With 10 days left in the Biden administration, the Consumer Financial Protection Bureau (CFPB) proposed a new interpretive rule on the applicability of the Electronic Fund Transfer Act (EFTA) and Regulation E to “new and...more
The Federal Deposit Insurance Corporation (FDIC) issued a Notice of Proposed Rulemaking (the Proposal) on September 17, 2024, that seeks to strengthen recordkeeping for bank deposits held by nonbank companies on behalf of...more
9/23/2024
/ Annual Reports ,
Anti-Money Laundering ,
Bankruptcy Court ,
Bankruptcy Trustees ,
Beneficial Owner ,
Commercial Bankruptcy ,
Compliance ,
Deposit Accounts ,
FDIC ,
Financial Institutions ,
FinTech ,
Internal Controls ,
Investment ,
Misrepresentation ,
Non-Bank Lenders ,
Notice of Proposed Rulemaking (NOPR) ,
Policies and Procedures ,
Popular ,
Proposed Amendments ,
Recordkeeping Requirements ,
Regulatory Oversight ,
Securities ,
Third-Party
CFPB Seeks Public Input on Consumer Credit Card Market -
On January 24, the Consumer Financial Protection Bureau (CFPB) issued a request for information seeking public feedback on how the consumer credit market is...more
New Treasury Report Shows Fintech Industry Requires Additional Oversight To Close Gaps, Prevent Abuses, and Protect Consumers -
On November 16, 2022, the U.S. Department of the Treasury (USDT), in consultation with the...more
12/15/2022
/ Appeals ,
Competition ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Reports ,
Data-Sharing ,
Fees ,
FinTech ,
Non-Bank Lenders ,
OCC ,
Regulation Z ,
U.S. Treasury
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
Consumer Protection Agencies Target Junk Fees and Dark Patterns for Enforcement Action and Rulemaking -
The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) are cracking down on the...more
FTC explains that merchants using BNPL services are also subject to consumer protection obligations.
CFPB ends its no-action letter and compliance sandbox policies.
CFPB sues an online lender for Military Lending Act...more
10/12/2022
/ Annual Percentage Rate (APR) ,
Civil Monetary Penalty ,
Compliance ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Damages ,
Debt ,
Fees ,
FinTech ,
Military Lending Act ,
Payment Plans
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 Warns Firms on Information Security Weaknesses -
On August 11, 2022, the Consumer Financial Protection Bureau (CFPB) released a circular confirming that financial companies can violate consumer financial protection...more
Dem Senators Urge CFPB Focus on P2P Payment Platforms -
A group of Democratic U.S. senators sent a letter to the Consumer Financial Protection Bureau (CFPB) urging the agency to take a harder look at peer-to-peer (P2P)...more
7/26/2022
/ Consumer Financial Protection Bureau (CFPB) ,
EU ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
OCC ,
p2p ,
Payment Systems ,
Third-Party Service Provider ,
UK ,
Unemployment Benefits
The CFPB terminates a no-action letter with an AI credit underwriter.
A CFPB circular confirms that AI underwriting models are subject to anti-discrimination laws including adverse action notices....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
CA DFPI Issues Interpretive Opinion on Earned Wage Access -
On February 11, 2022, the California Department of Financial Protection and Innovation (DFPI) issued an interpretive opinion letter that FlexWage, a New...more
CFPB Requests Info on Consumer Financial Products or Service Fees -
On January 26, 2022, the Consumer Financial Protection Bureau (CFPB) announced the launch of an initiative to collect information from consumers,...more
2/9/2022
/ Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
FDIC ,
Financial Services Industry ,
FinCEN ,
FinTech ,
OCC ,
Surcharges ,
Technology
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
CFPB Initiates Inquiry into Big Tech Payment Platforms -
On October 21, 2021, the Consumer Financial Protection Bureau (CFPB) ordered six large technology companies—Google, Apple, Facebook, Amazon, Square, and PayPal—to...more
10/26/2021
/ Big Tech ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumers ,
Department of Corrections ,
Financial Services Industry ,
FinTech ,
Payment Services Directive ,
Transaction Fees
Chopra Sworn in as CFPB Director On October 12, 2021, Rohit Chopra was sworn in as the CFPB Director. Acting Director David Uejio will leave his post but will remain at the CFPB as he awaits his likely confirmation to a fair...more
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
A buy-now pay-later company faces a potential class action alleging it hid the risk of overdraft and NSF fees from its users.
Leaders of the CFPB’s Fair Lending Office published an article encouraging the use of special...more
6/29/2021
/ Audits ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Security ,
ECOA ,
Fair Lending ,
FDIC ,
Financial Institutions ,
Financial Stability Board ,
FinTech ,
Overdraft Fees ,
Special Purpose Credit Programs ,
Unfair Competition Law (UCL)
Federal Financial Regulators Extend Deadline for RFI on AI -
On May 17, 2021, five financial regulatory agencies announced a deadline extension for the ongoing comment period on financial institutions’ use of AI from June...more
6/22/2021
/ Artificial Intelligence ,
Consumer Financial Protection Bureau (CFPB) ,
Deadlines ,
Durbin Amendment Rules ,
EFTA ,
EFTs ,
Electronic Fund Transfer Act ,
Federal Reserve ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Proposed Rules ,
Public Comment ,
Regulation E ,
Regulation J ,
Regulatory Oversight ,
State Regulators
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