On October 22, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final rule implementing Section 1033 of the Dodd-Frank Act (the “Final Rule” or the “Open Banking Rule”), granting consumers greater access rights to the data their financial institutions hold. Although there are some differences, the Final Rule largely tracks the Proposed Rule announced by the CFPB last year on October 19, 2023, with the largest concession coming in the form of the extended effective date.
On October 21, Minnesota Attorney General Keith Ellison announced a settlement with two debt settlement companies, Financial Solutions Group and Accelerated Debt Settlement.
So R.E.A.C.H. just wrapped up meetings with the FCC–including the bureau and the offices of each commission. (Ex parte filings here: Exparte Comment to FCC re 10082024-StarksExparte Comment to FCC re 10152024-SimingtonExparte Comment to FCC re 10162024-Chairwoman RosenworcelExparte Comment to FCC re 10182024-GomezREACH Exparte Comment 10072024 – Bureau)
In lieu of a federal law regulating artificial intelligence, state policymakers have introduced nearly 700 pieces of AI legislation in 2024, signaling an impending wave of legislation to come in 2025. A new report says this trajectory follows the pattern of consumer data privacy laws that were similarly introduced en masse over the last several years.
Today, the Consumer Financial Protection Bureau (CFPB) issued guidance to protect workers from unchecked digital tracking and opaque decision-making systems. The guidance warns that companies using third-party consumer reports — including background dossiers and surveillance-based, “black box” AI or algorithmic scores about their workers — must follow Fair Credit Reporting Act (FCRA) rules.
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