A Republican Congress and the incoming Trump administration may employ the CRA to quickly overturn recent rules that faced heavy criticism from the financial services industry....more
1/22/2025
/ Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Digital Assets ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
IRS ,
OCC ,
Open Banking ,
Trump Administration
The rule aims to reduce market concentration by guaranteeing consumer access to personal financial data, but faces strident criticism and immediate legal challenge....more
10/30/2024
/ Consumer Data Requests ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Depository Institutions ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Open Banking ,
Personal Data ,
Sensitive Personal Information
Remittance service providers would need to update their disclosure statements under a narrowly tailored proposed amendment which aims to resolve issues more efficiently and save consumers time....more
The proposal would make key changes to the definition of “deposit broker” with significant ramifications for banks, fintechs, bank-fintech partnerships, and other third parties in the financial services industry....more
Paycheck advance products that are deemed consumer loans under the CFPB’s new proposal would be subject to increased disclosure and regulatory protections....more
9/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Earned Wage Access ,
Financial Services Industry ,
Payday Loans ,
Popular ,
Proposed Standards ,
Public Comment ,
Regulation Z ,
Truth in Lending Act (TILA) ,
Wages
The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending.
On December 6, 2023, the Office of the Comptroller of the Currency...more
The proposal would subject certain large non-bank companies offering wallet and payment services to federal regulatory oversight on par with banks and credit unions.
On November 7, 2023, the Consumer Financial Protection...more
A proposed rule would lower the maximum amount that large debit card issuers can charge merchants for each transaction.
On October 25, 2023, the Board of Governors of the Federal Reserve System (FRB) published a proposal...more
Licensees, exchanges, and other market participants should prepare to comply with the listing, disclosure, capital, and other requirements that the new law imposes.
On October 13, 2023, California Governor Gavin Newsom...more
11/1/2023
/ Administrative Authority ,
Best Execution ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Digital Assets ,
Financial Services Industry ,
Governor Newsom ,
Listing Rules ,
Market Participants ,
New Legislation ,
Regulatory Requirements ,
Stablecoins
The Act aims to modernize and streamline state regulation of money transmitters while promoting innovation and consumer protection.
More than a dozen US states have enacted the Money Transmission Modernization Act (MTMA)...more
A legislative initiative in Illinois would establish licensing and consumer protection requirements for digital asset businesses serving consumers in the state.
On February 21, 2023, the Illinois Department of Financial...more
3/29/2023
/ BitLicense ,
Compliance ,
Cryptocurrency ,
Digital Assets ,
Disclosure Requirements ,
Financial Services Industry ,
FinTech ,
Popular ,
Proposed Legislation ,
Regulatory Authority ,
Regulatory Oversight ,
Securities ,
Stablecoins
The Guidance clarifies the regulator’s expectations on safekeeping customer digital assets, and the disclosures that must accompany such arrangements.
On January 23, 2023, the New York Department of Financial Services...more
2/3/2023
/ Banks ,
BitLicense ,
Cryptoassets ,
Custodians ,
Digital Assets ,
Disclosure Requirements ,
Financial Services Industry ,
Insolvency ,
New Guidance ,
NYDFS ,
Virtual Currency
The RFIA would define consumer protection standards for digital assets and introduce new requirements regarding digital asset use in interstate money transfers.
Latham & Watkins presents a blog series on the Responsible...more
6/27/2022
/ Blockchain ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Cryptocurrency ,
Digital Assets ,
Digital Service Providers ,
Digital Services ,
Disclosure Requirements ,
Financial Services Industry ,
Money Transmitter ,
Proposed Legislation ,
Regulatory Agencies
The agency just revived its dormant authority to supervise nonbank financial entities that it determines pose risk to consumers.
On April 25, 2022, the Consumer Financial Protection Bureau (CFPB) - the US government...more