News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Consent

Goodwin

CFPB Dismisses Deposit Account Lawsuit Against National Retailer and Fintech Company

Goodwin on

The Consumer Financial Protection Bureau voluntarily dismissed its lawsuit with prejudice against a major retailer and a fintech company in the District of Minnesota....more

Troutman Pepper Locke

CFPB Abandons Credit Card Late Fee Rule

Troutman Pepper Locke on

The Consumer Financial Protection Bureau (CFPB or Bureau) agreed to vacate its controversial credit card late fee rule in a joint motion for entry of consent judgment filed in Chamber of Commerce of the United States of...more

McGlinchey Stafford

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

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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

Mitratech Holdings, Inc

Common Background Screening Mistakes

Did you know that 94% of companies perform background checks? Of those, almost all are criminal record checks, fingerprinting, and verifications. But is that the right approach? And with so many people doing them, it should...more

Sheppard Mullin Richter & Hampton LLP

CFPB Takes Aim at Data Brokers: Proposed Rule Tightens Consumer Privacy Protections

On December 3, the CFPB announced a proposed rule to enhance oversight of data brokers that handle consumers’ sensitive personal and financial information. The proposed rule would amend Regulation V, which implements the Fair...more

Goodwin

CFPB Advises Employers to Comply With the FCRA When Using AI-Powered Employee Monitoring Reports

Goodwin on

According to a recent policy statement issued by the Consumer Financial Protection Bureau (the CFPB), employers that purchase or use certain reports generated about current or prospective employees—including those using...more

Husch Blackwell LLP

Open Banking Is Here: An Overview of Section 1033 of the Dodd-Frank Act

Husch Blackwell LLP on

In a move that has been a long time in the making, the Consumer Financial Protection Bureau (CFPB) has finalized its comprehensive open banking rule. The rule implements Section 1033 of the Dodd-Frank Act and grants consumers...more

Goodwin

CFPB Issues Guidance Emphasizing the Importance for Banks to Maintain Sufficient Proof of Customers’ Affirmative Consent to...

Goodwin on

In recent discussions surrounding banking practices, the issue of overdraft fees, particularly for ATM and one-time debit card transactions, has gained significant attention....more

Orrick, Herrington & Sutcliffe LLP

CFPB warns against collecting on overdraft services without explicit consumer consent

On September 17, the CFPB published a circular clarifying that banks and credit unions can violate the EFTA and Regulation E if they cannot prove that consumers agreed to be enrolled in overdraft services before being charged...more

Venable LLP

California Privacy Protection Agency Warns Businesses Against “Dark Patterns” and Urges “Symmetry in Choice”

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Not to be left behind by other regulators, the California Privacy Protection Agency (CPPA) recently issued an enforcement advisory on “dark patterns” in the context of the notice and consent required under the California...more

Ballard Spahr LLP

CFPB Reminds Financial Institutions to Retain Records of Affirmative Consent for Overdraft Opt-in

Ballard Spahr LLP on

On September 17, 2024, the CFPB issued Consumer Financial Protection Circular 2024-05 on improper overdraft practices. The circular reminded financial institutions of their obligation to retain records that prove the consumer...more

Venable LLP

Ninth Circuit Upholds Dismissal of Autorenewal Lawsuit, Finds Disclosure, Consent, and Acknowledgment Sufficient

Venable LLP on

In January, the Ninth Circuit agreed with a California district court's finding that a software company's autorenewal practices did not violate California's autorenewal law. The decision reflects a win for companies offering...more

Venable LLP

Is Your New Year’s Resolution to Comply with Automatic Renewal Laws? If So, Look No Further

Venable LLP on

The law surrounding negative option and continuity programs continues to evolve rapidly. Feeling a bit overwhelmed with the latest developments? Below is what you need to know in light of new laws, new enforcement actions,...more

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