Frank Dodd Update: CFPB experiences data breach ‘major incident’; NYDFS to begin charging crypto firms for supervision

24Apr

Frank Dodd Update: CFPB experiences data breach ‘major incident’; NYDFS to begin charging crypto firms for supervision

Monday, April 24, 2023
CFPB experiences data breach ‘major incident’
It has recently become public that the Consumer Financial Protection Bureau (CFPB) suffered a data breach earlier this year when a now-former employee of the bureau sent confidential and personal information on more than 250,000 consumers to their own personal email account. The CFPB has referred the matter to the Office of the Inspector General and reported the breach to relevant congressional oversight committees.

 
FHFA announces NPR on fair lending oversight
The Federal Housing Finance Agency announced a notice of proposed rulemaking which, if finalized, would formalize many of the agency’s existing practices and programs regarding fair housing and fair lending oversight of its regulated entities, including Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.
Fed’s Bowman doubts benefit of CBDC
In a speech at the Georgetown University McDonough School of Business Psaros Center for Financial Markets and Policy, Federal Reserve Governor Michelle Bowman discussed the topic of a U.S.-produced central bank digital currency (CBDC). Though she acknowledged some benefits to a U.S. CBDC, Bowman expressed skepticism towards the concept.

 
Trial date set for Better, Beeline trade secrets suit
A 2020 lawsuit filed by Better alleged a former employee gave its trade secrets to Beeline Loans. The suit is set to go to trial on Jan. 8, 2024.

 
NYDFS to begin charging crypto firms for supervision
The New York Department of Financial Services announced that it has begun charging crypto firms that are subject to the agency’s supervision and examination, putting the crypto industry more in line with banking and insurance firms.

 
Fudge hosts first Tribal Intergovernmental Advisory Committee meeting
Department of Housing and Urban Development Secretary Marcia Fudge hosted the department’s first Tribal Intergovernmental Advisory Committee meeting to discuss housing needs and challenges in tribal nations.
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