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

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…

FSOC Releases Digital Asset Report, Signaling Increased Future Scrutiny

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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…

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

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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…

Brian Johnson Joins Patomak Global Partners

Patomak Global Partners today announced former Consumer Financial Protection Bureau (CFPB) Deputy Director and Alston & Bird Partner Brian Johnson joined the firm as a Managing Director in its Banking Supervision and Regulation Group. “Brian…

Keith Noreika Featured on the Consumer Finance Monitor Podcast: Innovation, True Lender, and Issues Facing Banks Today

I recently sat down with Alan Kaplinsky of Ballard Spahr to discuss innovation, “true lender,” and other issues facing financial institutions today for the Consumer Finance Monitor podcast. While the conversation covered a lot of ground,…

Keith Noreika Joins Patomak Global Partners

Patomak Global Partners today announced former acting Comptroller of the Currency and Simpson Thacher & Bartlett LLP Partner Keith Noreika joined the firm to head its Banking Supervision and Regulation Group. “We are thrilled to add…

Marshall Lux Featured in CNBC Article on “Buy Now, Pay Later”

Marshall Lux, Senior Advisor at Patomak Global Partners, was featured in a CNBC article entitled "Buy now, pay later is not a boom, it’s a bubble, Harvard researcher says." Lux commented: "When people start buying household goods on credit,…

Patomak Senior Advisor Marshall Lux’s New Harvard Kennedy School Paper on “Buy Now, Pay Later” Companies Examines Risks and Regulatory Options

Patomak Global Partners Senior Advisor Marshall Lux co-authored a new working paper with Bryan Epps of the Harvard Kennedy School that takes a close look at the “Buy Now, Pay Later” sector. Despite the significant growth in recent years…

Why the Digital Asset Community Might Welcome CFPB Oversight

While few industries welcome attention from the Consumer Financial Protection Bureau, Patomak Managing Director Paul Watkins explains two reasons why the digital asset community might just welcome the agency’s engagement in the space.

A New Approach for the CFPB: Mortgage Servicers and Enforcement Actions

The Consumer Financial Protection Bureau (CFPB) has increased its focus on mortgage servicers. Mortgage servicing intersects two CFPB priority areas: COVID-19 relief and discrimination enforcement. Mortgage servicers should be prepared for a significant increase in the CFPB’s regulatory activity.