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May

21
2024
Industry News

On Heels of Supreme Court Decision, CFPB Announces Updated Compliance Dates for its 1071 Rule

As discussed here, last week the U.S. Supreme Court issued its long-awaited decision in Community Financial Services Association of America, Limited (CFSA) v. Consumer Financial Protection Bureau (CFPB or Bureau) holding that the CFPB’s special funding structure does not violate the appropriations clause of the Constitution.

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May

21
2024
Industry News

FTC Makes Statement on Connected Vehicle Data as Major Automaker Faces Class Action for Data Sharing Practices

Connected cars have been on the FTC’s radar for years.[1] Its most recent blog post specifically highlights the Commission’s concerns regarding over collecting-- and the risk of secondary uses-- of sensitive data, such as precise geolocation[2] and biometric information.

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May

21
2024
Industry News

Congress Sets Stage for FinServ Regulation to Heat Up This Summer

As the Consumer Financial Protection Bureau got an effective “green light” from the Supreme Court to keep operating, and as several bills have made their way out of committee in the U.S. House of Representatives, it’s gearing up to be a long summer of heated debate on financial services regulation.

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May

21
2024
Industry News

Justice Department and Stanford University to Cohost Workshop “Promoting Competition in Artificial Intelligence”

The Justice Department and Stanford University will hold a public workshop on May 30 to discuss the state of competition across the Artificial Intelligence (AI) technology industry from the chip to the app.

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May

21
2024
Industry News

CFPB Targeting ‘Lack of Competition’ in Credit Reporting, Credit Scores

In prepared remarks for a speech at a Mortgage Bankers Association conference, CFPB Director Rohit Chopra said Monday (May 20) that the agency is doing so at a time when mortgage lenders have told it that costs for credit reports and scores have increased by as much as 400% since 2022.

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