News & Analysis as of

Comment Period FinTech Financial Institutions

WilmerHale

CFPB Proposes Significant Expansion in Scope of EFTA and Regulation E

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On January 10, 2025, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed interpretive rule that would expand the Bureau’s consumer protection authority under the Electronic Fund Transfer Act (EFTA) and...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

Ballard Spahr LLP

Bank Regulators Issue Statement on Third-Party Relationships with Financial Institutions and Publish Request for Information on...

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The federal banking regulators (The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation) issued on July 25 a lengthy joint statement...more

Venable LLP

Federal Banking Agencies Highlight Bank-Fintech Partnership Risks and Invite Comment

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On July 25, 2024, the federal banking agencies issued a joint statement flagging potential risks in bank-fintech arrangements, along with a request for public information (RFI) on the benefits, risks, and risk management...more

Nutter McClennen & Fish LLP

Nutter Bank Report: January 2024

OCC Requests Public Comments on Proposed Bank Merger Policy Statement and Rules The OCC has proposed a new policy to increase the transparency of the standards that the agency applies to review business combinations involving...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

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 3, Issue 8, November 2023

FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Report Data Security Breaches - “Amendment will require non-bank financial institutions to report when they discover that information affecting...more

Jenner & Block

Client Alert: The CFPB’s New “Open Banking” Rule: Consumers and Competition Expected to Win Once Policies and Procedures Ironed...

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Last week, the Consumer Financial Protection Bureau issued its long-awaited proposed rule to implement Section 1033 of the 2010 Consumer Financial Protection Act, which has come to be known as the “open banking” provision...more

Perkins Coie

Fintech Legal Report - November 2022

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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

Goodwin

Financial Services Weekly News: FDIC Releases Guide To Connect Fintechs With Banks

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In This Issue. The Federal Deposit Insurance Corporation (FDIC) released a new guide to help financial technology companies and others partner with banks; the Financial Industry Regulatory Authority (FINRA) announced that it...more

ArentFox Schiff

Payments From America, With Love: Industry and CFPB Approach to Amending the Remittance Rule

ArentFox Schiff on

According to the World Bank and the Bureau, of the $613.5 billion worldwide dollar amount of remittance transfers in 2017, $148.5 billion was sent from the US in over 325 million remittance transfers, and $6.6 billion was...more

Herbert Smith Freehills Kramer

Federal Reserve Proposes To Clarify Bank Control Rules

Investors that own large stakes in a bank can trigger the Federal Reserve’s oversight if they have “controlling influence” over the bank. ...more

Nutter McClennen & Fish LLP

Nutter Bank Report: May 2019 

OCC Adopts Final Rule to Allow Federal Thrifts to Exercise National Bank Powers The OCC has issued a final rule that will allow federal savings associations with total consolidated assets of $20 billion or less as of...more

Goodwin

European Union: ESMA Blockchain Regulation

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On June 2, 2016, the European Securities and Markets Authority (ESMA) issued a discussion paper seeking feedback from Fintech companies and financial institutions on the possible use of blockchain technology in securities...more

K&L Gates LLP

The OCC’s Request for Comments and Discussion on the Future of Fintech Regulation

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U.S.-based digital banking startups have raised more than $10 billion since 2010, and investment in financial technology (“fintech”) companies has surpassed $24 billion worldwide. These firms are attempting to disrupt the...more

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