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The CFPB’s Proposed Data Broker Rule
Manage episode 461434193 series 2440870
In today’s episode, we discuss the CFPB’s recent proposed data broker rule—a proposal that would greatly expand the reach of the Fair Credit Reporting Act.
On December 3, the CFPB issued a proposed rule promoted as one that would require companies that sell data about income or financial tier, credit history, credit score or debt payments to comply with the Fair Credit Reporting Act. The proposal would make it clear that when data brokers sell certain sensitive consumer information, they are “consumer reporting agencies” under the FCRA. That would require them to comply with accuracy requirements. It also would require them to provide consumers access to their information. However, the proposal is much broader than a data broker rule, and the podcast explores the significant breadth of the proposal.
The rule might face an uncertain future, since it was issued by current CFPB Director Rohit Chopra and pushes beyond the boundaries of the FCRA. Chopra’s aggressive regulatory regime is opposed by the Trump Administration.
Joining us today is Dan Smith, president and CEO of the Consumer Data Industry Association, which represents the consumer data reporting industry.
The host of the discussion is Alan Kaplinsky, the former practice group leader for 25 years, and now senior counsel of the Consumer Financial Services Group at Ballard Spahr. Joining the discussion are two Ballard Spahr partners: Richard Andreano, the practice leader of our mortgage banking group at Ballard Spahr and John Culhane.
In this episode, we will discuss the key aspects of the landmark proposed rule, such as:
1. The proposal being much broader than one addressing the sale of personal information to various parties, including stalkers, spies and scammers.
2. The fact that the proposal does not even define what is a data broker.
3. How the proposal would significantly change the concept of what constitutes a consumer report, including the proposal to treat credit header information as a consumer report.
4. How the proposal would change the concept of what constitutes a consumer reporting agency.
5. Requirements that the proposal would add to the written authorization permissible purpose to obtain a consumer report, including requirements regarding revocation of the authorization.
6. How the proposal would modify the requirements to rely on the legitimate business need permissible purpose to obtain a consumer report.
7. Whether the CFPB actually has legal authority to essentially rewrite the FCRA.
128 에피소드
Manage episode 461434193 series 2440870
In today’s episode, we discuss the CFPB’s recent proposed data broker rule—a proposal that would greatly expand the reach of the Fair Credit Reporting Act.
On December 3, the CFPB issued a proposed rule promoted as one that would require companies that sell data about income or financial tier, credit history, credit score or debt payments to comply with the Fair Credit Reporting Act. The proposal would make it clear that when data brokers sell certain sensitive consumer information, they are “consumer reporting agencies” under the FCRA. That would require them to comply with accuracy requirements. It also would require them to provide consumers access to their information. However, the proposal is much broader than a data broker rule, and the podcast explores the significant breadth of the proposal.
The rule might face an uncertain future, since it was issued by current CFPB Director Rohit Chopra and pushes beyond the boundaries of the FCRA. Chopra’s aggressive regulatory regime is opposed by the Trump Administration.
Joining us today is Dan Smith, president and CEO of the Consumer Data Industry Association, which represents the consumer data reporting industry.
The host of the discussion is Alan Kaplinsky, the former practice group leader for 25 years, and now senior counsel of the Consumer Financial Services Group at Ballard Spahr. Joining the discussion are two Ballard Spahr partners: Richard Andreano, the practice leader of our mortgage banking group at Ballard Spahr and John Culhane.
In this episode, we will discuss the key aspects of the landmark proposed rule, such as:
1. The proposal being much broader than one addressing the sale of personal information to various parties, including stalkers, spies and scammers.
2. The fact that the proposal does not even define what is a data broker.
3. How the proposal would significantly change the concept of what constitutes a consumer report, including the proposal to treat credit header information as a consumer report.
4. How the proposal would change the concept of what constitutes a consumer reporting agency.
5. Requirements that the proposal would add to the written authorization permissible purpose to obtain a consumer report, including requirements regarding revocation of the authorization.
6. How the proposal would modify the requirements to rely on the legitimate business need permissible purpose to obtain a consumer report.
