News & Analysis as of

Data Collection Proposed Rules Consumer Financial Protection Bureau (CFPB)

Orrick, Herrington & Sutcliffe LLP

CFPB requests comment on its consumer complaint intake form

On May 22, the CFPB published a notice in the Federal Register requesting comments on the extension of the Consumer Complaint Intake System Company Portal Boarding Form. The Dodd-Frank Act requires the CFPB to facilitate the...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...

Husch Blackwell LLP on

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

Foley & Lardner LLP

Consumer Financial Protection Bureau Proposes Rule to Regulate Data Brokers Under Fair Credit Reporting Act

Foley & Lardner LLP on

The Consumer Financial Protection Bureau (CFPB) today announced a proposed new rule that all data brokers be regulated under the 1970 Fair Credit Reporting Act (FCRA), a federal law that protects the use and privacy of credit...more

Moore & Van Allen PLLC

CFPB Finalizes Personal Financial Data Rights Rule 1033

Moore & Van Allen PLLC on

On October 22, 2024, the Consumer Financial Protection Bureau (the “CFPB”) finalized its personal financial data rights rule (“The Final 1033 Rule” or the “Final Rule”) that would require data providers to make available to...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

NCLC Asks CFPB to Consider Residential Leases as Credit for Specific Purposes

Ballard Spahr LLP on

The National Consumer Law Center is asking the CFPB, by way of a petition, for rulemaking that is long on policy arguments but woefully short on legal support, as we note below, to define residential leases as “credit” under...more

Ballard Spahr LLP

Chopra Delivers Testimony to Congress on Semi-Annual Report

Ballard Spahr LLP on

On June 4, 2024, the CFPB issued its Semi-Annual Report to Congress covering the period beginning April 1, 2023 and ending September 30, 2023. On June 12, 2024, CFPB Director Chopra appeared before the Senate Banking...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 22: Data Sharing and the 1033 Rule: An Industry Perspective with Ramon Gomez

Ramon Gomez — Managing Director, Regulatory Affairs at JPMorgan Chase — joins RegFi cohosts Jerry Buckley and Sasha Leonhardt for a conversation about Section 1033 of the Dodd-Frank Act and its implications for consumer data...more

Jaburg Wilk

CFPB Proposes Rule Granting Consumers Greater Access to and Control Over Their Financial Data

Jaburg Wilk on

On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) unveiled a proposed rule to implement Section 1033 of the Dodd-Frank Act. This section mandates that entities subject to it should provide consumers access...more

Cadwalader, Wickersham & Taft LLP

The CFPB's Personal Data Financial Rights Proposed Rule, Part 1

On Thursday, October 19, 2023, the Consumer Financial Protection Bureau (“CFPB”) released a proposed rule addressing “personal data financial rights”, as we reported last week that they would be doing later in October. The...more

McGlinchey Stafford

CFPB Proposes Expanded FCRA Reach – Will It Grab Your Business?

McGlinchey Stafford on

At a recent White House Roundtable, the Consumer Financial Protection Bureau’s (CFPB) Director, Rohit Chopra, announced that the bureau will promulgate new rules in September that will broaden the categories of...more

Perkins Coie

CFPB Announces Decision To Launch Rulemaking Targeting Data Brokers

Perkins Coie on

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

Ballard Spahr LLP

CFPB announces plans to propose rule regulating data brokers under the FCRA

Ballard Spahr LLP on

In remarks delivered yesterday at a roundtable convened by the White House on protecting Americans from harmful data broker practices, CFPB Director Chopra announced that the CFPB plans to propose a rule under the Fair Credit...more

Troutman Pepper Locke

CFPB’s Data Access Rulemaking ‎Process: A Heads-Up to Covered Data Providers

Troutman Pepper Locke on

On October 27, 2022, the Consumer Financial Protection Bureau (“CFPB”) began the process needed to implement a much anticipated rule regarding section 1033 of the Dodd-Frank Act by releasing an outline providing initial...more

Moritt Hock & Hamroff LLP

Q&A On Preparing Now For 1071 – Brett Garver Answers Key Questions, Notes Heavier Burden On Smaller Lenders

Amid concerns about Section 1071’s potential impact on the secured lending and equipment finance industries, Brett Garver answers key questions about the new requirements and their implementation timeline. He is a partner...more

Miles & Stockbridge P.C.

Comments Are In: CFPB Proposed Rule for Small Business Lending Data Collection Under the Equal Credit Opportunity Act

As we reported last year, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), among other things, required the Consumer Financial Protection Bureau (CFPB) to adopt regulations governing the...more

Eversheds Sutherland (US) LLP

CFPB Gears Up to Advance Financial Inclusion Agenda with Proposed Rule Requiring Annual Reports on Small Business Credit...

On September 1, 2021, the CFPB issued a proposed rule that would add a new subpart to Regulation B, which implements the federal Equal Credit Opportunity Act (ECOA). The rule would implement Section 1071 of the Dodd-Frank Act...more

Adams & Reese

Commercial lenders: Are you ready to start providing data on small business lending to the CFPB?

Adams & Reese on

Over the past year and a half, the CFPB has been quietly taking steps toward implementing regulations around collecting data from commercial lenders regarding commercial loans. Those efforts culminated on September 1, 2021,...more

Ballard Spahr LLP

CFPB releases Section 1071 SBREFA outline

Ballard Spahr LLP on

The CFPB has taken a significant step towards issuing regulations to implement Section 1071 of the Dodd-Frank Act by releasing an outline of the proposals it is considering in preparation for convening a small business...more

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