In August, all of the rows were green, meaning CFPB complaints, TCPA, FDCPA and FCRA lawsuits were all up over July. However, in September all of the rows are red, meaning, well you know. Everything went boom in comparison to August. And all by double-digits, except for FCRA which “only” dropped by -6.4%. CFPB complaints fell -11.1%, FDCPA fell -18% and TCPA was down -20.2% for the month.
WASHINGTON—The Office of the Comptroller of the Currency today announced it will establish an Office of Financial Technology early next year to bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape. The Office of Financial Technology will build on and incorporate the Office of Innovation, which the OCC established in 2016 to coordinate agency efforts to support responsible financial innovation.
Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) outlined options to strengthen consumers’ access to, and control over, their financial data as a first step before issuing a proposed data rights rule that would implement section 1033 of the Dodd-Frank Act. Under the options the CFPB is considering, consumers would be able to more easily and safely walk away from companies offering bad products and poor service and move towards companies competing for their business with alternate or innovative products and services.
Since the Consumer Financial Protection Bureau’s funding structure through the Federal Reserve was deemed unconstitutional by the U.S. Court of Appeals for the 5th Circuit, groups with pending enforcement actions from the bureau are seeking dismissal, and one state official has urged the bureau to follow the court’s ruling.
After a period of lull in the first half of 2022, data breaches grew significantly in Q3 2022. According to findings by Surfshark, data breaches surged by 70% quarter-over-quarter, to 108.9 million accounts in Q3 2022.
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