Tag Archives: Consumer Financial Protection Bureau

CFPB Releases Principles for Financial Services Industry for Sharing Data

The Consumer Financial Protection Bureau(CFPB) recently issued principles for the access and disclosure of sensitive data in the financial services industry. The CFPB referred to the guidelines as principles instead of regulations so fintech and other firms can innovate while protecting consumers’ information, and give consumers the ability to consent to the sharing of information … Continue Reading

First data security enforcement fine levied by CFPB against Dwolla Inc. for $100,000

Wading into the foray of enforcement of data security practices, the Consumer Financial Protection Bureau (CFPB) yesterday hit Dwolla Inc., an online payment processor with a $100,000 fine for a myriad of violations of the Consumer Financial Protection Act of 2010. Specifically, the CFPB, in a scathing Order, outlined in detail the facts that Dwolla, … Continue Reading

FAST Act loosens financial institutions’ privacy policy notice requirements

In addition to providing long-term funding for highway infrastructure improvements and other transportation projects, the newly enacted Fixing America’s Surface Transportation Act (FAST Act) seeks to reduce consumer confusion by eliminating annual privacy notice requirements for financial institutions in some circumstances. The Gramm-Leach-Bliley Act (GLBA) requires financial institutions to provide consumers with notice of the … Continue Reading

Background check companies to pay $13 million for FCRA violations

General Information Services (GIS) and e-Background-checks.com Inc. (e-Background) agreed to pay $13 million in restitution and fines to settle their violations of the Fair Credit Reporting Act (FCRA) charged by the Consumer Financial Protection Bureau (CFPB). The CFPB charged GIS and e-Background with failure to ensure that the background checks they produced to potential employers … Continue Reading

New Landmark Consumer Disclosure Rules Trigger Privacy Concerns

The Consumer Financial Protection Bureau’s new “Know Before You Owe” mortgage disclosure rule is designed to prevent surprises at the closing table, but with increased transparency come concerns over borrower and seller privacy. The TILA RESPA Integrated Disclosure Rule (TRID) took effect October 3, 2015 and replaces four previous disclosure forms with just two, the … Continue Reading

Consumer Fnancial Protection Bureau releases Consumer Protection Principles

In response to advanced payment technology and consumers’ preference to non-traditional payment systems of writing checks, paying cash, or swiping a credit or debit card, the Consumer Financial Protection Bureau (CFPB) recently released a list of nine “Consumer Protection Principles” that CFPB says is its “vision of consumer protection in new faster payments systems….faster payments … Continue Reading
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