Latest news with #USConsumerFinancialProtectionBureau
Yahoo
31-07-2025
- Business
- Yahoo
US consumer finance watchdog to revise open banking regulations
The US Consumer Financial Protection Bureau (CFPB) plans to revise the open banking regulations initially adopted under former President Joe Biden, reported Reuters. CFPB's decision follows a federal judge's pause on a lawsuit aiming to strike down these regulations, allowing the agency time to replace them with a new version. The consumer finance watchdog, under President Donald Trump, had previously sought to scrap the rules, which were designed to enhance consumer control over financial data and foster innovation. In a court filing, CFPB said: 'In light of recent events in the marketplace, the bureau has now decided to initiate a new rulemaking to reconsider the rule with a view to substantially revising it and providing a robust justification'. It added that it would commence an 'accelerated' process for rulemaking within three weeks. The Biden-era regulations aimed to facilitate data sharing between fintech firms and traditional banks, enabling consumers to transfer personal data freely. These regulations were part of the 2010 Dodd-Frank Wall Street reform legislation, intended to reduce costs and expand services for consumers. However, the banking industry opposed the rules, citing concerns over customer privacy and data security. Conversely, the fintech industry argued that the regulations provided security protections and that removing them would benefit large banks while hindering competition. In May, the CFPB had informed the court that it believed the regulations exceeded its legal authority and should be scrapped. Recently, JPMorgan announced plans to charge fintech companies for accessing its customers' account data, a move that could significantly impact fintech operations reliant on such access. US District Judge Danny Reeves granted the CFPB's request for a stay, allowing the agency to collaborate with stakeholders and the public to redesign the regulations. The Bank Policy Institute, an industry trade group, opposed the stay, while financial technology groups expressed interest in participating in the effort to remake the regulations. "US consumer finance watchdog to revise open banking regulations " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Times
30-07-2025
- Business
- Business Times
US consumer finance watchdog says it will replace Biden-era ‘open banking' regulations
[WASHINGTON] A federal judge on Tuesday paused a lawsuit against the US Consumer Financial Protection Bureau that had sought to strike down 'open banking' regulations, granting the agency's request for time to replace the contested rules adopted under former President Joe Biden with a new version, court papers showed. The move by President Donald Trump's CFPB to remake the regulations was a reversal. The agency had previously said the court should scrap the rules, intended to give consumers greater control over their own financial data and boost innovation - marked a reversal. 'In light of recent events in the marketplace, the bureau has now decided to initiate a new rulemaking to reconsider the rule with a view to substantially revising it and providing a robust justification,' the agency said in a court filing, adding that it would begin an 'accelerated' rulemaking process within three weeks. Under former President Joe Biden, the CFPB proposed regulations to govern data sharing between fintech firms and traditional banks, allowing consumers to easily transfer their personal data between providers free of charge. Called for under the landmark 2010 Dodd-Frank Wall Street reform legislation, the regulations were also intended to help reduce costs and increase the kinds of services available to consumers. However, the banking industry quickly sued to block aspects of the rule, arguing that it would endanger bank customers' privacy and the security of their data. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The fintech industry said to the contrary it offered security protections and that scrapping the rule would be a handout to large banks that hampers competition. The CFPB had told the court in May it believed the regulations exceeded the agency's legal authorities and should be scrapped. Earlier this month, Bloomberg reported that JPMorgan planned to charge fintech companies for access to its customers' account data. US District Judge Danny Reeves of the Eastern District of Kentucky said on Tuesday he was granting the CFPB's request for a stay in part because this would help the agency work with stakeholders and the broader public to redesign the regulations. According to CFPB's filing, the Bank Policy Institute, an industry trade organisation, opposed granting the stay. But financial technology groups said they hoped to participate in the effort to remake the regulations. REUTERS
Bloomberg
29-07-2025
- Business
- Bloomberg
CFPB Tells Judge It Plans to Rework Consumer Data Rights Rule
The US Consumer Financial Protection Bureau is having second thoughts about asking a federal judge to eliminate a Biden-era open-banking rule after proposed data access fees from JPMorgan Chase & Co. drew the ire of several Trump administration allies, including one of the president's sons. The agency requested the judge stay a lawsuit challenging the existing regulation in a filing on Tuesday, a change from its previous position that the entire rule was unlawful and must be vacated. Instead, the CFPB is planning to move ahead with crafting a new rule governing personal financial data rights without the existing rule being vacated, according to the filing in federal court in Lexington, Kentucky.
