News & Analysis as of

Data Collection Banks Financial Institutions

Alston & Bird

Financial Institutions Permitted to Use Third Parties to Collect Customers’ Taxpayer Identification Numbers for Identity...

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Our Financial Services and White Collar, Government & Internal Investigations Teams examine the Financial Crimes Enforcement Network’s new customer identification program (CIP) exemption that allows banks and credit unions to...more

McGlinchey Stafford

FinCEN Order Allows Banks to Collect Taxpayer Information from Third Parties

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In a significant move, on June 27, 2025 the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order granting banks and their subsidiaries an exemption from the Customer Identification...more

Morrison & Foerster LLP

No Full TIN, No Problem: FinCEN Approves of TIN Verification Through a Third Party

On June 27, 2025, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order (Order) allowing banks,[1] and their subsidiaries, subject to the jurisdiction of the Office of the Comptroller...more

GeoDataVision

Why Do Federal Bank Regulators Create a Commercial Monopoly on Key Benchmark Data?

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Ever since the 1995 CRA rule was published bank regulators have mandated certain “community” and “market” benchmarks as the basis for rating bank performance under the CRA regulations. Most of that data is in the public...more

Hudson Cook, LLP

State Watch: Consumer Protection Enforcement Update - May the Force of Law Be with You

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Attorney General James sued a national bank and its holding company for the bank's alleged practices relating to its offering of online savings accounts. Specifically, the AG claims that the bank offered a "high interest"...more

Orrick, Herrington & Sutcliffe LLP

Banking groups appeal court’s summary judgment of Section 1071 rule

On October 23, a group of banking organizations filed a notice of appeal in the U.S. District Court for the Southern District of Texas seeking to challenge a decision impacting the CFPB’s Section 1071 rule. The plaintiffs now...more

Nutter McClennen & Fish LLP

Nutter Bank Report: August 2024

CFPB Issues Filing Instructions Guide for Small Business Lending Data - The CFPB has published instructions for banks and other covered financial institutions to submit small business lending data that is required to be...more

Ballard Spahr LLP

FDIC Seeking Comments on Including Uninsured Deposit Data on Call Reports

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The FDIC board on July 30 agreed to request information on deposit data that currently is not reported in the Federal Financial Institutions Examination Council’s Call Reports—including data on uninsured deposits....more

Mayer Brown

Facilitating Data Sharing in Open Finance - New Central Bank Resolution

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In October of this year, the Central Bank of Brazil announced an important measure to simplify the consent renewal process within the field of Open Finance. Joint Resolution No. 7/2023—which will amend certain articles of...more

Troutman Pepper Locke

Credit Union Trade Associations Move to Intervene in Case Challenging CFPB’s Enforcement of its Section 1071 Rule

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On August 10, two credit union trade associations — Credit Union National Association (CUNA) and Cornerstone Credit Union League — and Rally Credit Union (collectively, Proposed Intervenors) filed an Unopposed Emergency...more

Womble Bond Dickinson

Is Google Really the Borg?

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Now, I would never be mistaken for a Trekker, but there are some lines from the series that everyone of a certain age knows and this is one of them. As a veteran of the mobile payment wars, I quickly learned the bête noire...more

BCLP

Do most banks and financial service companies take the position that the use of third party behavioral advertising cookies is, or...

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Almost all banks and financial institutions that utilize third party behavioral advertising cookies have taken the position that the collection of information utilizing such cookies on their websites does not constitute a...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

Ballard Spahr LLP

CFPB sending HMDA warning letters

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The CFPB announced that it is issuing warning letters to 44 mortgage lenders and mortgage brokers stating that it “has information that appears to show that your company may not be in compliance with certain provisions of the...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - The CFPB Publishes Final Rule for Prepaid Accounts - On October 5, 2016, the Consumer Financial Protection Bureau (the "CFPB") finalized comprehensive consumer protections for...more

Akerman LLP - Health Law Rx

“My, what beautiful eyes you have . . .” – Biometric Data and Privacy

Biometric data – obviously not in just the movies anymore. It is alive, well, and increasingly being used in our everyday society. But, on September 23, 2015, when the Office of Personnel Management revealed that fingerprint...more

Bilzin Sumberg

Banks Get Big Win in Challenge to New York Ordinance

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Many big cities in the United States responded to the fallout from the 2008 financial crisis by passing local laws which pressure banks to invest more in low-income neighborhoods. Between 2010 and 2013, cities such as New...more

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