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
California DFPI Begins Operating and Focuses on New Industries January 2021 brings with it a newly named and newly empowered California consumer financial protection agency. Effective January 1, the California Department of...more
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
US Developments -
OCC Issues Interpretation that Banks Can Offer Crypto Custody Services -
On July 22, 2020, the Office of the Comptroller of the Currency (OCC) issued an interpretive letter clarifying that national banks...more
7/29/2020
/ Blockchain ,
Certifications ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
FATF ,
FDIC ,
Financial Services Industry ,
OCC ,
Popular ,
Request For Information ,
Travel Rule ,
UK
COVID-19’s effect on the economy does not discriminate. Business activity has slowed down significantly for many companies, and even more drastically in certain sectors. Some of the industries that have been hit the hardest...more
5/31/2020
/ Brick-and-Mortar Stores ,
Coronavirus/COVID-19 ,
Credit Cards ,
E-Commerce ,
Entertainment Industry ,
Financial Services Industry ,
Hospitality Industry ,
Merchants ,
Movie Theaters ,
Required Documentation ,
Reserve ,
Retailers ,
Travel