Open banking frameworks are transforming how consumer financial data is shared and utilized, thanks to collaboration among financial institutions, technology companies, and regulators. With the CFPB revisiting the 2024 Final Rule under the Dodd-Frank Act, stakeholders are weighing in on the future of consumer data access and financial innovation.
Continue Reading CFPB Reopens Its Open Banking Rule for Comment
The Federal Trade Commission’s Rule on Unfair or Deceptive Fees, sometimes called the “Junk Fees Rule,” took effect on May 12, 2025. In advance of that effective date, the FTC published Frequently Asked Questions (FAQs) to provide guidance to consumers and businesses regarding the Rule.
On Oct. 22, 2024, the CFPB issued a final rule that will require covered financial institutions to provide consumers and authorized third parties with access and portability options for their financial data. The CFPB’s final rule, called the “Personal Financial Data Rights Rule,” implements Section 1033 of Title X of the Dodd-Frank Act, a to-date
The Securities and Exchange Commission’s Division of Examinations (Division) announced its 2025 examination priorities (Exam Priorities) Oct. 21, 2024. These priorities address areas of concern based on recent examinations, and often forecast referrals to the Division if material rule violations or deficiencies are uncovered.
The Corporate Transparency Act (CTA) has been in effect since Jan. 1, 2024, requiring non-exempt U.S. entities and non-exempt foreign entities that are registered to do business in the United States (collectively, Reporting Companies) to submit beneficial ownership information (BOI) reports to a confidential database maintained by the U.S. Department of the Treasury’s Financial Crimes
On July 18, 2024, the Consumer Financial Protection Bureau (CFPB) issued a Proposed Interpretive Rule and Request for Comment (Proposed Rule) addressing credit products in the paycheck advance marketplace, such as those marketed as “earned wage access” or “earned wage advance” products (EWA).
On Aug. 15, 2024, a federal court dismissed a proposed class action against financial analysis website Seeking Alpha, Inc. (Seeking Alpha). The lawsuit was brought in July 2023 by subscribers who accused Seeking Alpha of operating as an unregistered investment adviser and unlawfully collecting subscription fees by providing investing advice and customized email
On Aug. 9, 2024, the Securities and Exchange Commission initiated administrative and cease-and-desist proceedings against a U.S. registered investment adviser (the Adviser). This action resulted from the Adviser’s failure to comply with the SEC amended Marketing Rule under the Investment Advisers Act of 1940 (Advisers Act), adopted to modernize rules that govern investment adviser advertisements
The CTA mandates that, starting on Jan. 1, 2024, certain U.S. legal entities and foreign entities registered to do business in the United States (collectively, Reporting Companies) disclose certain BOI to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).1 FinCEN has noted that, as of April 30, 2024, over a million
On June 17, 2024, the FTC filed a federal court complaint against Adobe and two of its executives. The complaint alleges that Adobe deceived consumers by failing to adequately disclose that its annual subscription plans were subject to an ETF and by making it difficult for consumers to cancel their annual subscription plans.