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Consumer Financial Protection Bureau (CFPB) Personal Data

Troutman Pepper Locke

CFPB Section 1033 Open Banking Rule Stayed as CFPB Initiates New Rulemaking

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In a significant turn of events, the Consumer Financial Protection Bureau (CFPB or Bureau) has decided to initiate a new rulemaking process concerning its final rule on personal financial data rights under Section 1033 of the...more

Orrick, Herrington & Sutcliffe LLP

District court grants partial expedited discovery in case regarding sharing records with DOGE

On February 27, the U.S. District Court for the District of Columbia ruled that unions can depose DOGE in a case brought by a large labor union network, a think tank and two nonprofits against the Department of Labor (DOL),...more

McGuireWoods LLP

CFPB Explores the Need for Greater Financial Privacy

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On January 10, 2025, in the waning days of the Biden Administration, the Consumer Financial Protection Bureau issued a Request for Information Regarding the Collection, Use, and Monetization of Consumer Payment and Other...more

Katten Muchin Rosenman LLP

Privacy, Data and Cybersecurity Quick Clicks | Issue 25

Katten's Privacy, Data and Cybersecurity Quick Clicks is a monthly newsletter highlighting the latest news and legal developments involving privacy, data and cybersecurity issues across the globe....more

WilmerHale

CFPB Report Signals Shift to State-Level Enforcement

WilmerHale on

On January 14, 2025, the Consumer Financial Protection Bureau (CFPB) issued a report titled Strengthening State-Level Consumer Protections (the Report) as the agency prepares for the change in presidential administrations. ...more

Katten Muchin Rosenman LLP

CFPB Issues Order for Financial Data Exchange to Issue Standards under CFPB's Personal Financial Data Rights Rule

On January 8, 2025, the Consumer Financial Protection Bureau (CFPB) issued an order recognizing Financial Data Exchange, Inc. (FDX) as a standard-setting body under the CFPB’s Personal Financial Data Rights rule. The order of...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues first application approval for company to issue standards for open banking

On January 8, the CFPB issued an order recognizing a company as a standard-setting body under its Personal Financial Data Rights rule, marking the first such recognition since the rule’s October 2024 release. The rule...more

Troutman Pepper Locke

CFPB Approves Financial Data Exchange as Open Banking Standard Setter

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On January 8, the Consumer Financial Protection Bureau (CFPB) officially recognized Financial Data Exchange, Inc. (FDX) as the first standard-setting body under the Personal Financial Data Rights promulgated rule under...more

Parker Poe Adams & Bernstein LLP

Consumer Financial Protection Bureau Expresses Concerns About Use of Worker Profiling Data

Most consumers are aware that their personal data is collected, compiled, analyzed, and sold to third parties for marketing and other purposes. Many employees may not know of similar data collection practices relating to...more

Nutter McClennen & Fish LLP

Nutter Bank Report: October 2024

The CFPB has approved a final rule that requires banks and certain other financial services providers to share a consumer’s personal financial data with another provider at the consumer’s request. The CFPB’s Personal...more

Latham & Watkins LLP

CFPB Finalizes Open Banking Rule

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The rule aims to reduce market concentration by guaranteeing consumer access to personal financial data, but faces strident criticism and immediate legal challenge....more

Sheppard Mullin Richter & Hampton LLP

CFPB Finalizes Personal Financial Data Rights Rule

On October 22, the CFPB announced the finalization of its Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act. The rule aims to bring the U.S. closer to an “open banking” framework by making it easier...more

Sheppard Mullin Richter & Hampton LLP

CFPB Warns Employers Regarding FCRA Rules for AI-Driven Worker Surveillance

On October 24, the CFPB issued Circular 2024-06, which warns companies using third-party consumer reports, particularly surveillance-based “black box” or AI algorithmic scores, that they must follow the Fair Credit Reporting...more

Orrick, Herrington & Sutcliffe LLP

CFPB’s Chopra discusses privacy concerns and floats FCRA proposal

On September 19, CFPB Director Rohit Chopra delivered prepared remarks highlighting national security concerns related to the abuse and misuse of personal data. As previously covered by InfoBytes, Chopra emphasized President...more

Venable LLP

Federal Agencies Increase Focus on Pricing Enforcement

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Last month, the Federal Trade Commission (FTC) and U.S. Department of Justice (DOJ) jointly hosted a public meeting of the interagency “Strike Force on Unfair and Illegal Business Practices.” The meeting was a continuation of...more

Paul Hastings LLP

CFPB Rules Expected Soon on Chatbots

Paul Hastings LLP on

The Biden administration announced this week that it expects to release guidance in the future regarding the use of chatbots on company websites. As part of the “Time is Money” initiative to improve and streamline consumer...more

Wiley Rein LLP

Wiley Consumer Protection Download (June 18, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Ballard Spahr LLP

CFPB report on banking in video games and virtual worlds

Ballard Spahr LLP on

On April 4, 2024, the CFPB issued a report examining the growth of financial transactions in online video games and virtual worlds. The report, titled “Banking in Video Games and Virtual Worlds,” highlights the growth and...more

Sheppard Mullin Richter & Hampton LLP

CFPB Announces Potential FCRA Expansion Targeting Brokers of Consumer Data

On April 2, at an event at the White House on Data Protection and National Security, CFPB Director Rohit Chopra’s articulated potential changes to the data security regulation landscape and noted that the Bureau is...more

Hudson Cook, LLP

CFPB Bites of the Month - March 2024 - Here Comes the Sun and the CFPB

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In this month's article, we share some of our top "bites" covered during the March 2024 webinar. Bite 10: CFPB Issues Statement on Privacy and Personal Data - On February 28, 2024, the CFPB issued a statement on...more

Jones Day

Executive Order Limits Sale or Transfer of Personal Data to Certain Countries

Jones Day on

The U.S. Government has identified the exploitation of Americans' bulk sensitive personal data and U.S. government-related data by "countries of concern" as posing a national security risk....more

Orrick, Herrington & Sutcliffe LLP

White House orders DOJ and CFPB to better protect citizens’ sensitive personal data

On March 1, the White House released Executive Order 14117 (E.O.) titled “Preventing Access to Americans’ Bulk Sensitive Personal Data and United States Government-Related Data by Countries of Concern” to issue safeguards...more

Holland & Knight LLP

FTC Hosts Artificial Intelligence Technology Summit

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The Federal Trade Commission (FTC) held a virtual FTC Tech Summit focused on artificial intelligence (AI) and AI's impact on competition and consumers on Jan. 25, 2024. The half-day event featured a diverse set of speakers...more

Troutman Pepper Locke

FTC's Sensitive Location Privacy Collection and Sale Expectations: Insights From Data Broker Settlements (and 10 Action Items to...

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Following several years of investigating the common practices in the space, the Federal Trade Commission (FTC) reached its first settlement with a data broker over the alleged collection and sale of location information that...more

Goodwin

CFPB Personal Financial Data Rights Proposal: What Are Your Obligations?

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On October 17, 2023, the Consumer Financial Protection Bureau (CFPB) published a long-awaited notice of proposed rulemaking for its Proposed Financial Data Rights Rule, implementing Section 1033 of the Dodd-Frank Act....more

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