7. Whether the CFPB actually has legal authority to essentially rewrite the FCRA.
128 에피소드
모든 에피소드
×1 The Impact of the Election on the CFPB: What to Expect with Supervision and Enforcement During Trump 2.0 41:35
1 Alan Kaplinsky’s “Fireside Chat” with Kathy Kraninger, Former Director of the CFPB During Trump 1.0 1:00:05
1 The Impact of the Election on the CFPB: What to Expect on Key Regulatory Issues During Trump 2.0 56:15
1 Alan Kaplinsky’s “Fireside Chat” with Former CFPB Leader David Silberman: His Experience During the Prior Transition from the Obama Administration to Trump 1.0 38:07
1 Consumer Federation of America (“CFA”) Speaks Out About CFPB’s and FTC’s Direction During the Trump Administration 1:04:50
1 A Look at the FTC’s Click-to-Cancel Rule, with James Kohm, Associate Director of Enforcement Division of the FTC’s Bureau of Consumer Protection 51:36
1 Post-Election Insights: Impacts on the Banking and Consumer Financial Services Industry 1:03:03
1 An Empirical Study of Boilerplate in Consumer Contracts 1:00:24
1 Should Congress Create a New Federal Charter for Non-Bank Payments Companies? 54:23
1 CFPB’s Proposed Mortgage Servicing Rule Amendments: Understanding the Impact on Loss Mitigation, Foreclosure, and Language Access 54:49
1 State Fair Access and Debanking Laws Bring Country’s Political and Cultural Divisions to the Fore 1:20:18
1 How the CFPB Is Using Interpretive Rules to Expand Regulatory Requirements for Innovative Consumer Financial Products; Part Two—Earned Wage Access 42:19
1 How the CFPB Is Using Interpretive Rules to Expand Regulatory Requirements for Innovative Consumer Financial Products; Part One - Buy-Now, Pay-Later 42:05
1 The Regulation of Negative Option Consumer Contracts – Silence as Consent 59:33
1 Have State-Chartered, FDIC-Insured Banks Finally Achieved Interstate Usury Parity with National Banks? 1:05:44
1 Regulators Escalate Focus on the Risks of Bank Relationships with Fintechs and Other Third Parties 55:16
1 The Cantero Opinion: The Supreme Court Leaves National Bank Preemption in Limbo 1:03:38
1 The CFPB’s Registry of Nonbanks and Circular that Certain Contract Terms Violate Law 58:26
1 Should Medical Debt Be Included in Creditworthiness Measures? 46:28
1 Credit Card and Other Rewards Programs in the Crosshairs 54:53
1 Universal Injunctions, Associational Standing, and Forum Shopping - Their Effects on Legal Challenges to Regulations 54:11
1 Buy Now, Pay Later – Evolution, Regulation, and What You Need to Know about the CFPB Interpretive Rule Effective July 30 1:00:04
1 California Consumer Finance Law - Hot Topics and Recent Developments 54:28
1 Consumer Financial Protection Bureau Wins in Supreme Court But Can the Fed Continue to Fund the CFPB Without Earnings? 56:22
1 What Banking Leaders Need to Know About the U.S. Supreme Court Ruling That the CFPB’s Funding Mechanism is Constitutional Part II 33:14
1 What Banking Leaders Need to Know About the U.S. Supreme Court Ruling That the CFPB’s Funding Mechanism is Constitutional Part I 52:21
1 Banks and Their Customer Relationships: What is the Appropriate Role of Bank Regulators? 58:44
1 A Discussion of Industry and Consumer Perspectives on Mass Arbitration 1:02:58
1 A Close Look at the Consumer Financial Protection Bureau’s Proposal to Supervise Large Nonbank Providers of Digital Wallets and Payment Apps 53:52
1 The U.S. Supreme Court’s Pending Ruling on National Bank Preemption: A Discussion of Cantero v. Bank of America, N.A. 1:10:48
1 A Close Look at the Consumer Financial Protection Bureau’s Final Credit Card Late Fee Rule: Have Cardholders Been Dealt a Winning or Losing Hand? 1:07:22
1 A Close Look at the Consumer Financial Protection Bureau’s Proposed Rules on Overdraft and Nonsufficient Funds Fees 51:30
1 The Federal Trade Commission: Looking Back at 2023 and Looking Ahead to 2024 and Beyond 1:00:22
