Consumer Financial Services Law Blog
Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Services Law Blog

Consumer Financial Services Law Blog

News and analysis regarding Consumer Financial Services litigation and regulation, and activities of the Consumer Financial Protection Bureau


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Showing 2 posts in Privacy.

CFPB Proposes Electronic Posting of Annual Privacy Notices

On May 6, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule that would amend the annual privacy notice requirement under the Gramm-Leach-Bliley Act (GLBA). Under the proposal, financial institutions would be granted the option to deliver the annually-required privacy disclosure electronically, if they meet certain other requirements. Read More ›

Nation’s Governors Resist CFPB’s Call, Prepare Lawsuit Challenging CFPB’s Authority

Last March, CFPB Director, Richard Cordray, called on all 50 states to sign a memorandum of understanding (MOU) to assuage industry concerns regarding the protection of confidential information shared among states and the bureau. To date, only 12 states have answered the call. Oklahoma Attorney General Scott Pruitt explains that some attorney generals are declining to sign the MOU over legal objections to Dodd-Frank and the recess appointment of Cordray. “There are misgivings I have about the authority and scope and power of the CFPB and the power granted to the director. Frankly, until some of those issues are fleshed out, it is very premature for a state to enter into an MoU.”  Indeed, it has been reported that some states, including Oklahoma, South Carolina, Kansas and Michigan, are preparing a lawsuit to challenge the constitutionality of Dodd-Frank and the powers it grants to the bureau and its director. South Carolina Attorney General Alan Wilson warned that the lawsuit would be filled later this month.   Read More ›