26 10, 2023


2023-10-26T16:30:52-04:00October 26th, 2023|1- Financial Services Management|

Consumer Data Rights/Open Banking

Following a request for information that was a de facto advance notice of proposed rulemaking,[1] the CFPB has now proposed a preliminary, but binding framework for consumer data rights covering consumer “transaction” accounts offered by banks, credit unions, and – a departure from the initial outline – nonbanks/fintechs.  The proposal is sweeping with regard to data-rights and -sharing standards for covered accounts and providers, but still preliminary in that the Bureau has yet to turn as it plans to in in subsequent actions to loan products such as mortgages and student loans.


12 06, 2023


2023-06-13T15:17:55-04:00June 12th, 2023|2- Daily Briefing|

HFSC GOP Focuses on Repealing CFPB Small-Business Reg

The only bill set for HFSC’s Wednesday’s hearing with CFPB Director Chopra is a resolution under the Congressional Review Act to reverse the agency’s controversial small-business reporting rule.  This is likely to pass the House by a narrow majority but fail in the Senate.

Chopra: Data-Rights Standards to Ensure Consumer Choice

In a blog post today, CFPB director Chopra previewed an issue sure to be discussed at this week’s hearings: open banking and the pending data-rights rule.  This will, he says, be proposed shortly and finalized next year.

GOP Endorses GAO Recommendations; Dems Point To Bank Management

At today’s HFSC Oversight Subcommittee hearing on the GAO’s report (see Client Report REFORM223), Subcommittee Chair Huizenga (R-MI) built the case that the Fed has historically been unable to properly supervise troubled banks and noted that the committee will investigate this along with the Systemic-Risk Exception used in recent failures.

McHenry Tries New Tack to Counter Beneficial-Ownership Reports

HFSC Chairman McHenry (R-NC) today introduced legislation to redesign FinCEN in part to overturn aspects of the beneficial-ownership rule he has long opposed.  The bill would make the FinCEN head subject to Presidential appointment and Senate confirmation, with separate legislation delaying implementation of small-business ownership reports until FinCEN has completed several related rulemakings.


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