CFPB Approves Financial Data Exchange to Set Standards for 1033

Executive Summary 8 Minute Read Our Financial Services Group unpacks the Consumer Financial Protection Bureau’s final rule on consumer financial data rights under Section 1033 of the Dodd–Frank Act. The rule requires “data providers” to provide consumers and authorized third parties, upon request, with access to certain consumer financial data “Data providers” include Regulation E banks […]

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What Happened? In the October 29 Federal Register, the Consumer Financial Protection Bureau issued a final rule rescinding its previous rule relating to the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, which imposed obligations on nonbank entities that offer or provide a consumer financial product or service. As […]

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For the last several years, federal agencies, including the Consumer Financial Protection Bureau (“CFPB”), have been strongly encouraging financial institutions to implement and offer targeted credit assistance to historically underserved communities as one way to remedy the effects of redlining. Not surprisingly, in accordance with the prior Administration’s Combatting Redlining Initiative, every one of the […]

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