CFPB, Federal Agencies, State Agencies, and Attorneys General
The Consumer Financial Protection Bureau (CFPB) has taken the next significant step toward revising its Section 1033 “open banking” regulation.
According to the Office of Information and Regulatory Affairs (OIRA), the CFPB has submitted a Notice of Proposed Rulemaking (NPRM) entitled Personal Financial Data Rights Reconsideration (Section 1033 of the Dodd-Frank Act) for review under Executive Order 12866.… Continue Reading
A newly launched academic institute is seeking to influence the future direction of consumer financial services regulation by promoting a policy framework centered on consumer choice, market competition, empirical research, and innovation. In the podcast we are releasing today on Consumer Finance Monitor, our host Alan Kaplinsky (founder, former chair for 25 years and now senior counsel) interviewed Professors Todd Zywicki of George Mason University Antonin Scalia Law School and Tom Miller of Mississippi State University about their newly created Institute for Consumer Financial Choice (ICFC), its mission, and its ambitious agenda.… Continue Reading
The House Financial Services Committee recently advanced legislation to modernize the Gramm-Leach-Bliley Act (GLBA), reflecting a continued shift toward more prescriptive data governance obligations for financial institutions. The proposal, titled the GUARD Financial Data Act, is paired with the SECURE Data Act and is intended to establish a national framework for consumer data privacy while updating GLBA’s longstanding notice-and-opt-out regime.… Continue Reading
In a surprise announcement, the CFPB has said it will issue a revised Section 1033 open banking rule rather than simply killing the Biden Administration rule.
“In light of recent events in the marketplace, the Bureau has now decided to initiate a new rulemaking to reconsider the Rule with a view to substantially revising it and providing a robust justification,” the administration said, in requesting a stay of a lawsuit filed by Forcht Bank and banking trade groups in the U.S.… Continue Reading
