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CFPB Begins 1033 Rulemaking to Set Standards for the Use of Consumer Financial Data

by Brian Johnson and Audrey Townend | Nov 16, 2022 | Patomak Post

The CFPB rulemaking intends to provide consumers greater control over personal data to help accelerate the shift toward open banking and more decentralized markets. The proposed rule would move U.S. privacy regulations closer to Europe’s stricter General Data...

FSOC Releases Digital Asset Report, Signaling Increased Future Scrutiny

by Keith Noreika, Brian Johnson, Robert Greene and Chris Beckmann | Nov 2, 2022 | Patomak Post

A recent digital asset report (“Report”) issued by the Financial Stability Oversight Council (“FSOC”) criticized many digital asset market activities and market participants for lacking sufficient risk controls or amplifying financial instability. FSOC seems to be...

Fifth Circuit Issues Decision on CFPB Funding, Vacates 2017 Payday Lending Rule

by Keith Noreika, Brian Johnson and Chris Beckmann | Oct 21, 2022 | Patomak Post

Ruling finds CFPB funding unconstitutional, seeks to distinguish CFPB funding from other self-funded agencies. Fifth Circuit vacates 2017 Payday Lending Rule on grounds that it was promulgated using funds obtained outside of the Congressional appropriations process,...

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