On November 12, the CFPB released a report analyzing federal and state-level privacy protections for consumer financial data. The current federal framework for financial data privacy relies on the Gramm-Leach-Bliley Act (GLBA) and the Fair Credit Reporting Act (FCRA), along with their respective implementing regulations. The report contends that the GLBA primarily focuses on disclosures and opt-out options, which may be insufficient for current data surveillance challenges.
The Fifth Circuit Court of Appeals has denied a request by the Community Financial Services Association of America (CFSA) to hold a rehearing en banc on the group’s challenge of the CFPB’s payday loan rule.
The Federal Deposit Insurance Corporation (FDIC) today announced a 45-day extension to the public comment period for the FDIC’s proposed rule on recordkeeping for custodial accounts. The proposal seeks to address risks related to certain third-party arrangements, protect depositors, and promote public confidence in insured deposits. Comments on the proposal must be received by the FDIC no later than January 16, 2025.
The Federal Trade Commission will host a virtual public workshop on December 18, 2024, that will examine predatory pricing and its potential effects on consumers, competition, and innovation.
On November 13, Representative Gary J. Palmer (R-AL) introduced House Joint Resolution 220, which seeks congressional disapproval of an advisory opinion published by the Consumer Financial Protection Bureau (CFPB or Bureau) relating to medical debt collection practices.
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