Artificial intelligence (AI) is becoming ubiquitous across sectors, and the financial services industry is no exception. With the rise of AI, there is also an increase in scrutiny by regulators over its use....more
10/1/2024
/ Artificial Intelligence ,
Bots ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Privacy ,
ECOA ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FinTech ,
Regulatory Standards ,
UDAAP ,
Underwriting
On July 18, 2024, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule (Proposed Rule) applying the Truth in Lending Act (TILA) and Regulation Z (collectively referred to hereafter as Regulation Z) to...more
7/24/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Earned Wage Access ,
Interpretive Rule ,
Loper Bright Enterprises v Raimondo ,
Non-Recourse Loans ,
Proposed Rules ,
Regulation Z ,
Truth in Lending Act (TILA) ,
Wages
The term “junk fee” is not defined under federal law, but the CFPB has focused on factors such as whether the fee would be unexpected to or take advantage of a reasonable consumer, the amount of the fee compared to the cost...more
4/8/2024
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit Cards ,
Excessive Fees ,
Fees ,
Financial Services Industry ,
Overdraft Fees ,
Proposed Rules ,
Regulation Z ,
Safe Harbors ,
Truth in Lending Act (TILA)
The Consumer Financial Protection Bureau’s adopting release for its small business data collection and reporting rule goes beyond that rule by including a discussion deeming merchant cash advances to be “credit” more...more
On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) released its small business lending data collection and reporting rule, required by Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection...more