Straits Times
14-05-2025
- Business
- Straits Times
Trump administration scraps Biden-era plan to limit sale of Americans' personal data
US President Donald Trump's administration has moved this year to decimate the US Consumer Financial Protection Bureau. PHOTO: AFP WASHINGTON - The US Consumer Financial Protection Bureau (CFPB) is scrapping a proposal issued under former President Joe Biden that would have sharply limited the sale of Americans' private information by 'data brokers', according to a Federal Register notice issued on May 14 . The agency also yanked proposals that sought to extend consumer protections to the use of new digital payment technologies including cryptocurrency, and that would have prohibited certain terms in the fine print in consumer finance products. In a statement, Consumer Reports said the withdrawal of the data broker proposal would leave consumers 'vulnerable to scams and identity theft'. President Donald Trump's administration has moved this year to decimate the CFPB, initially seeking to shut it down entirely and subsequently saying it can meet its legal obligations with about 10 per cent of its current staff. Efforts to fire large amounts of staff are currently on hold as federal courts consider the matter. Senior officials in recent days have continued undoing much of the prior administration's work in regulation and oversight. The agency last week withdrew scores of guidance documents issued across administrations since 2011. In proposing the limits on data brokers in January, former CFPB Director Rohit Chopra said the sale of Americans' private information to data brokers was a 'staggering' problem that also jeopardised national security by putting government officials' privacy at risk. The CFPB did not immediately respond to a request for comment. However, in a Federal Register notice, Mr Russell Vought, the current acting CFPB director, said the proposal no longer aligned with the bureau's changed policy objectives and its interpretation of the Fair Credit Reporting Act. 'Further, commenters raised numerous concerns related to this proposed rule that the Bureau believes require careful consideration before proceeding with a final rule,' he said. These included whether the proposal was at odds with federal law. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
USA Today
24-04-2025
- Business
- USA Today
NEH hiring artists for Trump's 250-statue garden plan. It just cut 1,000 other grants.
NEH hiring artists for Trump's 250-statue garden plan. It just cut 1,000 other grants. National Endowment for the Humanities union says Trump is using the agency "as a propaganda pipeline." Show Caption Hide Caption Trump shuts down US Consumer Financial Protection Bureau Protesters are calling on the Trump administration to change course and re-open the Consumer Financial Protection Bureau (CFPB). It is an independent agency of the United States government responsible for consumer protection in the financial sector founded in 2011 after the Great Recession. Fox - Seattle After just cutting more than 1,000 grants, the National Endowment for the Humanities is recruiting artists to create 250 statues for President Donald Trump's Garden of Heroes idea in time for the country's 250th Anniversary next year. The grant application opened Thursday and allows for up to $600,000 per artist to create three statues of American heroes Trump identified in an executive order during his first term. Each statue can cost up $200,000, must be life-sized and made of marble, granite, bronze, copper, or brass. "The purpose of this program is to celebrate key moments in American history and honor the statesmen, visionaries, and innovators who shaped the nation through the creation of statues in their likeness," according to the grant notice. The sculptures are supposed to be in place by the 250th anniversary of America's independence from Britain, on July 4, 2026, but a location for the garden has not been publicized. The order lists traditional heroes like George Washington, Abraham Lincoln, Frederick Douglass, Sacagawea, Neil Armstrong, Martin Luther King Jr., and John F. Kennedy, as well as arts, culture and sports figures including Kobe Bryant, Johnny Cash, Julia Child, Elia Kazan and conservative intellectuals and activists. Cancelled grants At least some of the $30 million the agency has set aside for the statues is expected to come from grants for ongoing projects that were cancelled in early April after Trump's second term began. The agency eliminated more than 85% of its existing grants, which support museums, historical sites and scholarly and community projects across the country, as well as state-level humanities programs in all 50 states. It also sent an estimated 70% of its staff home on administrative leave as it works to downsize the agency's roughly 170-person staff. More: States scramble after Trump's 'devastating' cuts to humanities grants A spokesperson for NEH did not return a request for more information. According to the grant notice on the NEH website, applicants can select 10 to 20 figures from those listed in the 2021 executive order creating the garden. NEH will determine which statues are to be created by each award recipient. Former President Joe Biden rescinded the order when he took office. Trump issued a new order when he regained office in 2025. Union says the agency is 'being used as a propaganda pipeline' AFGE Local 3403, a branch of the American Federation of Government Employees that represents NEH employees said in a statement it is horrified the agency is "being used as a propaganda pipeline to promote the president's brand of patriotism instead of preserving and celebrating the full American experience." "It is absurd to think that grant dollars that were being used to do things like publish President George Washington's writings, restore Mark Twain's artifacts, and support civics education are instead being directed to commission statues," the union said. "While NEH staff have the expertise to help provide historic context about these individuals and their impact, commissioning the artworks falls well outside of the agency's purview. History is not something that can be set in stone."
