Dec 202024

Consumer Financial Protection Bureau Releases Proposed Rule on Fair Credit Reporting Act

CFPB, Consumer Protection, Financial Sector

Colleen Theresa Brown, Joel D. Feinberg, David E. Teitelbaum, Thomas G. Ward, Sheri Porath Rockwell, Sean A. Smith, Kerry Nilsen and Jordyn R. Singer

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.

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May 82023

New EU Cyber Law for the Financial Services Industry with Significant Impact on ICT Service Providers

Cybersecurity, EU, Financial Sector, International, Legislation, Policy, Technology

William RM Long, Lauren Cuyvers and João D. Quartilho

The new EU Regulation on Digital Operational Resilience for the Financial Sector (DORA) recently entered into force. DORA establishes cybersecurity requirements for information and communication technology (ICT) systems supporting the business processes of financial entities and represents a paradigm shift for the ICT sector. Critical ICT third-party service providers, who are providing services to regulated financial entities, will also be directly regulated under DORA and subject to regulatory supervision by a regulator to be established under DORA (a so-called ‘Lead Overseer’).

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