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Data Collection Data Management Financial Services Industry

Ballard Spahr LLP

Community Groups File Lawsuit Seeking to Force CFPB to Implement the Section 1071 Rule

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The saga of the CFPB’s section 1071 small business data collection and reporting rule continues. Rise Economy, fka California Reinvestment Coalition (Rise), the National Reinvestment Coalition (NCRC), the Main Street Alliance...more

Ankura

Navigating the Data Revolution: A CFO's Blueprint for Organic Growth in the AI Era

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In today's business landscape, what propelled your organization to its current position will likely prove insufficient for tomorrow's challenges and opportunities. As leaders in the Office of the CFO, we have observed...more

Husch Blackwell LLP

CFPB's Proposed Data Broker Rule: A Sweeping Rewrite of the Fair Credit Reporting Act Regulations That Will Be Left to New CFPB...

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On December 3, 2024, the Consumer Financial Protection Bureau (CFPB) published its highly anticipated notice of proposed rulemaking (NPRM) that would regulate data brokers and the sale of Americans’ personal and financial...more

Ballard Spahr LLP

Financial Regulators Propose Standards to Promote Interoperability of Data

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On August 2, 2024, the CFPB, the OCC, the Federal Reserve Board, the FDIC, the NCUA, the FHFA, the CFTC, the SEC and the Treasury Department proposed a joint rule intended to establish standards to promote the ability of each...more

Ballard Spahr LLP

CFPB Announces Availability of HMDA Filing Platform for 2023 Data

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The CFPB recently announced that the platform for the submission of Home Mortgage Disclosure Act (HMDA) data collected in 2023 is now available for the submission of the data. The platform may be accessed here. HMDA data for...more

Thomas Fox - Compliance Evangelist

Bank of America Enforcement Action and Using Data Analytics

Data analytics has become an essential tool in the field of compliance and risk management. It allows compliance officers to assess the effectiveness of their programs and identify potential risks before they escalate into...more

Perkins Coie

CFPB Announces Decision To Launch Rulemaking Targeting Data Brokers

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Following a related request for information (RFI) earlier this year, the Consumer Financial Protection Bureau (CFPB) announced on August 15, 2023, its intention to launch rulemaking targeting data brokers. This rulemaking...more

Cadwalader, Wickersham & Taft LLP

CFPB Seeks Comments Regarding the Collection and Sale of Consumer Information by Data Brokers

Earlier this month, the CFPB issued a press release and a Request for Information (“RFI”) that is focused upon whether the CFPB should promulgate additional rules implementing the Fair Credit Reporting Act....more

Cadwalader, Wickersham & Taft LLP

CFPB Imposes Several New Duties on Big Data Brokers

The Consumer Financial Protection Bureau (“CFPB”) has issued several statements affecting the credit reporting industry in the last few months, including one on medical debts and one on auto financing, while at the same time...more

Wiley Rein LLP

Wiley Consumer Protection Download (September 2020)

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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

Morgan Lewis - Tech & Sourcing

Open Banking – Update for 2020

In December 2019, we published a blog post introducing open banking; here, we provide an update for 2020. To briefly summarize, open banking comprises a set of rules which permit third-party providers (TPPs) of financial...more

Bricker Graydon LLP

B2B lenders: What you need to know about the CCPA amendments

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Recently, the California Assembly passed a number of amendments to the California Consumer Privacy Act (CCPA), which reduces the requirements for B2B lenders operating with customers located in California. ...more

Seyfarth Shaw LLP

CCPA Amendments – What did California Actually Do?

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The rush for California to get all of the “rules of the road” ready for next year has seemed to cause a bit of confusion with California’s privacy law. Draft regulations were published the same day the Governor signed into...more

Carlton Fields

Are Banks and Other Lenders Subject to the CCPA?

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California’s new privacy statute imposes a number of new requirements on businesses that touch the personal information of California consumers. Its reach includes banks and financial services companies....more

Ballard Spahr LLP

CFPB gives boost to use of alternative data and machine learning

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A new CFPB blog post titled “An update on credit access and the Bureau’s first No-Action Letter” provides a boost to lenders using alternative data and machine learning in their underwriting models....more

Ballard Spahr LLP

CFPB files answer in lawsuit challenging delay in Section 1071 implementation

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The CFPB has filed an answer in the lawsuit filed in May 2019 in a California federal district court by the California Reinvestment Coalition, the National Association for Latino Community Asset Builders, and two individual...more

Hogan Lovells

Dutch DPA: Banks May Not Use Payment Data for Marketing Purposes

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In the wake of a recent announcement by a major Dutch bank that it would start providing its customers with personalized advertisements based on their spending patterns, the Dutch Data Protection Authority (DPA) has sent a...more

Ballard Spahr LLP

Petition filed with FTC seeking investigation of use of “secret surveillance scoring”

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The Consumer Education Foundation, a California-based nonprofit consumer advocacy organization, has filed a petition with the FTC asking it to investigate the use of “secret surveillance scores” in the U.S. marketplace....more

Herbert Smith Freehills Kramer

Artificial Intelligence in Financial Services: Tips for Risk Management

Technology is rapidly changing the way investment advisers deliver services to their clients. Funds are now using a range of technology solutions, from advanced trading algorithms to artificial intelligence and machine...more

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