1 The Consumer Financial Protection Bureau’s Use of Unfairness to Regulate Discriminatory Conduct: A Discussion of the Consumer and Industry Perspectives 1:02:01
1 Telephone Consumer Protection Act Update: Developments Impacting Consent and Lead Generation 53:02
1 The U.S. Supreme Court Hears Two Cases in Which the Plaintiffs Seek to Overturn the Chevron Judicial Deference Framework: Who Will Win and What Does It Mean? Part II 44:18
1 The U.S. Supreme Court Hears Two Cases in Which the Plaintiffs Seek to Overturn the Chevron Judicial Deference Framework: Who Will Win and What Does It Mean? Part I 46:18
1 How the Consumer Financial Protection Bureau Can Advance the Use of Artificial Intelligence in Consumer Financial Services 43:16
1 The CARS Rule: What You Need To Know About the Federal Trade Commission’s Final Motor Vehicle Dealer Trade Regulation Rule, Part II 46:15
1 The CARS Rule: What You Need To Know About the Federal Trade Commission’s Final Motor Vehicle Dealer Trade Regulation Rule, Part I 49:12
1 Recent Developments Affecting Student Loan Origination and Servicing 53:48
1 Navigating the Consumer Financial Protection Bureau’s Proposed Personal Financial Data Rule 53:47
1 Understanding the Federal Reserve Board Proposal to Lower Interchange Fee Cap for Debit Card Transactions 59:39
1 Will Chevron Deference Survive in the U.S. Supreme Court? An Important Discussion to Hear in Advance of the January 17th Oral Argument 1:05:32
1 Foreclosing on “Zombie” Mortgages: What Lenders and Servicers Should Know 25:54
1 Community Reinvestment Act Reform: A Close Look at the Final Rule 1:15:46
1 What the Recent Developments in Federal Preemption for National and State Banks Mean for Bank and Nonbank Consumer Financial Services Providers 1:04:43
1 The Biden Administration’s “Junk Fees” Initiative Continues: What the Latest Actions Mean for the Consumer Financial Services and Rental Housing Industries, Part II 44:35
1 The Biden Administration’s “Junk Fees” Initiative Continues: What the Latest Actions Mean for the Consumer Financial Services and Rental Housing Industries, Part I 46:03
1 A Close Look at the Federal Trade Commission’s Proposed Rule to Regulate “Junk Fees” 48:14
1 Prohibited by Law and Totally Ineffective—Just Two of the Many Reasons Why the CFPB Should Deny the Petition for Rulemaking on Post-Dispute Consumer Arbitration Agreements 1:03:29
1 A Deep Dive Into the Consumer Financial Protection Bureau’s Policy Statement on Abusive Acts and Practices Under the Consumer Financial Protection Act 1:00:54
1 The U.S. Supreme Court’s Decision in Community Financial Services Association of America Ltd. v. Consumer Financial Protection Bureau: Who Will Win and What Does It Mean? Part II 45:02
1 The U.S. Supreme Court’s Decision in Community Financial Services Association of America Ltd. v. Consumer Financial Protection Bureau: Who Will Win and What Does It Mean? Part I 51:48
1 Understanding the Credit Card Competition Act a/k/a Durbin 2.0 48:09
1 A Look at the Impact of New Developments in Payment Systems on Low-Income Consumers 45:57
1 A Close Look at the Federal Trade Commission’s Updates to its Guides on the Use of Endorsements and Testimonials in Advertising and Proposed Rule on the Use of Consumer Reviews and Testimonials 54:37
1 Federal Court Rules CFPB Cannot Use UDAAP Authority to Regulate Discrimination: A Close Look at the Decision and its Implications 56:37
1 What is FedNow and its Role in the U.S. Payments System? 52:32
1 Responding to Direct and Indirect Identity Theft Disputes Under the FCRA: What Are The Differences? 44:05
1 Should Section 5 of the FTC Act be Amended to Add a Private Right of Action? 51:29
1 A Look at the Growing Use of Generative Artificial Intelligence and Chatbots in Consumer Financial Services, with Special Guests Ron Shevlin, Chief Research Officer, Cornerstone Advisors, and Reggie… 57:01
