DEI in Lending: Are Special Purpose Credit Programs About to DIE?

What Happened? Last week the CFPB issued an Order recognizing the Financial Data Exchange, Inc. (“FDX”) as the first standard setting body (“SSO”) under the CFPB’s Personal Financial Data Rights Rule (the “Rule”).  The Rule requires financial institutions, credit card issuers, and other financial providers (“Subject Entities”) to make available consumers’ financial data and transfer […]

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Executive Summary 8 Minute Read Our Financial Services Group unpacks the Consumer Financial Protection Bureau’s final rule on consumer financial data rights under Section 1033 of the Dodd–Frank Act. The rule requires “data providers” to provide consumers and authorized third parties, upon request, with access to certain consumer financial data “Data providers” include Regulation E banks […]

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