News & Analysis as of

Consumer Financial Products Depository Institutions Consumer Financial Protection Bureau (CFPB)

Goodwin

2024 Year in Review: Fintech

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Financial technology — or fintech — companies will continue to receive increased regulatory scrutiny in 2025. The latter half of 2024 saw a rise in regulatory guidance and enforcement activity relating to fintechs and the...more

Troutman Pepper Locke

Deposit Account Litigation: Highlights From 2024 and What to Expect in 2025 — The Consumer Finance Podcast

Troutman Pepper Locke on

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Mary Zinsner and Heryka Knoespel, partners in Troutman Pepper Locke’s Consumer Financial Services Practice Group, to discuss the latest in deposit...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFPB Releases Final ‘Open Banking’ Rule on Personal Financial Data Rights

On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule (Rule) on personal financial data rights under Section 1033 of the Dodd-Frank Act. The Rule imposes significant new obligations on...more

Alston & Bird

CFPB Finalizes Open Banking Rule on Consumer Financial Data Rights

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Our Financial Services Group unpacks the Consumer Financial Protection Bureau’s final rule on consumer financial data rights under Section 1033 of the Dodd–Frank Act....more

Hudson Cook, LLP

Pay Now or Pay Later, But Paying Later May Cost a Whole Lot More

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The Consumer Financial Protection Bureau has long required that an institution within the scope of its supervision or enforcement authority, including both depository institutions like banks and non-depository consumer...more

Latham & Watkins LLP

CFPB Finalizes Open Banking Rule

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The rule aims to reduce market concentration by guaranteeing consumer access to personal financial data, but faces strident criticism and immediate legal challenge....more

Ballard Spahr LLP

Trade Associations Sue CFPB on Same Day as it Issues Final Open Banking Rule Under Section 1033 of Dodd-Frank

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On October 22, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final rule implementing Section 1033 of the Dodd-Frank Act (the “Final Rule” or the “Open Banking Rule”), granting consumers greater access...more

Nutter McClennen & Fish LLP

Nutter Bank Report: November 2022

Headlines: CFPB Reminds Credit Bureaus and Furnishers of Their Obligations to Investigate Disputes The CFPB has issued guidance on the obligations of both credit bureaus and furnishers of consumer credit information,...more

Goodwin

Federal Reserve Invites Public Comment on Proposal to Publish Periodic List of Depository Institutions That Have Access to Federal...

Goodwin on

On November 4, the Federal Reserve invited public comment on a proposal to publish a periodic list of depository institutions that have access to Federal Reserve and payment services. These accounts are often referred to as...more

Cadwalader, Wickersham & Taft LLP

Protecting Depositors by Enforcing Proper Advertising of FDIC Insurance

During an open session of the Federal Deposit Insurance Corporation (“FDIC”) this week, the Board of Directors voted to finalize a new regulation that will give the FDIC, and the public, better tools to ensure that deposits...more

Goodwin

OCC Finalizes “True Lender” Rule

Goodwin on

In the News. The Office of the Comptroller of the Currency (OCC) finalized its “true lender” rule, which establishes that a national bank or federal savings association (bank) is the “true lender” of a loan if, as of the...more

Goodwin

Financial Services Weekly Roundup: Madden Fix/Valid When Made Rule Faces New Challengers

Goodwin on

In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more

Ballard Spahr LLP

CFPB Issues No-Action Letter Template For Small-Dollar Loan Products Offered By Depository Institutions And Credit Unions

Ballard Spahr LLP on

In the aftermath of a statement from the CFPB and the four federal banking agencies encouraging small-dollar lending in response to the COVID-19 pandemic and guidance from the four federal banking agencies on “Interagency...more

Nutter McClennen & Fish LLP

Nutter Bank Report November 2018

Federal Banking Agencies Propose Alternative Capital Framework for Community Banks - The federal banking agencies have proposed a new community bank leverage ratio (“CBLR”) framework that would simplify regulatory capital...more

Ballard Spahr LLP

CFPB and banking agencies begin review of bank sales practices

Ballard Spahr LLP on

According to Politico, the CFPB, OCC, Fed and FDIC have launched a review of bank sales practices, with the reviews to be conducted as special reviews rather than as part of the regular examination process....more

Ballard Spahr LLP

Trade groups seek extension of compliance date for Military Lending Act final rule

Ballard Spahr LLP on

The American Bankers Association, joined by six other prominent industry trade groups, is seeking a six-month extension of the date by which depository institutions must comply with the Military Lending Act (MLA) final rule...more

Carlton Fields

CFPB Latest Complaint Snapshot Highlights Bank Account Service Complaints, Complaint Trends in Connecticut

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The Consumer Financial Protection Bureau (CFPB or "Bureau")'s November complaint snapshot ("Snapshot") released last week focuses on complaints about bank and other deposit account services, and trends in complaints from...more

Stinson - Corporate & Securities Law Blog

Can You be Regulated by the CFPB?

The Consumer Financial Protection Bureau, or CFPB, was created to enforce various consumer finance laws like the Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Home Mortgage...more

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