- What is new: President Trump has signed an executive order targeting “debanking.”
- Why it matters: The executive order represents a significant escalation and increased enforcement risk to financial institutions due to...more
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule (Rule) on personal financial data rights under Section 1033 of the Dodd-Frank Act. The Rule imposes significant new obligations on...more
12/17/2024
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Cybersecurity ,
Data Privacy ,
Depository Institutions ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
New Rules ,
Popular ,
Regulation E ,
Regulation Z ,
Regulatory Agenda ,
Regulatory Requirements
On November 21, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule that deems payment app providers “larger participants” subject to the agency’s direct supervision (Rule)....more
12/16/2024
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Governance ,
Depository Institutions ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Investigations ,
Payment Processors ,
Private Equity ,
Regulatory Agenda
On October 25, 2024, a bill was introduced in the House of Representatives by sponsors from both parties that would impose heightened requirements and procedural protections for civil investigative demands (CIDs) issued by...more
12/11/2024
/ Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Duty of Confidentiality ,
Financial Services Agency ,
Financial Services Industry ,
Investigations ,
Judicial Review ,
Legislative Agendas ,
Notice Requirements ,
Proposed Legislation ,
Regulatory Reform ,
Request For Information ,
Statute of Limitations ,
Trump Administration
Consumer financial services partner Darren Welch joined Joseph Kamyar for the latest episode of “Fintech Focus” to discuss AI safety in the fair lending and consumer protection. Tune in to the podcast to hear how U.S....more
On August 12, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) provided comments on the use of artificial intelligence (AI) in the financial services sector that are among its most extensive regarding risks and...more
On July 25, 2024, the U.S. prudential bank regulators released a Joint Statement on Banks’ Arrangements With Third Parties To Deliver Bank Deposit Products and Services (Joint Statement),1 along with a request for information...more
Following its recent win before the Supreme Court, the Consumer Financial Protection Bureau (CFPB or Bureau) on May 22, 2024, issued an interpretive rule concluding that “Buy Now, Pay Later” (BNPL) loans accessed through a...more
6/5/2024
/ Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interpretive Rule ,
Regulation Z ,
Truth in Lending Act (TILA)
As technology continues to advance, regulators are increasingly addressing the fair lending implications of artificial intelligence (AI), even though comprehensive rules governing AI have yet to be promulgated. Notably, the...more
Legislation introduced on September 15, 2022 by Maxine Waters (D-Cal.), chair of the House Committee on Financial Services, would significantly revise the Community Reinvestment Act (CRA), adding a number of new substantive...more
On February 8, 2022, a federal district court in California issued two opinions, granting summary judgment to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) and...more
The Biden administration has moved quickly on its promise to take a more aggressive approach to pursuing actions against consumer financial services companies. Though the administration has implemented some concrete policy...more
On June 18, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) announced the pilot of a new Advisory Opinion process, offering a potentially useful tool for those seeking guidance on compliance issues. ...more
Year In Review -
Anand Raman, the head of Skadden’s Consumer Financial Services (CFS) practice, began the conference by providing a summary of notable events and trends over the past year relating to consumer financial...more
5/13/2020
/ Banks ,
Community Reinvestment Act ,
Consumer Financial Products ,
Digital Markets Strategy ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
Lenders ,
Loss Mitigation ,
Machine Learning ,
Moratorium ,
Mortgage Lenders ,
No-Action Letters ,
Paycheck Protection Program (PPP) ,
Professional Conferences ,
Risk Assessment ,
Risk Mitigation ,
SBA ,
UDAAP
A degree of uncertainty hangs over the Consumer Financial Protection Bureau (CFPB) following the November 2017 resignation of its first director, Richard Cordray. On his last day in office, Cordray appointed his chief of...more
1/31/2018
/ Ability-to-Repay ,
Administrative Agencies ,
Administrative Appointments ,
Arbitration Agreements ,
Congressional Budget Office ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collectors ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Financial Services Industry ,
GAO ,
Mortgage Servicers ,
Payday Lending Rule ,
Payday Loans ,
Payment Processors ,
Presidential Appointments ,
RESPA ,
Restitution ,
Richard Cordray ,
Trump Administration ,
Unfair or Deceptive Trade Practices
How consumer financial services providers can meet the needs of a growing population of "limited English proficiency" (LEP) consumers without running afoul of laws prohibiting deceptive practices and discrimination has...more