On July 5, the California Privacy Protection Agency (CPPA) published a Notice of Proposed Rulemaking regarding Data Broker Registration pursuant to Senate Bill 362 (the Delete Act). The Delete Act requires the CPPA to establish an accessible deletion mechanism. This mechanism allows a consumer, through a single verifiable consumer request, to request that every data broker delete any personal information related to that consumer held by the data broker or associated service provider or contractor.
As we predicted here, the Consumer Financial Protection Bureau (CFPB or Bureau) last week proposed new and, in some cases, streamlined rules governing what mortgage servicers must do after a borrower becomes delinquent. The proposed rules incorporate some pandemic-era practices, such as allowing servicers to offer assistance without a comprehensive review of the borrower’s financial situation.
Prudent regulation is needed in helping to define the risks and rewards in emerging partnerships between financial institutions and banks — but current regulatory efforts may be too vague, critics charged at a Congressional hearing held Friday (July 12). A “field hearing” held by the House Financial Services Subcommittee on Financial Institutions and Monetary Policy — “field” hearings take place outside of Washington, D.C., and in this case was held in Kentucky — included testimony from banking and FinTech executives who noted that the partnerships have the potential to transform financial services and boost financial inclusion.
In the first half of 2024, seven new states—Kentucky, Maryland, Minnesota, Nebraska, New Hampshire, New Jersey, and Rhode Island—all enacted their takes on comprehensive privacy laws, bringing the total number of states with such laws up to 19 (20, if counting Florida1). At a high level, most of these laws substantively mirror the provisions in previously enacted state comprehensive privacy laws, including continuing the trend of not providing a private right of action and affording covered entities an opportunity to cure alleged violations.
Myriam Valdez-Singh Appointed DFPI Deputy Commissioner for Legislation. Jerry Twomey Selected DFPI Deputy Commissioner for BDIA, 2024-25 Assessment Rates for Credit Unions and Money Transmitters and more.
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