CFPB Bites of the Month: The CFPB and the Dust of June

June was another big month for the CFPB with rules, proposals, lawsuits, and a Supreme Court case. In this month's article, we share some of our top "bites" of the month to keep you in the loop.

Bite 13: CFPB Director Addresses House Financial Services Committee

On June 13, 2024, Director Chopra addressed the House Financial Services Committee. Director Chopra claimed that there was a pressing need for Congress and the CFPB to protect "personal data and financial privacy in an increasingly digital marketplace." Director Chopra noted that the CFPB has worked to develop data sharing standards and privacy protections. He urged Congress to act to protect financial data. Director Chopra also sought "opportunities to advance legislation to accelerate open and decentralized banking in our country that can also protect personal data." Director Chopra highlighted that the CFPB has finalized a key part of the framework for Section 1033 and that he anticipates finalizing the rule in the fall. Director Chopra also noted that the CFPB is proposing a rule under the Fair Credit Reporting Act to restrict data brokers' use of certain sensitive data.