News & Analysis as of

Banking Sector Financial Services Industry Comment Period

A&O Shearman

EBA consults on revision to POG guidelines for ESG retail banking products

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The European Banking Authority (EBA) has published a consultation paper on proposed revisions to its product oversight and governance (POG) guidelines for retail banking products. The EBA considers the update necessary in...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues new proposal to ban certain financial contract terms

On January 13, the CFPB proposed a new rule to ban large banks and consumer finance companies from using certain contractual provisions in agreements with consumers under Regulation AA. The CFPB’s proposal warns against the...more

Nutter McClennen & Fish LLP

Nutter Bank Report: November 2024

The CFPB has adopted a final rule to extend its oversight to the largest nonbank providers of digital consumer payment applications, including those that enable transfers from deposit accounts held at banks and other insured...more

Orrick, Herrington & Sutcliffe LLP

GOP members of Financial Services Committee pen letter on bank-fintech partnerships

On October 30, Republican congressmembers serving on the U.S. House Committee on Financial Services responded to a joint Request for Information (RFI) issued by the OCC, the Fed and the FDIC. The RFI solicited input on...more

Mayer Brown

FDIC’s New Recordkeeping Proposal

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Last month, the FDIC proposed rules related to FDIC pass-through insurance coverage. These rules could have a significant impact on bank-fintech partnerships, including some partnerships for programs that do not promise FDIC...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Regulators Escalate Focus on the Risks of Bank Relationships with Fintechs and Other...

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On July 25, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) issued a “Joint Statement on Banks’...more

A&O Shearman

UK Payment Systems Authority Consults on Draft Statement of Policy on its Cost Benefit Analysis Framework

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The Payment Systems Authority has published a consultation paper on a draft statement of policy on its cost benefit analysis (CBA) framework. The draft statement builds on and replaces the draft CBA framework published...more

Venable LLP

Custody Battles: The FDIC's Latest Proposed Rule on FBO Accounts

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The FDIC has issued a proposed rule that would apply to practically all bank-fintech arrangements that use custodial deposit accounts to provide customers with transactional features (also called "FBO" accounts for short)....more

Orrick, Herrington & Sutcliffe LLP

CFPB extends its small business lending rule and opens comment period

On June 25, the CFPB released its formal action to extend the compliance dates for its small business lending rule, section 1071 (covered by InfoBytes here). The extension of 290 days represented the time elapsed between the...more

Nutter McClennen & Fish LLP

Nutter Bank Report: April 2024

The CFPB has issued a policy statement that provides an analytical framework for identifying what constitutes an abusive act or practice under the Consumer Financial Protection Act of 2010 (CFPA). The new guidance published...more

Hudson Cook, LLP

CFPB Bites of the Month - March 2024 - Here Comes the Sun and the CFPB

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In this month's article, we share some of our top "bites" covered during the March 2024 webinar. Bite 10: CFPB Issues Statement on Privacy and Personal Data - On February 28, 2024, the CFPB issued a statement on...more

Katten Muchin Rosenman LLP

CFPB Proposes a New Rule on NSF Fees When Consumers Are Denied Fund Withdrawals

On January 24, the Consumer Financial Protection Bureau (CFPB) issued a new proposed rule in its ongoing campaign against so-called “junk fees.” The proposed rule specifically targets nonsufficient funds (NSF) fees charged...more

Orrick, Herrington & Sutcliffe LLP

The CFPB’s Overdraft Proposal: What Financial Institutions Need to Know

The CFPB has proposed a long-anticipated rule targeting overdraft fees.  Billed as part of its effort to rein in “junk fees,” the proposal could have a significant effect on the nature and availability of overdraft protection...more

American Conference Institute (ACI)

What the CFPB’s ‘Larger Participants’ Rule Means for FinTech Firms

Certain financial technology (FinTech) firms will soon be subject to the Consumer Financial Protection Bureau’s (CFPB) supervisory authority under the Consumer Financial Protection Act, and should be prepared accordingly....more

Orrick, Herrington & Sutcliffe LLP

Fed’s Barr speaks at fireside chat, underscores the importance of public comment

On January 9, Fed Vice Chair of Supervision Michael S. Barr delivered remarks at an event held by Women in Housing and Finance, during which he discussed consumer credit, bank supervision, DEI issues, capital issues, bank...more

Vedder Price

Proposed CFPB Rule Could Subject “Big Tech” Companies to Enhanced Regulatory Scrutiny

Vedder Price on

On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) proposed a rule that would allow the CFPB to supervise certain large nonbank companies that provide consumer financial services such as digital wallets...more

Kelley Drye & Warren LLP

CFPB Issues Proposed Rule to Expand Supervisory Authority, Conduct Examinations of Digital Wallets and Mobile Payment Apps

Yesterday, the Consumer Financial Protection Bureau (CFPB) released a notice of proposed rulemaking that would allow the agency to supervise and conduct examinations of certain non-bank providers of digital wallets and...more

Holland & Knight LLP

MHCP propone cambios a la financiación colaborativa en Colombia

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El Ministerio de Hacienda y Crédito Público (MHCP) de Colombia publicó para comentarios un proyecto de decreto por medio del cual busca expandir el acceso a fuentes de financiación por parte de pequeñas y medianas empresas...more

Cooley LLP

CFPB Proposes Public Enforcement Order Registry for Nonbank Financial Services Providers

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On December 12, 2022, the Consumer Financial Protection Bureau published a proposed rule that would require nonbank covered persons to report certain public agency enforcement actions and court orders for publication in a...more

Katten Muchin Rosenman LLP

Katten Financial Markets and Funds Quick Take - May 2022

Katten’s Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds. ...more

Brownstein Hyatt Farber Schreck

CFPB Director’s Testimony Provides Glimpses into Overdraft Protection Plans

On Capitol Hill this week during Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra’s testimony for the Semi-Annual Report, members of Congress touched on several hot button issues impacting financial service...more

Goodwin

FDIC Requests Comments to Draft Principles for Climate-Related Financial Risk Management

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In This Issue. The Federal Deposit Insurance Corporation (FDIC) requested comments to draft principles for climate-related financial risk management; the U.S. Securities and Exchange Commission (SEC) published its 2022 exam...more

Goodwin

SEC Proposes Short Sale Disclosure Rule and Reopens Comment Period for Reporting on Securities Loans

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule to increase market transparency regarding short selling and extended the comment period for its proposed rule requiring reporting on...more

Goodwin

Stress Test Scenarios Released for 2022

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In This Issue. The Federal Reserve Board of Governors (Federal Reserve), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released stress test scenarios to assess...more

Adams & Reese

CFPB Solicits Feedback on “Junk Fees” – Are New Regulations Coming?

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On January 26, 2022, the Consumer Financial Protection Bureau (CFPB) issued a request for public comment relating to “junk fees” consumers may be subjected to when engaging in financial services. So what exactly is a...more

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