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The Federal Financial Institutions Examination Council (FFIEC) has issued new guidance on authentication and access titled, “Authentication and Access to Financial Institution Services and Systems” (Guidance.)  The Guidance is intended to provide financial institutions with examples of effective risk management principles and practices for access and authentication.

The Guidance contains risk management principles and practices that can support a financial institution’s authentication of (1) users accessing the financial institution’s information systems, including employees, board members, third parties, service accounts, application, and devices (collectively, users) and (2) business and consumer customers (collectively, customers) authorized to access digital banking services.  … Continue Reading

The CFPB has issued an Advance Notice of Proposed Rulemaking in connection with its rulemaking to implement Section 1033 of the Dodd-Frank Act.  Section 1033 requires consumer financial services providers to give consumers access to certain financial information.  Comments on the ANPR will be due no later than 90 days after the date the ANPR is published in the Federal Register.… Continue Reading

The CFPB has announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records.  The announcement was made concurrently with the Bureau’s release of a report summarizing its February 2020 symposium on this topic.

Section 1033 of the Dodd-Frank Act requires that “[s]ubject to rules prescribed by the Bureau, a covered person shall make available to a consumer, upon request, information in the control or possession of such person concerning the consumer financial product or service that the consumer obtained from such covered person, including information related  to any transaction, or series of transactions, to the account including costs, charges, and usage data.”  … Continue Reading

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 “are not intended as a statement of the Bureau’s future enforcement or supervisory priorities.” … Continue Reading

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 or through a third-party acting with the consumer’s permission. … Continue Reading

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 services to consumers who sold structured settlements to Access.… Continue Reading

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. … Continue Reading