In a significant turn of events, the Consumer Financial Protection Bureau (CFPB or Bureau) has decided to initiate a new rulemaking process concerning its final rule on personal financial data rights under Section 1033 of the...more
7/30/2025
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data Privacy ,
Financial Institutions ,
Financial Services Industry ,
Open Banking ,
Personal Data ,
Rulemaking Process ,
Stays
On July 18, America’s Credit Unions sent a letter to the Honorable Kyle Hauptman, Chairman of the National Credit Union Administration (NCUA), urging the agency to initiate rulemaking that would allow credit unions to take...more
7/24/2025
/ Consumer Financial Products ,
Credit Unions ,
Digital Assets ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Investment ,
NCUA ,
Regulatory Requirements ,
Rulemaking Process ,
Stablecoins ,
The GENIUS Act
On July 8, a panel for the U.S. Court of Appeals for the Eighth Circuit issued a significant decision in the case of Custom Communications, Inc. v. Federal Trade Commission (FTC). The panel vacated the FTC’s amended Negative...more
On Jan. 14, Patriot Bank, based in Stamford, Connecticut, entered into an agreement with the Office of the Comptroller of the Currency to address and rectify several alleged unsafe or unsound practices and violations of law....more
7/11/2025
/ Anti-Money Laundering ,
Banks ,
BSA/AML ,
Enforcement Actions ,
Financial Institutions ,
Money Laundering ,
OCC ,
Payment Systems ,
Regulatory Requirements ,
Regulatory Violations ,
Risk Management ,
Unfair or Deceptive Trade Practices
In this special crossover edition of Payments Pros and The Consumer Finance Podcast, Carlin McCrory and Jason Cover are joined by their colleague Caleb Rosenberg to explore the evolving landscape of small business financing....more
7/10/2025
/ Banks ,
Consumer Financial Products ,
Disclosure Requirements ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FinTech ,
Lenders ,
New Legislation ,
Regulatory Reform ,
Small Business ,
Small Business Loans ,
Startups ,
State Legislatures
In this special crossover edition of the Payments Pros and Consumer Finance podcasts, Carlin McCrory and Jason Cover are joined by their colleague Caleb Rosenberg to explore the evolving landscape of small business financing....more
7/9/2025
/ Banks ,
Disclosure Requirements ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Financing ,
FinTech ,
Lenders ,
New Legislation ,
Regulatory Reform ,
Small Business ,
Small Business Loans ,
State Legislatures
The Office of the Comptroller of the Currency (OCC), alongside the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) (collectively, the agencies), with concurrence from the...more
6/30/2025
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Consumer Financial Products ,
Customer Identification Program (CIP) ,
Exemptions ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
NCUA ,
OCC ,
Patriot Act ,
Regulatory Requirements
On June 16, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC) issued a joint request for public comment on potential ways to address payments...more
6/25/2025
/ Banks ,
Consumer Financial Products ,
FDIC ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Financial Crimes ,
Financial Services Industry ,
Fraud ,
OCC ,
Payment Systems ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management ,
Suspicious Activity Reports (SARs)
In this episode of Payments Pros, Carlin McCrory is joined by Mary Zinsner, a partner in the Consumer Financial Services Practice Group, to explore the increasing litigation trends in the payments industry, with a focus on...more
In this episode of Payments Pros, Carlin McCrory welcomes Melissa Sneed from the Georgia Department of Banking and Finance and James Stevens, co-leader of Troutman Pepper Locke’s Financial Services Industry Group, to explore...more
In this episode of Payments Pros, Carlin McCrory introduces Jason Cover as a new co-host. Jason, a partner in Troutman Pepper Locke's Consumer Financial Services practice, brings extensive knowledge in consumer lending and...more
In this episode of Payments Pros, host Carlin McCrory welcomes Jason Mikula, a seasoned fintech and banking advisor, to explore various topics within the payments industry. They begin by examining the implications of U.S....more
