On November 7, 2023, the Consumer Financial Protection Bureau ("CFPB") issued a proposed rule that would grant it supervisory authority over major nonbank technology companies in the consumer digital payments space....more
11/16/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Reports ,
Digital Wallets ,
Electronic Payment Transactions ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Mortgage Lenders ,
Nonbank Firms ,
Peer-to-Peer ,
Proposed Rules ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Authority
Recent Consumer Financial Protection Bureau ("CFPB") guidance reiterates that creditors must provide consumers with accurate and individualized explanations for adverse actions—a task made more difficult by the complexity of...more
10/12/2023
/ Adverse Action ,
Algorithms ,
Artificial Intelligence ,
Consumer Credit Protection ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Machine Learning ,
Regulation B
Ruling concludes "unfairness" authority under the Dodd-Frank Act does not cover discrimination.
On September 8, 2023, a federal district court rejected the Consumer Financial Protection Bureau's ("CFPB") interpretation...more