Tag Archives: CFPB

CFPB Issues $100,000 Fine in First-Ever Data Security Enforcement Action

On March 2, 2016, the Consumer Financial Protection Bureau (CFPB) entered into a consent order with online payment systems operator Dwolla, Inc., based on allegations that Dwolla deceived consumers about its data security practices and the safety of its online payment system. The CFPB brought this action under its authority in Sections 1031(a) and 1036(a)(1) … Continue Reading

Officials Comment on the Future of FTC, FCC, and CFPB Privacy Enforcement Authority

By Caleb Skeath At a recent IAPP privacy event, officials from the FTC and CFPB offered insight into their respective agencies’ future enforcement plans, as well as the shifting landscape of privacy enforcement actions.  Although such enforcement actions have historically been the domain of the FTC, the FCC recently entered the privacy enforcement arena, announcing … Continue Reading

CFPB Finalizes Rule to Allow Online Privacy Disclosures from Financial Institutions

By Ani Gevorkian On Monday, the Consumer Financial Protection Bureau (CFPB) finalized a rule that promotes more effective privacy disclosures and saves the financial services industry around $17 million dollars.  The new rule permits financial institutions that restrict data-sharing to post their annual privacy notices online rather than delivering them to customers individually.  The rule will … Continue Reading

GAO Report Details CFPB’s Large-Scale Data Collection Practices, Identifies Shortcomings

This week, the Government Accountability Office (“GAO”) released a report recommending eleven actions the Consumer Financial Protection Bureau (“CFPB”) should take to enhance the privacy and security of its ongoing data collections.  The report also provides a detailed look at the increasingly large volume of information that CFPB collects, and how the agency’s data collection … Continue Reading

CFPB Proposes Revised Financial Privacy Rule

On May 6, 2014, the Consumer Financial Protection Bureau (“CFPB”) proposed a rule to modify the notice provisions of Regulation P, which implements the financial privacy provisions of the Gramm-Leach-Bliley Act (“GLBA”). Regulation P requires financial institutions to deliver an annual privacy notice to customers, which is often accomplished through a direct mailing to the … Continue Reading

GAO to Review CFPB Data Collection Initiative

Last week, the Government Accountability Office (GAO) agreed to review the Consumer Financial Protection Bureau’s (CFPB) collection and analysis of consumer credit records in response to a request from Senator Mike Crapo (R-ID).  In a letter to the GAO Comptroller General, Sen. Crapo requested that the GAO investigate “CFPB’s data collection to determine its purpose, scope … Continue Reading

CFPB Rulemaking Agenda Includes Potential Changes to GLBA Annual Privacy Notice Requirement

Earlier this month, the Consumer Financial Protection Bureau (CFPB) posted its semi-annual update of its rulemaking agenda for the coming 12-month regulatory cycle, including recently-completed rulemakings.  The rulemaking agenda is part of a broader initiative led by the Office of Management and Budget (OMB) to publish a Unified Agenda of federal regulatory and deregulatory actions across … Continue Reading

CFPB Offers Assistance for Consumer Credit Reporting Complaints

Last week, the Consumer Financial Protection Bureau (CFPB) announced that it had established a process for assisting consumers with credit reporting complaints.  The CFPB previously had implemented similar processes for complaints relating to credit cards, mortgages, bank accounts and services, private student loans, vehicle, and other consumer loans.  The complaint process is intended to complement the … Continue Reading

CFPB Study Assesses Differences in Credit Scores Sold to Consumers and Creditors

Last week, the Consumer Financial Protection Bureau (CFPB) released a study comparing credit scores sold to creditors and those sold to consumers.  The study found that approximately 1 in 5 consumers would, upon purchasing their credit score from a consumer reporting agency, receive a different credit score than the score provided to creditors for use in … Continue Reading

CFPB Issues Rule to Supervise Larger Participants in Consumer Reporting Market

The Consumer Financial Protection Bureau (CFPB) has issued a final rule to implement its authority under section 1024 of Dodd-Frank to subject “larger participants” in the consumer reporting market to CFPB supervision.  The rule will have significant consequences for companies in the consumer reporting industry.  The final rule follows a proposed rule issued in February … Continue Reading

CFPB Supervision and Examination Manual Provides Procedures for Examining Compliance with Financial Privacy Laws

In mid-October 2011, the Consumer Financial Protection Bureau (CFPB) released version 1.0 of its Supervision and Examination Manual.  Pursuant to Dodd-Frank, the CFPB has primary examination authority for compliance with federal consumer financial laws over banks having $10 billion or more in assets and their affiliates, such as banks’ service providers, as well as certain … Continue Reading
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