In this special crossover edition of the Payments Pros and Crypto Exchange podcast, Carlin McCrory is joined by colleagues Alex Barrage and Ethan Ostroff to discuss recent legislative updates surrounding payment stablecoins....more
In this special crossover edition of the Payments Pros and Crypto Exchange podcast, Carlin McCrory is joined by colleagues Alex Barrage and Ethan Ostroff to discuss recent legislative updates surrounding payment stablecoins....more
4/24/2025
/ Anti-Money Laundering ,
Cryptocurrency ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
New Legislation ,
Payment Systems ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Stablecoins
On April 7, DailyPay, LLC, an employer-integrated earned wage access (EWA) provider, filed a lawsuit against New York Attorney General Letitia James, seeking declaratory relief to prevent the enforcement of state and federal...more
4/14/2025
/ Consumer Financial Products ,
Earned Wage Access ,
Employee Rights ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
Loans ,
New York ,
Regulatory Requirements ,
State Attorneys General ,
Usury ,
Wages
The Conference of State Bank Supervisors (CSBS), a nationwide organization of state banking and financial regulators from all 50 states, the District of Columbia, and U.S. territories, has raised significant concerns...more
4/4/2025
/ Banking Regulators ,
CSBS ,
Digital Assets ,
Financial Regulatory Reform ,
Financial Services Industry ,
OCC ,
Preemption ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
Stablecoins ,
State Regulators
In this episode of Payments Pros, host Carlin McCrory discusses a recent consent order between Patriot Bank and the Office of the Comptroller of the Currency (OCC) following a $27 million loss. The order addresses unsafe...more
4/2/2025
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banks ,
BSA/AML ,
Consent Order ,
Customer Identification Program (CIP) ,
Enforcement Actions ,
FinTech ,
OCC ,
Risk Assessment ,
Risk Management ,
Suspicious Activity Reports (SARs)
On March 20, the Arkansas governor signed into law Arkansas Act 347, known as the Earned Wage Access Services Act. Sponsored by Representative David Ray (R) and Senator Ben Gilmore (R), this legislation aims to regulate...more
3/25/2025
/ Arkansas ,
Debt Collection ,
Disclosure Requirements ,
Earned Wage Access ,
Fees ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Legislation ,
Regulatory Reform ,
Regulatory Requirements ,
Wages
On March 17, the Office of the Comptroller of the Currency (OCC) announced that it has granted conditional approval for SmartBiz Loans to transform the business model of CenTrust Bank, N.A., located in Northbrook, Illinois....more
In the latest episode of Payments Pros, hosts Keith Barnett and Carlin McCrory discuss the latest FinCEN and OFAC guidance on virtual currency transactions, specifically tailored for companies in the payments industry. They...more
The Utah Legislature has passed H.B. 279, known as the Earned Wage Access Services Act. Sponsored by Representative A. Cory Maloy (R) and Senator Chris H. Wilson (R), this legislation aims to regulate earned wage access (EWA)...more
3/17/2025
/ Consumer Financial Products ,
Data Privacy ,
Debt Collection ,
Earned Wage Access ,
Employees ,
Enforcement Actions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Independent Contractors ,
Pending Legislation ,
Regulatory Agenda ,
Regulatory Requirements ,
Wage and Hour ,
Wages
In the latest episode of Payments Pros, host Carlin McCrory welcomes Kim Phan to discuss the Consumer Financial Protection Bureau's (CFPB) recent inquiries into enhancing privacy protections.
On January 10, the CFPB sought...more
On January 14, Patriot Bank, N.A. entered into an agreement with the Office of the Comptroller of the Currency (OCC) to address and rectify several unsafe or unsound practices and violations of law. This agreement follows the...more
In the final installment of the four-part "Payments Year in Review" series, hosts Keith Barnett and Carlin McCrory discuss significant enforcement actions and regulatory trends. The discussion begins with the increased...more
In the third installment of the four-part "Payments Year in Review" series, hosts Keith Barnett, Josh McBeain, and Carlin McCrory discuss the Federal Trade Commission's (FTC) actions in 2024 and their expectations for...more