CFPB, Federal Agencies, State Agencies, and Attorneys General
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…
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…
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…
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…
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…
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…
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…
