On May 30, 2025, the Consumer Financial Protection Bureau (CFPB) stated in a court filing that its “Open Banking Rule” (Rule) issued during the Biden administration “is unlawful and should be set aside.” This shift is part of...more
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
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
UK Set to Move Forward on BNPL Regulation -
The United Kingdom Financial Conduct Authority (FCA) recently issued a report on the market conditions for buy-now pay-later (BNPL) unsecured lending. The report recommends...more
2/10/2021
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
ECOA ,
EU ,
Fair Access to Credit ,
Fair Housing Act (FHA) ,
Fair Lending ,
Federal Reserve ,
Financial Services Industry ,
FinTech ,
HUD ,
OCC ,
Proposed Rules ,
UK
Federal Regulation Actions Frozen Pending Review from New Administration -
On January 20, 2021, newly inaugurated President Joe Biden issued a memorandum to the Heads of Executive Departments and Agencies asking current...more
1/27/2021
/ Artificial Intelligence ,
Biden Administration ,
Blockchain ,
Cannabis-Related Businesses (CRBs) ,
Consumer Financial Protection Bureau (CFPB) ,
Data-Sharing ,
Disclosure Requirements ,
Due Diligence ,
Federal Bank Regulatory Agencies ,
Federal Reserve ,
FinTech ,
Guidance Update ,
Marijuana Related Businesses ,
New Legislation ,
OCC ,
Regulatory Freeze ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)