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Consumer Financial Products Data-Sharing Consumer Financial Protection Bureau (CFPB)

Ballard Spahr LLP

CFPB states the Section 1033 Open Banking rule exceeds its authority

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In its motion for a summary judgment in a lawsuit challenging the regulation, the CFPB stated it has concluded that the Section 1033 Rule (Rule) exceeds the agency’s statutory authority to create an open banking system...more

Ballard Spahr LLP

CFPB issues new rule for recognizing open banking standards

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The CFPB has launched the process for independent standard-setting bodies to receive formal recognition, as part of its efforts to shift towards open banking in the United States....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

Orrick, Herrington & Sutcliffe LLP

CFPB and NLRB to share info on employer-driven debt practices and illegal surveillance

On March 7, the CFPB and the National Labor Relations Board (NLRB) entered into an information sharing agreement to create a formal partnership for addressing unlawful practices involving employer surveillance and employer...more

Ballard Spahr LLP

CFPB Symposium on Consumer Access to Financial Records

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On February 26, 2020, the CFPB held a symposium on Consumer Access to Financial Records and Section 1033 of the Dodd-Frank Act. ...more

Ballard Spahr LLP

OIG report looks at CFPB internal sharing of complaint data

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The Office of Inspector General for the CFPB (and the Fed) recently issued a report on its evaluation of the Office of Consumer Response’s sharing of complaint data within the CFPB. ...more

Ballard Spahr LLP

Department of Defense Proposes Data Sharing Arrangement with Department of Education to Identify Service Members Eligible for 0%...

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A Federal Register entry published last week details a proposed data-sharing arrangement between the Department of Defense (DoD) and the Department of Education (DoE) designed to reduce the amount of interest that certain...more

Goodwin

CFPB Seeks Public Comment to Proposed Rule Reforming No-Action Letter Policy

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On December 13, 2018, the CFPB published a proposed rule, seeking public comment regarding a change to its policy on No-Action Letters, as well as a new feature called the “Product Sandbox,” a rule change that was initially...more

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