The Consumer Bankers Association (“CBA”) recently published a letter it sent to the CFPB describing the information that banks typically use for identity verification and fraud prevention and addressing the impact of subjecting such information to the requirements of the Fair Credit Reporting Act (“FCRA”).
Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial services providers.
These bills are the following:
- H.R. 3299, “Protecting Consumers’ Access to Credit Act of 2017.
In addition to the numerous mortgage-related provisions in Senator Shelby’s regulatory reform bill entitled the “Financial Regulatory Improvement Act of 2015,” the bill contains a provision directed at the annual financial privacy notice required by the Gramm-Leach-Bliley Act (GLBA), which is implemented by Regulation P. In October 2014, a CFPB amendment to Regulation P became effective that allows financial institutions that meet certain requirements to deliver annual financial privacy notices to their customers using an alternative online delivery method.… Continue Reading
Nearly three years after identifying the Gramm-Leach-Bliley Act (GLBA) annual privacy notice requirement as a candidate for streamlining, the CFPB issued a final rule earlier this week to allow financial institutions that meet certain requirements to deliver such notices using an alternative online delivery method. The rule will be effective immediately upon its publication in the Federal Register.… Continue Reading
On September 24, 2013, the CFPB joined the CFTC, the SEC, the FTC, the NCUA, and the prudential bank regulatory agencies (the Federal Reserve, the OCC, and the FDIC) in the issuance of an Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults. The release exempts from the strictures of the financial privacy provisions of the Gramm-Leach-Bliley Act (GLBA) the reporting of suspected financial abuse of the elderly to appropriate state, local, and federal agencies.… Continue Reading