On February 8, the District of Columbia attorney general announced a settlement with a FinTech company for alleged violations of the District of Columbia Consumer Protection Procedures Act (CPPA) by marketing high-costs loans...more
On January 24, the CFPB issued a notice and request for comment in the Federal Register regarding the Bureau’s inquiry into “buy now, pay later” or BNPL providers. As discussed in a Consumer Finance and Fintech post last...more
On December 21, an online lending fintech agreed to a stipulated final judgment with the CFPB to resolve a September 2021 complaint alleging that the company deceived consumers and violated the Equal Credit Opportunity Act...more
1/4/2022
/ Advertising ,
Compliance ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Enforcement ,
Financial Services Industry ,
FinTech ,
Loans ,
Online Marketplace Lending ,
Popular ,
Regulation B
Building on his remarks to the Blockchain Association and the American Fintech Council earlier this month, the Acting Comptroller of the Currency, Michael J. Hsu, issued a statement on November 16 before the Federal Reserve...more
On November 3, Acting Comptroller of the Currency, Michael J. Hsu, remarked at the American Fintech Council’s Fintech Policy Summit 2021 about the growth in the digitalization of banking including the trend and attendant...more
Last week, the CFPB issued a series of orders to collect information on the business practices of six large technology companies operating payments systems. The Bureau claims that the information will help better understand...more
Ahead of an upcoming merger between a digital banking platform and a special purpose acquisition company, both parties disclosed in a regulatory filing last week that the platform received a Civil Investigative Demand (“CID”)...more
10/13/2021
/ Banking Sector ,
Civil Investigation Demand ,
Consumer Financial Protection Bureau (CFPB) ,
Consumers ,
EFTA ,
Enforcement Actions ,
FinTech ,
Investigations ,
Mobile Apps ,
NCLC ,
Opt-Outs ,
UDAAP
On September 21, 2021, the FinTech task force of the U.S. House Committee on Financial Services held a hearing on consumer privacy. The hearing was live-streamed and the archived webcast is available on the Committee website....more
10/1/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Cybersecurity ,
Data Mapping ,
Data Privacy ,
Data Protection ,
Disclosure Requirements ,
Financial Services Industry ,
FinTech ,
Proposed Rules ,
Regulatory Oversight ,
Rulemaking Process
Wyoming and Maine recently amended their laws related to licensure requirements for consumer lending:
- In July, Wyoming adopted House Bill 0008 (HB 0008), which amends provisions of the Wyoming Uniform Consumer Credit...more
Last month we wrote a blog relating to a consent order entered into by the California Department of Financial Protection and Innovation (DFPI) with a servicer of income share agreements. The DFPI determined that, despite...more
On August 27, the Federal Reserve, FDIC, and OCC jointly published guidance on the types of due diligence community banks should engage in when contemplating arrangements with financial technology companies or FinTechs. ...more
On July 12, the CFPB issued a consent order against a FinTech company for facilitating point of sale financing activities without authorization from consumers. The consent order requires the company to pay up to...more
At the recent FDIC conference, “Fintech: A Bridge to Economic Inclusion,” FDIC Chairman Jelena McWilliams remarked that while the proportion of U.S. households that were banked in 2019 was 94.6 percent, 7 million households...more
On June 24, the U.S. House of Representatives passed S.J. Res. 15 by a vote of 218-208 to repeal the Office of the Comptroller of the Currency’s (OCC) “True Lender” rule under the Congressional Review Act (CRA). The OCC...more
The House Select Subcommittee on the Coronavirus Crisis recently announced an investigation into the role of four Fintech companies and partner banks in issuing allegedly fraudulent Paycheck Protection Program (PPP) loans. ...more