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Financial Services Industry Consumer Financial Protection Bureau (CFPB) Transparency

Ballard Spahr LLP

CFPB Releases Gold Science Standard Report

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The CFPB recently released a Report on Actions Taken to Implement Gold Standard Science that addresses steps the CFPB has taken and plans to take to implement the May 2025 Executive Order entitled “Restoring Gold Standard...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

Troutman Pepper Locke

The CFPB Issues Revised Sandbox and No-Action Letter Policies

Troutman Pepper Locke on

Earlier this month, the Consumer Financial Protection Bureau (CFPB or Bureau) issued new policy statements regarding its Compliance Assistance Sandbox (CAS) and No-Action Letters (NAL) programs. ...more

Goodwin

CFPB Increases Oversight of Credit Card Practices

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In December 2024, the Consumer Financial Protection Bureau (Bureau) rolled out a series of important measures aimed at addressing potential misconduct in the credit card industry, improving consumer protections, and promoting...more

Cozen O'Connor

CFPB Issues Proposed Financial Data Transparency Standards

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The CFPB, along with other federal financial regulators, issued proposed Financial Data Transparency Act Joint Data Standards (“proposed rule”) to establish data standards for certain collections of information submitted to...more

Venable LLP

What the CFPB’s Supreme Court Victory Means for Financial Institutions

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Until recently, the most popular topic of discussion in the financial services world has been the outcome of the Supreme Court case CFPB v. Community Financial Services Association of America, regarding the constitutionality...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFPB Applies Adverse Action Notification Requirement to Artificial Intelligence Models

As technology continues to advance, regulators are increasingly addressing the fair lending implications of artificial intelligence (AI), even though comprehensive rules governing AI have yet to be promulgated. Notably, the...more

Cozen O'Connor

FTC, CFPB, and California Crack Down on Hidden Fees

Cozen O'Connor on

The FTC proposed a new rule aimed at ensuring greater transparency for consumers regarding mandatory fees, also referred to as “junk fees.” Under this proposal, businesses would be required to incorporate all mandatory fees...more

Brownstein Hyatt Farber Schreck

GOP Moves Forward on Bill to Force CFPB Transparency

On April 26, the House Financial Services Committee held a markup of 15 bills, including H.R. 2798, the CFPB Transparency and Accountability Reform Act, sponsored by Rep. Andy Barr (R-KY). The bill includes provisions from...more

BCLP

CFPB Director Chopra’s Emerging Vision - Supervision Focus & Potential Rule Makings

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Last month CFPB Director Rohit Chopra sat down with The Washington Post’s economist columnist Heather Long in an unusual but enlightening conversation published by the Washington Post Live. In this article, we highlight what...more

Bradley Arant Boult Cummings LLP

CFPB Approves Synchrony’s “Dual-Feature Credit Card”

On December 30, 2020, the CFPB approved Synchrony Bank’s application to offer a “dual-feature credit card” (DFCC) under the CFPB’s Compliance Assistance Sandbox (CAS) policy. According to Synchrony’s application, the DFCC...more

Morrison & Foerster LLP

CFPB California Style: The California Consumer Financial Protection Law Brings More Providers Of Consumer Financial Products And...

On August 31, 2020, the California legislature passed the California Consumer Financial Protection Law (CCFPL). The law reflects Governor Newsom’s vision of a much more powerful banking agency with new registration authority,...more

Goodwin

Financial Services Weekly Roundup: OCC Finalizes New CRA Rule; Regulators Continue To Provide COVID-19-related Relief

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In This Issue. The Office of the Comptroller of the Currency (OCC) finalized a rule to strengthen and modernize regulations under the Community Reinvestment Act; the Securities and Exchange Commission (SEC) voted to adopt...more

Ballard Spahr LLP

CFPB Updates TRID Rule FAQs to Address Providing a Loan Estimate to Consumers

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The CFPB recently updated the TRID rule FAQs to address questions about providing a Loan Estimate to consumers. The FAQs mostly confirm guidance previously provided by the CFPB in various forms. ...more

Morgan Lewis

CFPB Offers Up a More Transparent CID Process

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The Consumer Financial Protection Bureau (CFPB) recently advised that it has significantly changed its Civil Investigative Demand (CID) process to increase transparency and to better permit targets and subjects to understand...more

Ballard Spahr LLP

CFPB issues Summer 2018 Supervisory Highlights

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The CFPB’s newly-released Summer 2018 edition of Supervisory Highlights represents the CFPB’s first Supervisory Highlights report covering supervisory activities conducted under Acting Director Mick Mulvaney’s leadership. ...more

Ballard Spahr LLP

House to hold June 6 hearing on CFPB

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On June 6, 2018, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing entitled “Improving Transparency and Accountability at the Bureau of Consumer Financial...more

Ballard Spahr LLP

Democratic state AGs comment on CFPB CID process

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A group of 16 Democratic state attorneys general have sent a letter to the CFPB in response to its Request for Information Regarding Bureau Civil Investigative Demands and Associated Processes. ...more

Morrison & Foerster LLP

CFPB Makes FinTech Headlines

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The Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) made headlines in FinTech on October 24, 2016. First, the Bureau released its first-ever Project Catalyst report on promoting consumer-friendly innovation...more

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