CFPB Issues Final Rule Amending Disclosure of Records and Information Regulation

On October 29, the CFPB issued a final rule, revising subparts A and D of section 1070 of title 12 of the Code of Federal Regulations, to clarify defined terms and promote transparency around its practices and anticipated use of confidential information generated and received during the course of its work. Although the CFPB acknowledges that the majority of revisions are clarifications, corrections or technical changes, the CFPB’s final rule offers an analysis of the perceived benefits, costs and impacts of its revisions compared to the status quo.