Compliance & Regulatory Updates: Dec. 4, 2024

CFPB Proposes Rule To Stop Data Brokers Selling Personal Data: The Consumer Financial Protection Bureau (CFPB) recently announced a proposed rule to rein in data brokers that sell Americans' sensitive personal and financial information. 

​CFPB Final Rule on Personal Data and Stop Illegal "Debanking": On November 21, the Consumer Financial Protection Bureau (CFPB) issued a final rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. 

CFPB Report Shows Bank Discrimination in Small Business Lending: On November 13, the Consumer Financial Protection Bureau (CFPB) released a report along with the US Department of Justice on matched-pair testing to test for and detect differential treatment of fictitious well-qualified Black and white small business owners seeking credit at large bank lenders in two counties. 

CFPB Auto Finance Fall Supervisory Highlight: The Consumer Financial Protection Bureau (CFPB) issued its Fall Supervisory Highlights focused on auto financing on October 7. 

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