With President Joe Biden’s inauguration as the Nation’s 46th President, change is coming to Washington. And that change will be felt quickly and acutely at the Consumer Financial Protection Bureau (CFPB). At President Biden’s request, CFPB Director Kathy Kraninger submitted her resignation on Wednesday, clearing the way for the President to appoint current FTC Commissioner and former CFPB official Rohit Chopra as the next Director of the agency. Given the CFPB’s single Director structure, the new Director will have significant opportunities to shape the direction of the CFPB over the next four years. Below we address what we can expect to see from CFPB under the new administration.
Continue Reading A New Day Dawns at the CFPB

The Bureau of Consumer Financial Protection (“BCFP” or the “Bureau”) wants your input on its proposed changes to the Trial Disclosure Programs Policy (“TDP Policy”). Under Dodd-Frank, the BCFP can permit covered persons to conduct trial disclosure programs and to provide a safe harbor (or waiver) from the corresponding applicable regulatory requirements. 12 U.S.C. § 5532(e). These trials can include modifications or replacements to existing disclosures or forms, changed delivery mechanisms, or the elimination of certain disclosure requirements. The BCFP previously published the TDP Policy in October 2013. However, as the Bureau noted, the prior version of the policy “failed to effectively encourage trial disclosure programs: The Bureau did not permit a single such program in the nearly five years since the Policy was issued.”

The proposed TDP Policy looks quite similar to the 2013 version, with a few differences that reflect the BCFP’s renewed focus on innovation and a desire to lessen the burden of approving trial programs.
Continue Reading BCFP’s Focus on Innovation Continues with Revival of the Disclosure Sandbox; Comments are Due October 10, 2018

On July 30, 2018, the U.S. Department of the Treasury issued its much-anticipated report on reshaping Fintech regulation.  “A Financial System That Creates Economic Opportunities — Nonbank Financials, Fintech, and Innovation,” available here, focuses on the regulation of financial technology and makes more than 80 recommendations related to Fintech and nonbank financial policy, including:

On November 17, 2016, the Consumer Financial Protection Bureau (CFPB) announced a request for information (RFI) to better understand the benefits and risks associated with market developments that rely on access to consumer financial records.  The Bureau indicated that the information it obtains in response to its request may help shape industry best practices for delivering consumer benefits and minimizing consumer harm, and also could serve as a foundation for future CFPB guidance.

The Bureau’s RFI comes in the wake of the CFPB’s first report on its Project Catalyst and CFPB Director Cordray’s speech at the October 2016 Money 20/20 conference. During his remarks, the Director conveyed strong support for the ability of consumers to access their financial data and “grave concerns” about reports that financial institutions are seeking to limit such access.  Although banks and other institutions have expressed privacy- and information security-related concerns about providing consumer financial information to third parties, Director Cordray emphasized the importance of consumers being able to obtain their information and suggested that the focus should be on ensuring that the information remains secure, rather than on limiting access.
Continue Reading CFPB Enters the Fray: Agency Solicits Information About “Screen Scraping”