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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-09-29T15:37:00
A group of banking and business associations sued the Consumer Financial Protection Bureau (CFPB) for overstepping its authority when the agency indicated it would begin actively searching for discrimination and disparate impacts during supervisory examinations.
The U.S. Chamber of Commerce, American Bankers Association, and five other banking and business groups filed a lawsuit against the CFPB and its Director Rohit Chopra on Wednesday in U.S. District Court for the Eastern District of Texas, challenging the agency’s recent update to the Unfair, Deceptive, or Abusive Acts or Practices section of its examination manual.
“The Consumer Financial Protection Bureau is operating beyond its statutory authority and in the process creating legal uncertainty that will result in fewer financial products available to consumers,” said U.S. Chamber Executive Vice President and Chief Policy Officer Neil Bradley in a press release. “The CFPB is pursuing an ideological agenda that goes well beyond what is authorized by law, and the chamber will not hesitate to hold them accountable.”
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2022-12-13T14:59:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau proposed a rule that would require certain nonbank financial firms to register consumer protection orders filed against them by other federal agencies, courts, or states into a new, publicly accessible registry.
2022-10-28T20:25:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau initiated rulemaking that would require banks and other financial institutions to make a consumer’s personal financial data available to them upon request.
2022-10-25T12:30:00Z By Aaron Nicodemus
An appeals court’s finding the Consumer Financial Protection Bureau’s funding mechanism to be unconstitutional could affect a multitude of lawsuits filed against the agency, according to legal experts.
2024-10-22T14:37:00Z By Aaron Nicodemus
The Department of Justice (DOJ) has proposed a new rule that would regulate the use of Americans’ personal information by foreign companies and foreign persons in six “countries of concern,” prohibiting and restricting the sale of data to thwart the use of data for cyber-enabled activities, espionage, coercion, influence and ...
2024-10-17T17:42:00Z By Adrianne Appel
New York financial institutions are expected to address cybersecurity risks posed by artificial intelligence (AI), and new guidance from the New York Department of Financial Services is aimed at helping firms do just that.
2024-10-17T16:22:00Z By Neil Hodge
Concerns about how robustly European member states may enforce the EU AI Act, which took effect on Aug. 1, are divided between if regulators will take a “light touch” approach or a sledgehammer for noncompliance. One thing’s for sure, the pace of AI innovation will make enforcement very difficult.
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