Data Privacy

The Consumer Financial Protection Bureau recognized Financial Data Exchange as the first standard-setting body to be tasked with establishing data privacy requirements under the bureau’s final rule on personal financial data rights under Sec. 1033 of the Dodd-Frank Act. Read on »

The Senate Committee on Banking, Housing, and Urban Affairs heard testimony from Consumer Financial Protection Bureau Director Rohit Chopra in a hearing titled, “Consumer Protection: Protecting workers’ money and fighting for the dignity of work.” With the Trump administration expected to replace Chopra, the hearing may have been his last as head of the agency. Read on »

Flagstar Bancorp settled allegations brought by the Securities and Exchange Commission asserting the bank made materially misleading statements regarding a cybersecurity attack on its network in late 2021 in an event that became widely known as the “Citrix Breach.” Read on »

One of the main critiques of the Consumer Financial Protection Bureau’s efforts to address data privacy issues has been the perceived lack of third-party oversight measures. The bureau’s newly proposed rule to redefine what companies would be considered data brokers subject to Fair Credit Reporting Act standards could help address this issue. Garris Horn Senior Partner John Levonick spoke with Dodd Frank Update about what the bureau’s proposal could mean for companies downstream of financial institutions and other traditional credit reporting agencies if implemented. Read on »

The Consumer Financial Protection Bureau took another step as part of the federal government’s broader initiative to protect consumers’ personal data by introducing a proposed rule to limit the types of personal identifying information data brokers can sell and to clarify the criteria for qualifying as a “consumer reporting agency” under the Fair Credit Reporting Act. Read on »

The Consumer Financial Protection Bureau released a report indicating state and federal laws meant to safeguard consumers’ financial data lag behind those established in other economic sectors. The report highlights certain limits to consumer financial data protection laws at both levels, which the agency hopes to address through its recently finalized data privacy rule, as well as related actions. Read on »

Within a day of issuing a final rule implementing Sec. 1033 of the Dodd-Frank Act, the Consumer Financial Protection Bureau was hit with a lawsuit challenging the legality of the freshly finalized data privacy regulations. The suit claims the rule, which is meant to give consumers more control over their personal financial data, would open the door to increased risk of fraud due to a lack of requirements for third-party oversight. Read on »

House Financial Services Chair Patrick McHenry (R-N.C.) reacted favorably to the Consumer Financial Protection Bureau’s announcement finalizing its rule implementing Sec. 1033 of the Dodd-Frank Act. The lawmaker compared the rule to previous legislative efforts aimed at protecting consumers’ personal information in a statement the same day as the rule’s release. Read on »

The Consumer Financial Protection Bureau is facing a lawsuit over its newly finalized data privacy rule, implementing Section 1033 of the Dodd-Frank Act. The suit claims the rule, which is meant to give consumers more control over their personal financial data, would open the door to increased risk of fraud due to a lack of requirements for third-party oversight. Read on »

The Consumer Financial Protection Bureau (CFPB) issued a final rule implementing Section 1033 of the Dodd-Frank Act designed to give consumers greater control over their personal financial data. A key component of the rule is the requirement data providers develop and maintain secure online interfaces where consumers can access and share their data free of charge.

The CFPB and many industry insiders have stated this rule will move the U.S. financial sector closer to establishing a safe and competitive “open banking” system that will incentivize financial institutions to improve their product offerings to attract new customers and retain existing ones.

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