1 An Even Deeper Dive into the CFPB’s Final Dodd-Frank Section 1071 Rule on Small Business Data Collection 1:03:14
1 A Deep Dive Into Cryptocurrency and its Risks to Investors and the Banking System, with Special Guest, Arthur E. Wilmarth, Professor Emeritus, George Washington University Law School 1:18:00
1 The Challenges of Using the Current Law to Address Dark Patterns, A Conversation with Special Guest Gregory Dickinson, Assistant Professor, St. Thomas University, Benjamin L. Crump College of Law 48:33
1 Should Written Contracts be Eliminated for Small Dollar Transactions? A Conversation with Special Guest David Hoffman, Professor and Deputy Dean, University of Pennsylvania Carey Law School 46:03
1 What the Biden Administration’s “Junk Fees” Initiative Means for the Consumer Financial Services Industry: A Look at the Fees Under Attack, Part II 44:13
1 What the Biden Administration’s “Junk Fees” Initiative Means for the Consumer Financial Services Industry: A Look at the Fees Under Attack, Part I 45:30
1 A Close Look at the U.S. Supreme Court’s Decision Invalidating the Biden Administration’s Student Loan Forgiveness Plan and its Potential Legal Repercussions and Impact on Student Loan Borrowers 44:50
1 The Legality of “Regulation by Enforcement” and Other Considerations, A Discussion with Special Guest, David Zaring, Professor, Wharton School of the University of Pennsylvania 40:43
1 A Look at the Treasury Department's April 2023 Report on Decentralized Finance or "DeFi" 51:16
1 A Look at the Current Challenge to Judicial Deference to Federal Agencies and What it Means for the Consumer Financial Services Industry, With Special Guest, Craig Green, Professor, Temple… 58:09
1 The Consumer Financial Protection Bureau’s Final Section 1071 Rule on Small Business Data Collection: What You Need to Know, Part II, with Special Guest David Skanderson, Vice President, Charles… 45:12
1 The Consumer Financial Protection Bureau’s Final Section 1071 Rule on Small Business Data Collection: What You Need to Know, Part I 38:42
1 A Deep Dive into Mass Arbitration, with Special Guest Andrew Pincus, Partner, Mayer Brown 1:04:46
1 Perspectives on Counseling on the Creation of Consumer Finance Products, with Special Guest Joseph Schuster, Managing Director and Senior Counsel, Goldman Sachs 57:42
1 A Close Look at the Impact of Antitrust Laws on the Consumer Financial Services Industry 55:50
1 CFSA v. CFPB Moves to the U.S. Supreme Court: A Look at Constitutional Challenges to the CFPB's Funding, with Special Guest, GianCarlo Canaparo, Senior Legal Fellow in The Heritage Foundation's… 1:02:52
1 A Close Look at Generative Artificial Intelligence and What it Means for the Consumer Finance Industry, with Special Guest Alex Johnson, Founder and Author of Fintech Takes Newsletter 48:52
1 Performance-Based Regulation: A New Approach to Consumer Financial Regulation, with Special Guest Lauren Willis, Professor of Law and Associate Dean for Research, LMU Loyola Law School 51:00
1 A Primer on “Dark Patterns,” with Special Guest Andrew Nigrinis, PhD, Managing Principal, Edgeworth Economics, and Former Consumer Financial Protection Bureau Enforcement Economist 39:03
1 How a Former FDIC Chairman is Reacting to the Silicon Bank Valley Failure, A Discussion with Special Guest Bill Isaac, Chairman, Secura/Isaac Group, and FDIC Chairman from 1981-1985 1:00:31
1 SCOTUS Hears Oral Argument in Cases Challenging Biden Administration Student Loan Forgiveness Plan: Observations and Predictions 43:40
1 A Close Look at the Consumer Financial Protection Bureau’s Credit Card Late Fees Proposal, with Special Guest Todd J. Zywicki, Professor of Law, George Mason University Antonin Scalia Law School 1:01:30
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