On July 15, the Federal Deposit Insurance Corporation (“FDIC”) issued an updated Q&A regarding how companies involved in managing deposits can determine whether such deposits should be considered brokered, and/or whether they...more
The Consumer Financial Protection Bureau (“CFPB”) has issued several statements affecting the credit reporting industry in the last few months, including one on medical debts and one on auto financing, while at the same time...more
7/25/2022
/ Big Data ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Data Brokers ,
Data Collection ,
Data Management ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Human Trafficking ,
Regulation V ,
Regulatory Reform ,
Regulatory Requirements
Earlier this week, U.S. Sens. Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) introduced the first comprehensive legislation to establish a regulatory framework for digital assets to promote innovation, delineate...more
6/10/2022
/ Blockchain ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
FERC ,
Financial Regulatory Reform ,
Financial Services Industry ,
IRS ,
Proposed Legislation ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Smart Contracts ,
Stablecoins
In a blog post, the Consumer Financial Protection Bureau (“CFPB”) revealed that it had sent letters requesting information from credit card issuers as to the reasons why actual payment histories are often not being reported...more
The Consumer Financial Protection Bureau (“CFPB”) released a regulatory Circular providing guidance regarding the use of “complex algorithms” to assess whether a consumer should be extended credit. Often referred to as “black...more
6/3/2022
/ Algorithms ,
Artificial Intelligence ,
Black Box ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
Credit Applicants ,
Credit Discrimination ,
ECOA ,
Financial Services Industry ,
New Guidance
The FDIC released a “Small Entity Compliance Guide” that provides a summary of its final rule allowing for the “simplification of deposit insurance,” which takes effect on April 1, 2024....more
This week, Acting Comptroller of the Currency Michael Hsu gave remarks to the DC Blockchain Summit titled “Crypto: A Call to Reset and Recalibrate.”
By speaking at the Blockchain Summit, Mr. Hsu may have gone into the...more
6/1/2022
/ Blockchain ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Financial Instruments ,
Financial Markets ,
Investment Products ,
Market Volatility ,
Regulatory Oversight ,
Stablecoins ,
Token Sales
During an open session of the Federal Deposit Insurance Corporation (“FDIC”) this week, the Board of Directors voted to finalize a new regulation that will give the FDIC, and the public, better tools to ensure that deposits...more
Earlier last week, Department of the Treasury Secretary Janet Yellen provided testimony and responded to questions from the Senate Banking Committee regarding volatility in cryptocurrencies that are designated to be...more
5/16/2022
/ Blockchain ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Financial Products ,
FSOC ,
Policy Statement ,
Regulatory Agenda ,
Regulatory Oversight ,
Secretary of the Treasury ,
Stablecoins ,
U.S. Treasury
The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on May 9, confirming that for purposes of the Equal Credit Opportunity Act (“ECOA”) and its implementing regulation, Regulation B, the intended...more
The Consumer Financial Protection Bureau ("CFPB") announced in a press release issued in conjunction with the release of its latest Supervisory Highlights that it is concerned that financial institutions and other companies...more
The Securities and Exchange Commission ("SEC") has renamed and expanded a unit within its Division of Enforcement to address protection of investors in crypto markets. The “Crypto Assets and Cyber Unit,” which also has...more
5/6/2022
/ Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Currency ,
Financial Instruments ,
Financial Regulatory Reform ,
Investment Opportunities ,
Non-Fungible Tokens (NFTs) ,
Regulatory Agenda ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
The Consumer Financial Protection Bureau (“CFPB”) recently announced that it is going to exercise authority described as “dormant” to supervise nonbanks that are not otherwise subject to the CFPB’s supervision authority....more