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Financial Regulatory Reform Consumer Privacy Rights Consumer Financial Protection Bureau (CFPB)

Troutman Pepper Locke

CFPB Withdraws Proposed FCRA Data Broker Rule

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Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed its decision to withdraw the proposed rule titled “Protecting Americans from Harmful Data Broker Practices (Regulation V)” in the Federal Register....more

Ballard Spahr LLP

Senate adopts CRA resolution to nullify rule subjecting large cash apps to bureau supervision

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Using the Congressional Review Act, the Senate has voted to nullify a CFPB final rule that would subject large cash apps to the bureau’s supervision....more

Orrick, Herrington & Sutcliffe LLP

Rep. Waters requests information on consumer protection compliance from financial organizations

On February 26, Rep. Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, sent a letter addressed to the presidents and chief executive officers of two financial industry trade organizations. The...more

Orrick, Herrington & Sutcliffe LLP

Congressional letter expresses concern over DOGE, Musk influence, and CFPB work stoppage

On February 11, 189 congressional Democrats sent a letter to Acting Director Russell Vought of the CFPB and Treasury Secretary Scott Bessent expressing concerns regarding the involvement of DOGE at the CFPB and the orders to...more

Orrick, Herrington & Sutcliffe LLP

Will State-Level Consumer Protection Activity Increase Amid CFPB Shakeup?

On Saturday, February 1, Rohit Chopra was dismissed as Director of the Consumer Financial Protection Bureau (CFPB), with Secretary Scott Bessent appointed as Acting Director that same day. The following weekend, Office of...more

Ballard Spahr LLP

Financial Services trade groups call on CFPB to abandon its data broker proposed rule

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Seventeen financial services trade groups are calling on the CFPB to abandon its plan to amend rules under the Fair Credit Reporting Act (FCRA) to vastly expand the scope of the FCRA by redefining what a “consumer report” is...more

Mayer Brown

FCRA in Focus

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Join us for a new episode of Financial Services Focus with partner Eric Mitzenmacher and associate Kerri Webb, as they discuss the CFPB's recently proposed FCRA rulemaking, which, if finalized as proposed, would affect the...more

Venable LLP

CFPB Seeks Public Input on Privacy and Data Practices in Consumer Finance

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The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) to gather insights on how companies offering financial products and services collect, use, and monetize consumer payment and personal...more

Ballard Spahr LLP

CFPB proposes rule to ban consumer contract terms bureau says limit ‘fundamental freedom’

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The CFPB has published a proposed rule that would ban companies from using contract clauses that the bureau said limit fundamental freedom, including those that waive a consumer’s legal rights and fine print that suppresses...more

Troutman Pepper Locke

CFPB Issues a Roadmap for States Days Before Trump Takes Office

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As the Consumer Financial Protection Bureau (CFPB or Bureau) anticipates a shift in its leadership with the incoming administration of President Trump, the Bureau has released a report titled “Strengthening State-Level...more

Alston & Bird

CFPB Approves Financial Data Exchange to Set Standards for 1033

Alston & Bird on

What Happened? Last week the CFPB issued an Order recognizing the Financial Data Exchange, Inc. (“FDX”) as the first standard setting body (“SSO”) under the CFPB’s Personal Financial Data Rights Rule (the “Rule”).  The Rule...more

Ballard Spahr LLP

CFPB issues medical debt rule; regulation immediately challenged in federal court

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The CFPB has issued its  final rule that will prohibit the inclusion of medical debts in credit reports lenders use to make credit decisions and that will also generally prohibit lenders from using medical debt information in...more

Cozen O'Connor

CFPB Finalizes Rule to Limit Impact of Medical Debt on Credit Reporting

Cozen O'Connor on

The CFPB has finalized a rule amending regulations under the Fair Credit Reporting Act to address the use and reporting of medical information in credit decisions. The Prohibition on Creditors and Consumer Reporting Agencies...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

Ballard Spahr LLP

CFPB Issues Proposed Rule Offering Consumers Greater Access to and Control Over Their Financial Data

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On October 19, 2023, the Consumer Financial Protection Board (“CFPB”) released a proposed rule that, if enacted, would grant consumers greater access rights to the data their financial institutions hold. Under the proposed...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

Ballard Spahr LLP

CFPB Finalizes Off-Balanced Approach to Public Disclosure of HMDA Data

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As previously reported, in September 2017 the CFPB proposed policy guidance regarding what application-level Home Mortgage Disclosure Act (HMDA) data would be disclosed to the public based on the significant expansion to the...more

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