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Data Security Consumer Financial Protection Bureau (CFPB) FinTech

Hudson Cook, LLP

Consumer Financial Services Bites of the Month - June 2025

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In this month's article, we share some of our top "bites" covered during the June 2025 webinar....more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 55: Implementing the 1033 Rule: SSOs, APIs and Data Security

Jane Barratt, Financial Data Exchange (FDX) co-board chair, joins RegFi co-hosts Jerry Buckley and Sasha Leonhardt to share the role FDX will play as the first standard setting organization (SSO) approved by the CFPB pursuant...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

Clark Hill PLC

CFPB Approves FDX Application With Conditions to Foster Transparency and Open Banking

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The Consumer Financial Protection Bureau (CFPB) has approved the Financial Data Exchange’s (FDX) application to serve as a standard-setting body under the final rule for Personal Financial Data Rights, (“open banking”)...more

Sheppard Mullin Richter & Hampton LLP

CFPB Proposes Interpretive Rule on Emerging Payment Mechanisms Under EFTA

On January 2, 2025, the Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule under the Electronic Fund Transfer Act (EFTA) and Regulation E to clarify how emerging payment systems, such as those used in...more

Cooley LLP

CFPB Explores Options for Bringing Digital Payments Providers Under Privacy and Payments Laws

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On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) initiated rulemaking processes to examine and create a framework regarding data privacy and consumer protections in the digital payments industry. In a...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

Goodwin

Money20/20 Zeros in on AI, Open Banking, and Payment Innovation

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The end of October marked the conclusion of another successful year of Money20/20, the premier event for the payments, banking, fintech, and financial services industries. If you missed the conference, fear not. Below is a...more

Wilson Sonsini Goodrich & Rosati

U.S. Privacy Predictions: What to Watch for in 2024

2023 was one of the busiest years for privacy yet—with more to come in 2024. Five new U.S. state privacy laws (in Texas, Florida, Oregon, Montana, and Washington) will come into effect in 2024. And federal and state...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 3, Issue 8, November 2023

FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Report Data Security Breaches - “Amendment will require non-bank financial institutions to report when they discover that information affecting...more

Seward & Kissel LLP

Open Banking is Coming to America

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On October 27, 2022, the Consumer Financial Protection Bureau (“CFPB”) announced a new regulatory framework (“Framework”) governing “Personal Financial Data Rights,” or, by another name, “open banking.” Conceptually, open...more

Wiley Rein LLP

Crypto and Web3 Under Consumer Protection Scrutiny

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In the world of crypto and Web3, a great deal of attention has focused on who is responsible for regulation and any sector-specific regulations that would follow: Are tokens securities, commodities, currencies, or something...more

Buchalter

CFPB Uses UDAAP Oversight Authority to Focus on Digital Marketers

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Continuing a recent trend, the CFPB has asserted that its oversight authority regarding unfair, deceptive, and abusive practices (UDAAP) to assert that certain digital marketers, including what it refers to as “Big Tech,”...more

Wiley Rein LLP

Wiley Consumer Protection Download (August 29, 2022)

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FTC Launches Long-Anticipated Trade Regulation Rulemaking on ‘Commercial Surveillance’ and Data Security. On August 11, the FTC issued an Advance Notice of Proposed Rulemaking (ANPR), titled “Trade Regulation Rule on...more

Orrick, Herrington & Sutcliffe LLP

What Fintech and Digital Marketing Companies Need to Know Now About the CFPB’s Expanding Jurisdiction

The Consumer Financial Protection Bureau (CFPB) recently made two announcements that (1) asserted jurisdiction over a larger group of nonbank “service providers,” (2) clarified that lax security standards are subject to...more

Perkins Coie

Fintech Legal Report - August 2022

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CFPB Warns Firms on Information Security Weaknesses - On August 11, 2022, the Consumer Financial Protection Bureau (CFPB) released a circular confirming that financial companies can violate consumer financial protection...more

Perkins Coie

Fintech Week in Review - June 2021 #2

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A buy-now pay-later company faces a potential class action alleging it hid the risk of overdraft and NSF fees from its users. Leaders of the CFPB’s Fair Lending Office published an article encouraging the use of special...more

Hudson Cook, LLP

Ask and You Shall Receive: CFPB Issues ANPR on Consumer-Permissioned Access to Financial Records

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Financial institutions and fintech firms increasingly access consumer financial data and provide services to consumers using data from various financial accounts. This includes programs that assist consumers in managing...more

White & Case LLP

CFPB Seeks Comments on Highly Anticipated Consumer Access to Financial Information Rulemaking

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The Bureau of Consumer Financial Protection (CFPB or Bureau) has formally commenced its long-awaited rulemaking process to implement section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank...more

White & Case LLP

Consumer financial services: The road ahead: Payment processing

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The CFPB continued to be active in the consumer payments space in 2018, while the Federal Reserve and market participants considered the future of payment processing, including the development of faster payment systems....more

Mintz Edge

FinTech Companies Face Big Privacy Challenges in 2016

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According to the FBI, “there are only two types of companies: those that have been hacked and those that will be.” It does not take an actual data breach, however, for a company to be liable for its data security practices. ...more

Morrison & Foerster LLP

Financial Services Report, Summer 2016

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

Goodwin

CFPB Steps Up Scrutiny of FinTech Companies

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On March 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will begin collecting complaints from consumers about online marketplace lenders, signaling its intention to increasingly regulate the...more

K&L Gates LLP

A New Cyber Regulator on the Beat: The CFPB Issues its First Cybersecurity Order and Fine

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On March 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) instituted its first data security enforcement action, in the form of a consent order against online payment platform Dwolla, Inc....more

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