforts...

Ballard Spahr LLP on

On January 9th, Michael Guerrero, Partner in Ballard Spahr’s Consumer Financial Services Group, presented at a program titled “Has the CFPB Offered Simpler Rules of the Road? Successes and Challenges with the CFPB’s...more

Sheppard Mullin Richter & Hampton LLP

President Biden Vetoes Congressional Review Act Disapproval of CFPB’s Small Business Lending Data Collection Rule

On December 19, President Biden vetoed the joint resolution (S. J. Res. 32) the US Senate and House of Representatives passed under the Congressional Review Act that would have repealed the CFPB’s small business data...more

Hinshaw & Culbertson - Consumer Financial...

CFPB Provides an Update on its Long Awaited and Highly Anticipated Financial Data Rights Rule

Whether your company is a new fintech or a traditional financial institution with deep roots, you should be taking notice of the Consumer Financial Protection Bureau's (CFPB) October 27, 2022 announcement concerning Section...more

Troutman Pepper Locke

Biden Issues First Executive Order Directing Federal Agencies to Establish New Standards to Promote Safe and Secure Use of AI

Troutman Pepper Locke on

On October 30, President Biden issued a sweeping Executive Order calling on Congress to enact privacy laws and directing federal agencies to review existing rules and potentially explore new rulemakings governing the use of...more

Goodwin

The CFPB Proposal to Remove Medical Debt from Credit Report

Goodwin on

​​​​​​​The Consumer Financial Protection Bureau (CFPB) is moving forward with a rulemaking proposal to change the process of reporting medical debt on consumer credit reports. Specifically, the rulemaking proposal the Bureau...more

Akin Gump Strauss Hauer & Feld LLP

Akin Intelligence - September 2023

Welcome to the September edition of Akin Intelligence. As the U.S. Congress reconvenes after the August recess, we continue to see bipartisan interest in artificial intelligence (AI) regulation. In the executive branch,...more

Venable LLP

FTC Issues New Rulemaking Proceedings on Customer Reviews and “Junk Fees”

Venable LLP on

​​​​​​​Last week at its monthly open meeting, the Federal Trade Commission (FTC) unveiled two new rulemaking proceedings: the first deals with deceptive customer reviews and endorsements and the second with so-called junk...more

Adams & Reese

Payment Service Providers’ Valuable Data is Getting More Regulatory Attention

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The ways consumers make payments, including the data and technology associated with those payments, is becoming an increased focus of regulators. Financial institutions should carefully and thoroughly consider the recent...more

Perkins Coie

Fintech Week in Review - January 2021 #3

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Federal Regulation Actions Frozen Pending Review from New Administration - On January 20, 2021, newly inaugurated President Joe Biden issued a memorandum to the Heads of Executive Departments and Agencies asking current...more

Hudson Cook, LLP

FTC Commissioner Rohit Chopra to be Named CFPB Director - A Strong Consumer Advocate and Aggressive Law Enforcer

Hudson Cook, LLP on

This week, we learned that President-elect Biden intends to nominate FTC Commissioner Rohit Chopra to serve as the Director of the Consumer Financial Protection Bureau. Chopra is a smart, articulate, and strong consumer...more

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