The FDIC has issued a proposed rule that would apply to practically all bank-fintech arrangements that use custodial deposit accounts to provide customers with transactional features (also called "FBO" accounts for short)....more
9/19/2024
/ Banking Sector ,
Banks ,
Comment Period ,
Compliance ,
Deposit Accounts ,
Depository Institutions ,
FBOs ,
FDIC ,
Financial Services Industry ,
FinTech ,
Proposed Rules ,
Recordkeeping Requirements ,
Reporting Requirements
On July 25, 2024, the federal banking agencies issued a joint statement flagging potential risks in bank-fintech arrangements, along with a request for public information (RFI) on the benefits, risks, and risk management...more
7/31/2024
/ Banking Sector ,
Comment Period ,
Compliance ,
Federal Bank Regulatory Agencies ,
Financial Institutions ,
FinTech ,
Joint Statements ,
Public Comment ,
Request For Information ,
Risk Assessment ,
Risk Management
This week, the Federal Trade Commission (FTC) released a Proposed Rule, “Rule on Unfair or Deceptive Fees.” The Proposed Rule comes after the FTC solicited comments through its Advance Notice of Proposed Rulemaking in...more
10/12/2023
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Brick-and-Mortar Stores ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
E-Commerce ,
Fees ,
Goods or Services ,
Governor Newsom ,
New Legislation ,
Proposed Rules ,
Public Comment
As we recently previewed, the Federal Communications Commission (FCC) published its Proposed Rule that would codify its updated guidance on the Telephone Consumer Protection Act (TCPA). The TCPA regulates calls and text...more
7/12/2023
/ ATDS ,
Automated Systems ,
Comment Period ,
Compliance ,
Consent ,
FCC ,
Proposed Rules ,
Revocation ,
TCPA ,
Telecommunications ,
Text Messages ,
Wireless Devices
Payment service providers should take note of an expansive new rule proposed by the Federal Trade Commission (FTC) intended to protect consumer shoppers of goods and services sold on a subscription basis. For merchants...more
3/29/2023
/ Automatic Renewals ,
Cancellation Rights ,
Comment Period ,
Consent ,
Consumer Contracts ,
E-Commerce ,
Federal Trade Commission (FTC) ,
Marketing ,
Notice Requirements ,
Payment Processors ,
Proposed Rules ,
Recordkeeping Requirements ,
Subscription Services ,
Terms and Conditions
Last week, the Federal Trade Commission announced that its proposed rule replacing its Prenotification Negative Option Rule would result in new, expansive requirements for all forms of negative option offers, including...more
3/29/2023
/ Automatic Renewals ,
Cancellation Rights ,
Comment Period ,
Consent ,
Consumer Contracts ,
Corporate Counsel ,
E-Commerce ,
Federal Trade Commission (FTC) ,
Marketing ,
Notice Requirements ,
Proposed Rules ,
Recordkeeping Requirements ,
Subscription Services ,
Terms and Conditions
Last week, the Consumer Financial Protection Bureau (CFPB) proposed a rule to establish a public registry of terms and conditions in form contracts that purport to waive or limit consumer rights and protections.
The rule...more
The Consumer Finance Protection Bureau ("CFPB") announced that it will examine nonbank financial companies that pose risks to consumers, using statutory authority that until now had gone unused. Additional examinations would...more