The CFPB has released a set of “Consumer Protection Principles” for participants “in the developing market for services based on the consumer-authorized use of financial data.” According to the CFPB, the principles “do not themselves establish binding requirements or obligations relevant to the Bureau’s exercise of its rulemaking, supervisory, or enforcement authority” and
access
House members urge CFPB to facilitate use of API technology for consumer access to personal financial information
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
In November 2016, the CFPB issued a request for information about market practices related to consumer access to financial information. The RFI contained a series of questions about current market practice related to “consumer-permissioned access,” a term used by the CFPB to refer to consumer access to consumer financial account and account-related information, whether directly…
CFPB files lawsuit against structured settlement purchaser
By Barbara S. Mishkin on
Posted in CFPB Enforcement, Regulatory and Enforcement
The CFPB has filed a lawsuit in a Maryland federal district court against: (1) Access Funding, LLC (Access), a limited liability company that purchases structured settlements from consumers; (2) Access’ managing member limited liability company and Access’ successor limited liability company; (3) three individual principals of Access; and (4) an attorney who allegedly provided advisory…
CFPB issues request for information on consumer access to financial information
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
In conjunction with its field hearing yesterday on consumer access to financial information, the CFPB has issued a request for information (RFI) about market practices related to such access. Comments in response to the RFI must be filed no later than 90 days after it is published in the Federal Register. The CFPB states that…