Section 1033 of the Dodd-Frank Act ensures consumers have access to, and the ability to leverage, data in their records. The question is how much data consumer-authorized third parties can access from bank accounts.
Financial institutions are rushing to iron out any remaining compliance wrinkles before the California Consumer Privacy Act comes into effect on July 1.
Some trade and consumer groups also expressed concerns over the timing of the request for information, calling upon the CFPB to extend the comment period.
Thomas Ward, deputy assistant attorney general overseeing the torts branch in the civil division of the DOJ, will now serve as the CFPB’s assistant director for enforcement.
The bureau is exploring the use of “Tech Sprints,” a model used in the United Kingdom for collaborative innovation, to promote regulatory compliance innovation.
The CFPB should take steps to limit the data collection burden on industry and protect data security, industry groups said in response to a request for information regarding data collections.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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