Nonbank Financial

The Consumer Financial Protection Bureau (CFPB) released policy statements placing new conditions on No-Action Letters and its Compliance Assistance Sandbox Policy, intended to ensure companies use these tools for their intended purposes related to testing innovative financial products or services without fear of legal repercussions. Dodd Frank Update reached out to a pair of former CFPB attorneys about the new restrictions and the implications of issuing such a proposal just before a change in presidential administration. Read on »

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 Consumer Financial Protection Bureau filed suit against Experian, accusing the nationwide consumer reporting agency of failing to properly investigate consumer disputes as required under the Fair Credit Reporting Act. Read on »

Three of the country’s largest banks are being sued by the Consumer Financial Protection Bureau over a lack of effective fraud safeguards around the Zelle payment network. The lawsuit names JP Morgan Chase, Bank of America and Wells Fargo as defendants, as well as the operator of the Zelle payment network. Read on »

Continuing its crackdown on “junk fees” and fintechs that violate federal consumer protection laws, the Consumer Financial Protection Bureau (CFPB) filed suit against Walmart and Branch Messenger for illegally forcing delivery drivers to use costly deposit accounts to receive earnings. Branch is the second partner of Evolve Bank & Trust named in a CFPB enforcement action this year. 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 »

Days after the Consumer Financial Protection Bureau (CFPB) issued an order establishing supervisory authority over Google Payment Corp. (GPC), the Google LLC subsidiary filed suit against the CFPB in the U.S. District Court for the District of Columbia. The tech company claimed the bureau attempted to coerce GPC into not contesting the designation with the threat of negative publicity. Read on »

As part of its effort to better utilize its supervisory authority over nonbank entities that pose risks to consumers, the Consumer Financial Protection Bureau issued an order establishing supervisory authority over Google Payment Corp. It is the second designation order issued by the bureau invoking its previously dormant authority to supervise nonbank entities under the Dodd-Frank Act. Read on »

The Consumer Financial Protection Bureau issued a final rule intended to hold digital payment app providers to the same standards of accountability as traditional banks, credit unions, and other financial institutions supervised by the bureau. Read on »

The latest lawsuit against the Consumer Financial Protection Bureau reflected a familiar theme, according to Garris Horn Senior Partner John Levonick, who sat down with Dodd Frank Update for an exclusive interview. Read on »