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ARTICLE · 23 JUNE 2022

CFPB Revives Another Statute From Desuetude

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On June 14, 2022, the Consumer Financial Protection Bureau ("CFPB") released a request for information about relationship banking and consumers' ability to obtain information...

United StatesFinance and Banking
Matthew Bisanz
Matthew Bisanz
Ori Lev
Ori Lev
Christopher B. Leach
Christopher B. Leach
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On June 14, 2022, the Consumer Financial Protection Bureau ("CFPB") released a request for information about relationship banking and consumers' ability to obtain information from certain financial institutions ("RFI").1The CFPB is concerned that relationship banking is on the decline and consumers may be struggling to obtain basic information and experiencing poor customer service. The RFI is intended to bring a "sharper focus on more relationship-based banking" and may lead to further agency action on consumers' ability to request information from their financial institutions.

While a consumers' ability toobtaininformation from certain financial institutions under Section 1034(c) of the Dodd-Frank Act is relatively limited, the CFPB may be poised to use it as the basis to regulate how financial institutionsengagewith consumers. Financial institutions should consider carefully reviewing the RFI to understand the CFPB's position regarding relationship banking and

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