On October 22, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final rule implementing Section 1033 of the Dodd-Frank Act (the “Final Rule” or the “Open Banking Rule”), granting consumers greater access rights to the data their financial institutions hold. Although there are some differences, the Final Rule largely tracks the Proposed Rule announced by the CFPB last year on October 19, 2023, with the largest concession coming in the form of the extended effective date.… Continue Reading
data aggregator
Fourth Circuit Rules Communications Decency Act Did Not Protect Data Aggregator From FCRA Liability
By William P. Reiley on
Posted in Fair Credit, Litigation and Court Decisions
The Fourth Circuit Court of Appeals in Henderson v. Source For Pub. Data, L.P., No. 21-1678, 2022 U.S. App. LEXIS 30534 (4th Cir. Nov. 3, 2022) found that the protections of Section 230 of the Communications Decency Act did not extend to a public data aggregation company. The ruling reversed the district court’s order dismissing all claims in a putative class action alleging Fair Credit Reporting Act (“FCRA”) violations against the data aggregator, PublicData.com… Continue Reading
Trade groups petition CFPB to adopt larger participant rule for data aggregators
By John L. Culhane, Jr. on
Posted in CFPB, Regulatory and Enforcement
Eight national trade groups have filed a petition with the CFPB that urges the Bureau to engage in rulemaking to define larger participants in the market for data aggregation services. The trade groups are the American Bankers Association, Consumer Bankers Association, Credit Union National Association, Housing Policy Counsel, Independent Community Bankers of America, National Association of Federally Insured Credit Unions, National Bankers Association, and Clearing House Association. … Continue Reading