Consumer Financial Protection Bureau Releases Proposed Rule on Fair Credit Reporting Act
On December 3, 2024, the U.S. Consumer Financial Protection Bureau (the CFPB) announced a notice of proposed rulemaking that seeks to significantly expand the scope of the Fair Credit Reporting Act and its implementing regulation, Regulation V (collectively, the FCRA), and to impose new requirements on covered parties, such as data brokers (the Proposed Rule).1 If implemented as currently drafted, the Proposed Rule would increase the amount of information defined as a “consumer report” and the number of persons defined as a “consumer reporting agency.” Moreover, it would create new requirements in relation to certain permissible purposes for which a consumer reporting agency may furnish a consumer report to a party.
CFPB Releases Final Rule on Personal Financial Data Rights
On October 22, 2024, the U.S. Consumer Financial Protection Bureau (CFPB) issued a final rule under Section 1033 of the Consumer Financial Protection Act of 2010.1 The final rule includes several important changes from the proposed rule. This client alert focuses on those changes. For an analysis of the proposed rule, please see our Sidley Update here. The final rule also includes hundreds of pages of Supplementary Information that provide important insights into the manner in which the CFPB will enforce the final rule.
Cybersecurity and Environmental Fraud Top Priorities of U.S. Commodity Futures Trading Commission Division of Enforcement
Just before Americans began their Fourth of July holiday, the U.S. Commodity Futures Trading Commission (CFTC) Division of Enforcement Director announced that the division has established two key task forces: the Cybersecurity and Emerging Technologies and the Environmental Fraud Task Force.1 Both task forces will be staffed with attorneys and investigators across the Division of Enforcement with the goal of serving as subject matter experts and prosecuting cases. As a result, CFTC registrants should be prepared for heightened focus on cybersecurity and environmental fraud, particularly in the derivatives and relevant spot markets.
