A CFPB Circular from June bears additional scrutiny from across the financial services spectrum. Despite most courts allowing “savings” clauses in contracts, the Consumer Financial Protection Bureau (CFPB) indicates that the...more
The Office of the Comptroller of the Currency (OCC) released guidance regarding its planned changes to the Bank Merger Act (BMA). The New Rule:
Explicitly adds financial stability as a key factor for assessing mergers,...more
In what should come as no surprise to FinTech sponsor banks, the FDIC is reemphasizing the need to maintain control over synthetic account ledgers in the wake of the Synapse collapse. On September 17, the FDIC's rulemaking...more
Since 2022, the Consumer Financial Protection Bureau (CFPB) has a stated priority of “protecting employees and their rights through conducting reports, inquiries, and issuing requirements for employers.” In July 2024, the...more
7/29/2024
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt ,
Earned Wage Access ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interpretive Rule ,
Loans ,
Payday Loans ,
Regulation Z ,
Truth in Lending Act (TILA) ,
Wages
Join us for the next edition of FinTech University as we focus on FinTech and bank regulations. This webinar will examine how bank regulations affect the FinTech industry (and vice versa), and what banks need to know when...more
Nelson Mullins invites you to the two-day webinar, Creating a Data Privacy & Security Playbook for 2024: An Overview of Compliance and Regulations, AI, and Data Breach Concerns, on Feb. 7 and 8 in honor of Privacy Day...more
1/5/2024
/ Artificial Intelligence ,
Continuing Legal Education ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Data Protection ,
Data Security ,
Disclosure Requirements ,
Electronic Communications ,
Financial Services Industry ,
Incident Response Plans ,
Mobile Devices ,
New Regulations ,
Privacy Laws ,
Securities and Exchange Commission (SEC) ,
Webinars
The NCUA stated the new rule, which was approved on Feb. 16, 2023, aims to mitigate cyber incidents “that [lead] to a substantial loss of confidentiality, integrity, or availability of a network or member information system...more
3/7/2023
/ Credit Unions ,
Cyber Incident Reporting ,
Cybersecurity ,
Data Breach ,
Financial Institutions ,
Financial Services Industry ,
Information Governance ,
NCUA ,
New Regulations ,
Popular ,
Regulatory Requirements
Join us for the next edition of FinTech University as we focus on FinTech and Data Privacy. This webinar will provide an overview of data privacy and securities concerns, as well as regulations, and how they affect the...more
Since the early 2010s, there has been explosive growth in the Buy Now Pay Later ("BNPL") space. One of the early players—Affirm—was founded in 2012 by a co-founder of PayPal. By 2022, there are dozens of players in the BNPL...more
Please forgive some members of the FinTech community for remembering President Ronald Reagan’s comment: “The nine most terrifying words in the English language are: ‘I’m From the Government and I’m Here to Help.’” President...more
3/16/2022
/ Biden Administration ,
Bitcoin ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Digital Assets ,
Executive Orders ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
Investment Contract ,
Investor Protection ,
Regulatory Agenda
For the past six months, we have received calls from banks and non-depository mortgage lenders regarding Department of Justice (“DOJ”) investigations into mortgage lending discrimination. These DOJ inquiries are bypassing the...more
3/10/2022
/ Credit Discrimination ,
Department of Justice (DOJ) ,
ECOA ,
Enforcement Priorities ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Services Industry ,
HMDA ,
Loan Applications ,
Mortgage Lenders ,
Race Discrimination ,
Real Estate Transactions ,
Redlining
With Russia’s invasion of Ukraine last week, we saw a swift response by the U.S. beginning with President Biden’s Executive Order 14024 (“The EO”) and followed quickly by the Office of Foreign Assets Control’s (“OFAC”) severe...more
3/2/2022
/ Blocked Person ,
BSA/AML ,
Economic Sanctions ,
Financial Institutions ,
Financial Services Industry ,
Financial Transactions ,
FinTech ,
Foreign Policy ,
Know Your Customers ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
Ukraine ,
Wire Transfers
Continuing the FinTech University series, please join Richard Levin, Jody Porter, Brad Rustin, Craig Nazzaro, and Kevin Tran for a program focusing on FinTech and the automotive industry. The session will include 10 minutes...more
Launching the Nelson Mullins FinTech University series, join Richard Levin, Brad Rustin, Craig Nazzaro, and Kevin Tran for a program focusing on FinTech and how it is reshaping the world. This first one-hour CLE will...more
On March 29, 2021, the primary federal bank regulators (the Federal Reserve, CFPB, the FDIC, the NCUA, and the OCC) issued a request for information to gain input on the growing use of Artificial Intelligence (“AI”) by...more
4/2/2021
/ Artificial Intelligence ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
NCUA ,
OCC ,
Popular ,
Risk Management
The Consumer Financial Protection Bureau (“Bureau” or “CFPB”) Taskforce on Federal Consumer Financial Law (“Taskforce”) released a two-volume report, on January 5, 2021, providing an examination of the existing legal and...more
Join Nelson Mullins attorneys Brad Rustin and Craig Nazzaro for a full overview of the developments and best practices within the Payments space. We will cover regulatory issues, solutions and common challenges for both those...more
8/3/2020
/ Banking Sector ,
Banks ,
Best Practices ,
Coronavirus/COVID-19 ,
Crisis Management ,
Financial Institutions ,
Financial Services Industry ,
Payment Processors ,
Payment Systems ,
Regulatory Requirements ,
Webinars
The Consumer Financial Protection Bureau ("CFPB") has published guidance on July 7, 2020 which highlights the potential use of Artificial Intelligence (“AI”) in the delivery of financial services—particularly in credit...more
The impact of the coming election, current pandemic and recent SCOTUS decision all have enormous impacts on the CFPB and the regulation of consumer finance. Join us for a review of the probable direction of the CFPB and what...more
Join Brad Rustin, Craig Nazzaro, and Mark Miller as they cover the shift in customer needs and experience and the impact this shift has on your BSA/AML/KYC concerns, CRA program, and fintech partnership risks. They will also...more
6/5/2020
/ Banking Sector ,
BSA/AML ,
Coronavirus/COVID-19 ,
CRA ,
Financial Services Industry ,
FinTech ,
Fintech Charter ,
Know Your Customers ,
Risk Management ,
Sandbox ,
Webinars
The Small Business Administration (“SBA”) recently issued a formal Paycheck Protection Program (“PPP”) Loan Forgiveness Application. We will highlight a number of key elements of the application. Additionally, we will review...more
5/22/2020
/ CARES Act ,
Compliance ,
Coronavirus/COVID-19 ,
Financial Services Industry ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
SBA Lending Programs ,
Secretary of the Treasury ,
Small Business ,
Webinars