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The CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, on June 3, 2024. The rule will require certain nonbank entities to register certain covered enforcement or court orders, and comply with ongoing, attested reporting requirements on the entity’s compliance with such orders.

The Consumer Financial Protection Bureau (CFPB) has issued its final rule requiring nonbank entities, including debt collectors, to register with the bureau when they are subject to local, state, or federal court or agency enforcement actions. Debt collection companies that bring in more than $10 million annually are considered a nonbank entity. This substantial move to enhance consumer protection involves the creation and maintenance of a registry to collect information about specific publicly available agency and court orders.

SAN ANTONIO – Texas Attorney General Ken Paxton is investigating multiple car manufacturing companies after reports that they have secretly collected driver data and sold it to third parties. Paxton’s office said the reports noted that massive amounts of data were sold to insurance providers. “The technology in modern vehicles enables manufacturers to collect millions of data points about the people driving them,” Paxton said.

Technological advancements and cyber threats are keeping privacy and data security issues at the forefront of lawmaker and regulatory agency agendas on “the Hill,” in particular the US Federal Communications Commission (FCC), Federal Trade Commission (FTC), and Securities and Exchange Commission (SEC). Their latest actions, which include the revival of net neutrality principles, expanding FTC enforcement authorities, and impending comprehensive data privacy laws such as the American Privacy Rights Act (APRA), have companies across various sectors grappling with a complex array of legal requirements and risks associated with data protection.

Acting Comptroller of the Currency Michael J. Hsu today discussed systemic risk implications of artificial intelligence (AI) in banking and finance via livestream at the Financial Stability Oversight Council’s AI Conference.