The CFPB proposed a rule seeking to supervise larger nonbank companies that offer services such as digital wallets and payment apps.

Section 1033 of the Dodd-Frank Act directed the CFPB to establish financial data-sharing rules. More than 13 years after the DFA was signed into law, the CFPB issued a proposed rule to carry out the 1033 mandate. The rule aims to facilitate open banking.

In an interview with the Mortgage Bankers Association’s president and CEO, CFPB Director Rohit Chopra confirmed that changes to the agency’s mortgage servicing rules would come in 2024.

A Texas district court expanded its injunction against the CFPB’s small-business lending data collection requirements. Meanwhile, the Senate voted to overturn the rule though President Biden threatened a veto.

In an advisory opinion, the bureau nudged large banks and credit unions to provide consumers with complete and accurate account information when requested, without “unreasonably impeding” the consumer’s access, including charging fees for requests.

CFPB Director Rohit Chopra said the bureau will begin conducting supervisory examinations on nonbank payment platform operators and would issue further orders to big tech firms for information on their use of personal finance data or private currencies.

Bureau hiring enforcement staff; report says NSF fees down 97%.

Restrictive tap-to-pay practices at Big Tech companies could limit consumer choice and reduce market innovations, the bureau warned in a new report.

The agency opposed a request to expand an injunction on implementing its small business lending data collection rule to all covered institutions. Currently the stay applies only to American Bankers Association and Texas Bankers Association members.

The Bank Policy Institute and American Bankers Association have asked federal agencies to pause adoption of the Community Reinvestment Act final rule until proposed bank capital requirements are finalized and the Supreme Court decides on the CFPB’s funding mechanism.