The U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act or GENIUS Act (S.1582) (the Act) in a 68-30 bipartisan vote on June 17, 2025. The GENIUS Act would provide a clear regulatory...more
6/27/2025
/ Banking Sector ,
Banks ,
Cryptocurrency ,
Digital Assets ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
New Legislation ,
OCC ,
Regulatory Reform ,
Regulatory Requirements ,
Stablecoins ,
U.S. Treasury
Background on Open Banking and the CFPB -
The Consumer Financial Protection Bureau (CFPB) recently finalized a rule on personal financial data rights (Rule), implementing Section 1033 of the Consumer Financial Protection Act...more
11/20/2024
/ Banking Sector ,
Competition ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Rights ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Rules ,
Open Banking ,
Popular ,
Proposed Regulation ,
Regulatory Requirements ,
Technology
On January 9, the California Department of Financial Protection and Innovation (DFPI) issued an order against a consumer financing platform that enables merchants to offer installment contracts to their customers. The...more
1/29/2024
/ Banking Sector ,
California ,
California Consumer Financial Protection Law (CCFPL) ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Disclosure ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
Hidden Fees ,
New Regulations
FTC Action Against Internet Phone Service Provider Results in $100 Million to Customers Trapped by Illegal Dark Patterns and Junk Fees When Trying To Cancel Service -
On November 3, 2022, the Federal Trade Commission (FTC)...more
OCC Warns About Fintech-Bank Partnership Risks -
On September 7, 2022, speaking before conferencegoers at the TCH + BPI Annual Conference in New York, Acting Comptroller of the Currency Michael J. Hsu explained why he thinks...more
CFPB Director Chopra Plans to Review CARD Act Rules -
The day after a tough hearing with the Senate Banking Committee, on April 27, 2022, the House Financial Services Committee held a hearing in which Consumer Financial...more
CFPB Shutters LendUp -
On December 21, 2021, the Consumer Financial Protection Bureau (CFPB) issued a press release stating that the online lender, LendUp Loans (LendUp), headquartered in Oakland, California, has agreed to...more
Data Aggregators Launch Open Finance Data Security Standard -
A group of data aggregator fintechs and security and compliance companies recently released a new data security standard for the open finance industry – the...more
Bank Regulator Outlines Vision for Bank-Like Supervisory Regime for Crypto and Fintech Firms -
On November 3, 2021, Acting Comptroller of the Currency Michael J. Hsu discussed clarifying and modernizing the bank...more
11/10/2021
/ Banking Sector ,
Cryptocurrency ,
Federal Trade Commission (FTC) ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
GLBA Privacy ,
Non-Bank Lenders ,
OCC ,
Safeguards Rule
House Financial Services Committee Discusses Consumer Rights to Access Personal Financial Data -
On September 21, 2021, the House Committee of Financial Services Task Force on Financial Technology held a hybrid hearing...more
10/13/2021
/ Banking Sector ,
Borrowers ,
Civil Monetary Penalty ,
Consumer Financial Protection Bureau (CFPB) ,
Data-Sharing ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Lenders ,
Permanent Injunctions ,
Right of Access
Federal Banking Agencies Issue Guide for Community Banks on Conducting Due Diligence on Fintech Companies -
On August 27, 2021, the federal banking agencies (Federal Reserve, FDIC, and OCC) published “Conducting Due...more
9/20/2021
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
Due Diligence ,
FDIC ,
Federal Register ,
Financial Services Industry ,
FinTech ,
NPRM ,
OCC ,
Proposed Rules ,
Small Business
Senators Inquire about CFPB’s Fintech Agenda -
On July 27, 2021, Senator Sherrod Brown, the Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to the Consumer Financial Protection...more
9/2/2021
/ Banking Sector ,
Big Tech ,
Blockchain ,
Bureau of Industry and Security (BIS) ,
China ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Assets ,
EU ,
Federal Trade Commission (FTC) ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinTech ,
Guidance Update ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Risk Management ,
SDN List ,
Securities and Exchange Commission (SEC) ,
Settlement
President Biden Issues an Executive Order on Competition with Implications for Financial Institutions -
On July 9, 2021, President Biden issued an Executive Order on Promoting Competition in the American Economy. The...more
7/20/2021
/ Anti-Money Laundering ,
Banking Sector ,
Biden Administration ,
BSA/AML ,
Colorado ,
Competition ,
Credit Card Surcharges ,
Executive Orders ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Information Technology ,
OCC ,
Proposed Guidance ,
Risk Management ,
Third-Party ,
True Lender ,
UDAAP
Federal Reserve Seeks Comments on Guidelines for Fintechs Receiving Fed Accounts and Services -
The Federal Reserve System (the Fed) issued a request for comment on new guidelines for the Fed’s Regional Banks to use when...more
Weekly Fintech Focus -
• The California DFPI issued new opinions on the scope of its money transmission laws, including the agent of the payee exemption, addressing virtual currency transactions, and pay-in/pay-out...more
3/11/2021
/ Banking Sector ,
Big Data ,
Big Tech ,
Department of Financial Protection and Innovation (DFPI) ,
eSports ,
Exemptions ,
Fair Credit Reporting Act (FCRA) ,
Federal Reserve ,
Financial Services Industry ,
FinTech ,
Online Gaming ,
Virtual Currency
FDIC Appoints First Chief Innovation Officer -
On February 16, 2021, the Federal Deposit Insurance Corporation (FDIC) appointed Sultan Meghji as the agency’s first Chief Innovation Officer. Meghji has been made responsible...more
3/3/2021
/ Banking Sector ,
Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Enforcement Actions ,
FATF ,
FDIC ,
Financial Services Industry ,
FinTech ,
OCC ,
Stablecoins
House Financial Services Committee Sets Fintech Priorities for a New Administration -
House Financial Services Committee Chairwoman Maxine Waters sent a letter to the incoming administration with nearly 50 pages of...more
12/16/2020
/ Artificial Intelligence ,
Banking Sector ,
Capital One ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Cards ,
Electronic Payment Transactions ,
Financial Services Industry ,
FinTech ,
Lenders ,
Mobile Banking ,
No-Action Letters
On October 3, 2018, a group of federal bank regulators and FinCEN announced in a joint statement that banks and credit unions could collaborate and share resources to manage their Bank Secrecy Act (“BSA”) and anti-money...more