Join Troutman Pepper Partner Chris Willis and fellow Partner Matthew Orso as they discuss the Bank Secrecy Act, anti-money laundering, and countering the financing of terrorism rules, as they pertain to financial institutions defined by FinCEN. The discussion includes topics such as which companies are subject to the rules, compliance issues financial institutions may face, and what financial institutions can do to avoid potential issues.
On October 3, the U.S. Supreme Court heard arguments in Community Financial Services Association of America, Limited (CFSA) v. Consumer Financial Protection Bureau (CFPB or Bureau), a case in which the Fifth Circuit held that the CFPB’s funding mechanism violates the Appropriations Clause because the CFPB does not receive its funding from annual congressional appropriations like most executive agencies, but instead, receives funding directly from the Federal Reserve based on a request by the CFPB’s director. If the Supreme Court affirms the Fifth Circuit’s decision, the future of the Bureau as well as its rulemaking and enforcement actions would be in question.
As discussed here, on September 21 the Consumer Financial Protection Bureau (CFPB) released an outline of its plans for rulemaking under the Fair Credit Reporting Act (FCRA). The outline was supplied for initial comment to a panel of small business representatives convened under the Small Business Regulatory Enforcement Fairness Act (SBREFA).
In this episode of The Consumer Finance Podcast, Troutman Pepper Partner Chris Willis and fellow Partner Glen Trudel discuss the Final Interagency Guidance put out by the Federal Reserve, the FDIC, and the OCC regarding third-party relationships. Topics include the agencies’ goals in putting out this joint guidance, notable points raised in the guidance, and potential impacts on the industry from the advent of this guidance.
The Consumer Financial Protection Bureau (CFPB) today outlined a plan for rulemaking under the Fair Credit Reporting Act (FCRA) that could significantly impact the entire consumer data ecosystem. The proposed rulemaking could redefine “data brokers” and “data aggregators” and extend FCRA regulation to businesses that do not currently meet the FCRA’s definition of “consumer reporting agency.” The CFPB’s plan could also impose stricter rules for obtaining consumer consent and increase compliance requirements and risks for both new and existing members of the FCRA-regulated consumer data ecosystem.
This summer, Representative Roger Williams (R-Texas) and Senator John Kennedy (R-La.) introduced identical Congressional Review Act (CRA) resolutions in the U.S. House and Senate (H.J. Res. 66 and S. J. Res. 32, respectively) disapproving the Consumer Financial Protection Bureau’s (CFPB or Bureau) implementation of the small business data collection and reporting final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). Currently, the Senate resolution has not moved beyond introduction, but the House Financial Services Committee recently approved the House resolution to advance. If the resolutions are adopted by both houses of Congress and signed by the President, the Final Rule would be overturned. While that outcome appears unlikely under the current Democratic administration, letters submitted to Congress by banking and credit union trade groups supporting the joint resolution do appear to confirm the nearly unanimous industry opposition to the Final Rule.
Join us for the third episode in a special three-part series covering the CFPB’s intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave Gettings, Kim Phan, Ethan Ostroff, and Ron Raether discuss the potential implications of regulating data brokers under the FCRA, and how this might affect data brokers as well as other types of entities, including users, consumer reporting agencies, and resellers.
Join us for the third episode in a special three-part series covering the CFPB’s intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave Gettings, Kim Phan, Ethan Ostroff, and Ron Raether discuss the potential implications of regulating data brokers under the FCRA, and how this might affect data brokers as well as other types of entities, including users, consumer reporting agencies, and resellers.
When using artificial intelligence (AI) or complex credit models, can lenders rely on the checklist of reasons provided in Regulation B sample forms for adverse action notices? According to today’s guidance issued by the Consumer Financial Protection Bureau (CFPB or Bureau), the answer to that question is, in many circumstances, no.
In response to a petition filed last week by a number of consumer advocacy groups, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it will be seeking public input on a possible rule that would curtail mandatory pre-dispute arbitration provisions.