The Delete Act (SB 362), signed into law by California Gov. Gavin Newsom on October 10, imposes additional disclosure and registration requirements on data brokers. It requires data brokers to support deletion requests through a central “deletion mechanism” managed by the California Privacy Protection Agency (CPPA).
Credit union loans outstanding increased 0.8% in August, compared to a 0.7% increase in July of 2023 and a 1.7% increase in August of 2022, according to CUNA's latest Monthly Credit Union Estimates.
On October 19, the CFPB proposed a rule that would require depository and nondepository entities to make available to consumers and authorized third parties certain data relating to consumers’ transactions and accounts (see our previous post on this rulemaking here and here).
The CFPB recently issued an Advisory Opinion that provides guidance on Section 1034(c) of the CFPA, which generally requires large banks and credit unions with over $10 billion in assets to comply in a timely manner with consumer requests for information, including supporting written documentation, concerning their accounts for financial products and services.
The agency is being pressed by some Republican members of Congress to fully pursue deliquent, pandemic-era loans handed to small borrowers. The SBA says it isn't cost effective.
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