For years, UK-based consumer finance and payments firms have viewed the U.S. regulatory landscape as complex, fragmented, and challenging when it comes to expansion. But 2025 may prove to be a turning point....more
As political tides shift, so too does the regulatory outlook for consumer financial services. Among the key documents that could shape the direction of U.S. financial regulation is a January 2021 report by the CFPB Taskforce...more
The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule aimed at addressing what it views as ambiguities in the application of the Electronic Fund Transfer Act (EFTA) and its implementing Regulation...more
1/23/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Digital Assets ,
Digital Platforms ,
EFTA ,
Financial Services Industry ,
FinTech ,
Online Gaming ,
Online Marketplace ,
Payment Systems ,
Proposed Rules ,
Regulation E
The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) to gather insights on how companies offering financial products and services collect, use, and monetize consumer payment and personal...more
1/17/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data Collection ,
Data Privacy ,
Data Protection ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Monetization ,
Privacy Laws ,
Request For Information ,
Technology Sector
The payments industry continues to evolve in response to the demand for flexible, fast, and secure payment options. Innovations have included payment facilitation, push-to-card services, and real time payments, among others....more
1/17/2025
/ Anti-Money Laundering ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Data Privacy ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FinTech ,
Fraud ,
Merchants ,
Payment Processors ,
Payment Systems ,
Popular ,
Risk Management
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
After an intense 2023 rulemaking, supervisory, and enforcement cycle for the federal banking agencies, the FDIC issued a final rule on FDIC official signs and advertising requirements right before the new year. The rule comes...more
1/24/2024
/ Advertising ,
Amended Regulation ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
Digital Communications ,
FDIC ,
Final Rules ,
FinTech ,
Internal Controls ,
Policies and Procedures ,
Signs ,
Third-Party Service Provider
A study in the Finance and Economics Discussion Series (FEDS) by the Federal Reserve Board on consumer lending found that financial technology (FinTech) lenders are able to take advantage of federal preemptions from state...more
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
One of the biggest challenges for fintechs is ensuring that their services comply with federal and state money transmission laws. For example, a fintech operating as a payment facilitator faces significant money transmission...more
A recent action by the Office of the Comptroller of the Currency (OCC) highlights how banks need to ensure that they have robust compliance programs for managing risks posed by their banking as a service (BaaS)...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
Buy-Now-Pay-Later (BNPL) products are taking center stage as a popular way for consumers to purchase goods or services now and pay for them over time through a short series of installments, often interest-free. Industry...more
1/28/2022
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
FinTech ,
Military Lending Act ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Requirements ,
Retailers ,
Truth in Lending Act (TILA) ,
UDAAP