More about the lower court opinion here. Given the Fifth Circuit’s politics, I’m not sure things will fare any better there, but hope is the thing with feathers. Even the Fifth Circuit must reach the correct decision sometimes.
Category Archives: Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau just announced a proposed rule under section 1033 of the Consumer Financial Protection Act of 2010 to address personal financial data rights that would ensure consumers have certain protections and control over their information. Among other things the rule would: Require financial institutions to share data with other entities at […]
In March, as a result of a lawsuit brought by the California Reinvestment Coalition, the CFPB finalized a rule under Section 1071 of the Consumer Financial Protection Act, requiring lenders to collect and report information about small business credit applications. Today, by a vote of 53-44, the Senate voted to invalidate the measure under the […]
The Consumer Financial Protection Bureau has announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. See here.
Here, by Investopedia’s Diccon Hyatt. I particularly like the quote from Dalie Jiminez.
Here, by Christopher Connelly at public radio station KERA
The Federal Trade Commission and the Consumer Financial Protection Bureau together filed an amicus brief in a case before the Second Circuit Court of Appeals in support of consumer protections under the Fair Credit Reporting Act (FCRA). The agencies’ brief supports the appeal of the district court’s decision in Suluki v. Credit One Bank, NA. […]
The Consumer Financial Protection Bureau has issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models. The agency explains: “The guidance describes how lenders must use specific and accurate reasons when taking adverse actions against consumers. This means that creditors cannot simply use CFPB sample adverse […]
Bloomberg Law’s Evan Weinberger has the story here (may be behind paywall), including a link to the petition. Weinberger later posted on what used to be called Twitter the CFPB’s response to his request for comment. The petition relies heavily on Roseanna Sommers’ study, which we discussed here.