Supreme Court Decisions Loom Over Consumer Watchdogs 2024 Plans

Eric Mogilnicki and David Stein’s commentary was included in a Bloomberg Law article examining how a U.S. Supreme Court case may affect the ability of the Consumer Financial Protection Bureau (CFPB) to regulate how banks handle consumer data and charge fees.

Reflecting on the potential risk to the CFPB’s regulatory power, Eric said “I’ve seen no evidence of a slowdown in response to the risk that the Supreme Court rules against the bureau.”

David commented on CFPB rules that would require banks to allow customers to easily transfer their financial data to third-party companies, including fintech startups. “As that approach is expanded over time, first to smaller and smaller institutions and then eventually to other rulemakings and other types of products, I do think that the creation of this open banking system is going to change the competitive dynamic,” he said.