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On August 11, the CFPB published a circular confirming that covered persons and service providers under the Consumer Financial Protection Act (CFPA) may violate the CFPA’s prohibition against unfair acts or practices when they fail to adequately safeguard consumer information.
The FHFA announced that Fannie Mae and Freddie Mac will require mortgage servicers to maintain certain fair lending data elements, including the borrower’s age, race, ethnicity, gender, and preferred language.
On July 29, 2022, the New York Department of Financial Services (“NYDFS”) released Draft Amendments to its Cyber Security Regulations.
The CFPB recently published a report analyzing how certain actions announced earlier this year by the three largest national consumer reporting agencies—Equifax, Experian, and TransUnion—will affect people who have allegedly unpaid medical debt on their credit reports The new report is the CFPB’s third report issued this year on medical debt.
Eight national trade groups have filed a petition with the CFPB that urges the Bureau to engage in rulemaking to define larger participants in the market for data aggregation services.
Earlier this year, the CFPB and the FTC filed an amicus brief in an appeal to the Second Circuit, arguing that the Court should reject the District Court’s “unduly narrow” interpretation of the FCRA requirement that consumer reporting agencies (CRAs) follow reasonable procedures to assure accuracy of information included in consumer reports.
In Director Chopra’s recent interviews with several news reporting organizations, a persistent theme was the CFPB’s concerns about the entry of big tech companies into financial services, particularly in connection with payments and the companies’ ability to collect and monetize data about consumers.
Some people just don’t like change. New developments are often opposed by small groups prioritizing their own self-interest over the interests of the community at large.
Three Republican House members sent a letter last week to CFPB Director Chopra raising questions about the Bureau’s relationship with state attorneys general and its interpretive rule issued in May 2022 regarding the authority of state attorneys general and state regulators (State Officials) to enforce the Consumer Financial Protection Act (CFPA).
As adoption around blockchain, non fungible tokens (NFTs) and the metaverse grows, there’s an increasing focus on the legal challenges these emerging technologies present.
In Notice 2022-36, the Internal Revenue Service (IRS) announced relief for taxpayers who failed to file certain tax and information returns with respect to tax years 2019 and 2020.
On August 11, 2022, the Centers for Disease Control and Prevention (CDC) unveiled its updated COVID-19 guidelines, revising both quarantine and isolation guidelines in the process.
On Aug. 24, 2022, the IRS issued Notice 2022-36, which provides penalty relief to taxpayers for certain late-filed 2019 and 2020 tax returns and information returns, but this relief is only afforded to those who file the eligible returns on or before Sept. 30, 2022, and the relief does not apply to all types of returns.
The U.S. Department of Labor’s Office of Federal Contract Compliance Programs (OFCCP) received a Freedom of Information Act (FOIA) request for detailed EEO-1 Report employee demographic information that thousands of U.S. employers submitted from 2016 through 2020.
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