United States of America: Consumer Financial Protection Bureau opened a consultation on inquiry into regulatory framework for financial data privacy protection

On 10 January 2025, the Consumer Financial Protection Bureau (CFPB) opened a consultation as part of its inquiry into how providers of consumer financial products or services collect, use, share, and protect personal financial data. The consultation closes on 11 April 2025. The consultation seeks comments on the effectiveness of existing regulations, including the Gramm-Leach-Bliley Act (GLBA) and Fair Credit Reporting Act (FCRA), and ways in which regulations could be strengthened. It also asks for the types of data the CFPB should routinely monitor.