focusing specifically on harmonizing, modernizing, and updating the enumerated consumer credit laws—and their implementing regulations—and identifying gaps in knowledge that should be addressed through research, ways to improve consumer understanding of markets and products, and potential...
(ii) information security requirements under the Gramm-Leach-Bliley Act, or (iii) other relevant laws and regulations related to risk management. Such a denial is
privacy, and security over their personal financial data” and “moves the United States closer to having a competitive, safe, secure, and reliable ‘open banking’ system.”2It remains controversial within the industry, however, and the CFPB has already been sued by banking trade ...
Financial institutions using AI for underwriting, marketing, or servicing need to ensure that their algorithms are transparent, unbiased, and compliant with fair lending laws. AI has the potential to create a more inclusive credit environment if used responsibly. If you’re going to use AI, if y...
The core mission of the Consumer Financial Protection Bureau (CFPB) is to ensure that financial institutions are adhering to consumer protection laws and regulations. Under the leadership of theCFPB’s newest director, Rohit Chopra, the agency is harming competition and consumer choice in the financi...
Access this practice note to learn about the CFPB’s civil investigative demands (CIDs). In addition to providing an overview of the CID process, this practice note outlines the roles and responsibilities of legal counsel and witnesses under pertinent federal laws and regulations. ...
Finally, financial institutions should pay attention to the likelihood that — at the very least — the CFPB and other federal agencies will receive direction from the White House to reverse, roll back, or modify various regulations and policies. We at Arnold & Porter will be vigilantly monitori...
and lawsuits by regulators against securitization vehicles for violations of consumer credit laws and regulations have been rare.26As a consequence, any future enforcement activity with respect to securitization vehicles is likely to raise a range of novel legal, operational, an...
Innovation in the consumer financial marketplace is important, especially in debt collection—where currently laws and regulations often prevent the use of modern technology.insideARM’s Innovation Councilworks towards this goal by seeking to advance the adoption of modern, efficient and consumer-friendly...
States should incorporate a prohibition against “abusive” practices into their consumer protection laws and offered model language for states to follow. The CFPB reasoned that “abusive” does a better job than “deception” at capturing modern misconduct, such as the use of pop-ups, multiple...