Federal Financial Regulators Seek Information on the Use of AI by Financial Institutions -
On March 29, 2021, five federal financial regulatory agencies (the Federal Reserve, CFPB, FDIC, OCC, and NCUA) announced a request...more
4/9/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
CSBS ,
Cybersecurity ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Agencies ,
FinTech ,
Gramm-Leach-Blilely Act ,
National Futures Association ,
NCUA ,
OCC
CFPB Clarifies That Sexual Orientation and Gender Identity Are Protected Under ECOA -
On March 9, CFPB issued an interpretive rule clarifying the prohibition against sex discrimination under the Equal Credit Opportunity...more
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
California DFPI Enters MOUs with Multiple Earned Wage Access Companies-
California’s Department of Financial Protection and Innovation (DFPI) has continued to expand its jurisdiction over financial service providers under...more
2/19/2021
/ California Consumer Financial Protection Law (CCFPL) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumers ,
Department of Financial Protection and Innovation (DFPI) ,
Financial Services Industry ,
FinTech ,
Homeowners ,
Memorandum of Understanding ,
Regulatory Oversight ,
State and Local Government ,
State Regulators
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)
FDIC Creates New Exceptions for Fintech Companies with Its Final Brokered Deposit Rule -
On December 15, 2020, the Federal Deposit Insurance Corporation (FDIC) finalized its updated brokered deposit rule, providing...more
1/13/2021
/ Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
CSBS ,
Disclosure ,
FDIC ,
Final Rules ,
Financial Institutions ,
FinTech ,
OCC ,
PayPal ,
Prepaid Rule ,
Special Purpose Credit Programs
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
FTC Alleges Mobile App’s Deposit Promises Were Deceptive -
Following a May 2020, civil investigative demand, the Federal Trade Commission (FTC) filed suit against the operators of a mobile banking app, alleging that they...more
12/10/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Customer Funds ,
Employees ,
Equal Access to Credit ,
Fair Access to Credit ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FinTech ,
Mobile Apps ,
OCC ,
Regulation Z
FDIC Issues Operational Resilience Paper -
In a new paper (here and here) the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and the Board of Governors of the Federal Reserve...more