All Things FinReg

The Taskforce on Inequality and Social-Related Financial Disclosures (TISFD or the Taskforce) is a novel initiative, launched late in 2024, aimed at addressing the growing importance of inequality and social (or, if you like, people-related) risks in the financial sector. It is a global coalition of more than 20 companies, financial institutions, labor unions, civil society organizations, and international organizations, bringing together a wide range of voices to address the complex issue of inequality and social-related financial risks.

Almost exactly a year after issuing a Notice of Proposed Rulemaking (NPRM) on Personal Financial Data rights, on October 22, 2024 the Consumer Financial Protection Bureau (CFPB) issued its final Rule under Section 1033 of the Consumer Financial Protection Act. The Rule, also referred to as the “open banking rule,” has been a key priority of CFPB Director Rohit Chopra’s rulemaking agenda, and according to the CFPB and Director Chopra, aims to give consumers greater rights over their personal financial data and promote competition and consumer choice in financial products and services.

For the second time in a month, the Consumer Financial Protection Bureau (CFPB) has proposed a new rule that would require businesses to report already public information and thereby increase the burdens on, and risks to, the nonbank financial services industry, which may ultimately increase costs to consumers or slow the proliferation of new products that benefit consumers.