News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Mobile Apps Financial Services Industry

Ballard Spahr LLP

Senate adopts CRA resolution to nullify rule subjecting large cash apps to bureau supervision

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Using the Congressional Review Act, the Senate has voted to nullify a CFPB final rule that would subject large cash apps to the bureau’s supervision....more

Fenwick & West LLP

Consumer Financial Protection Bureau (CFPB) Final Rule Expands Oversight to Larger Digital Payment App Providers

Fenwick & West LLP on

Section 1024 of the Dodd-Frank Act of 2010 authorizes the Consumer Financial Protection Bureau (CFPB) to define markets for consumer financial products and services and supervise the larger participants within those markets...more

Ballard Spahr LLP

CFPB issues final rule to give bureau supervisory power over digital consumer payment applications

Ballard Spahr LLP on

The CFPB has issued a final rule to supervise large nonbank financial services providers that offer general-use digital consumer payment applications such as digital wallets and peer-to-peer payment apps....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

Venable LLP

CFPB Proposes “Larger Participant” Rule to Supervise GeneralUse Digital Consumer Payment Applications

Venable LLP on

The Consumer Financial Protection Bureau (CFPB) has proposed a rule to define a market for general-use digital consumer payment applications. Larger participants in this market would be subject to CFPB supervision and...more

Cadwalader, Wickersham & Taft LLP

CFPB Takes on Big Tech in Larger Participant Rulemaking on Digital Wallets and Payment Apps

On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) announced a new proposed rule wherein providers of digital wallets and payment apps would be defined as “Larger Participants” and would become subject to...more

Ballard Spahr LLP

FTC announces settlement with operator of personal finance mobile app alleged to have used “dark patterns” in connection with...

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The Federal Trade Commission recently announced that it has entered into a settlement with Bridge It, Inc. (“Brigit”), the operator of a personal finance mobile application, to resolve the FTC’s allegations that Brigit...more

Sheppard Mullin Richter & Hampton LLP

CFPB Acts Against Fintech Operator of Mobile App for Illegal International Money Transfers

On October 17, the CFPB took action against a nonbank fintech company for allegedly deceiving consumers about the speed and cost of remittance transfers through its mobile app. The Bureau also alleges that the company...more

Hudson Cook, LLP

CFPB Bites of the Month - September 2023 - Harvesting the Latest Compliance Crop

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" for the prior month covered during the September 2023 webinar. Bite 1: Update on Federal Student Loan Borrowers - On September 5, 2023, the CFPB reminded...more

Ballard Spahr LLP

CFPB report highlights problems military families have experienced with digital payment apps

Ballard Spahr LLP on

On June 20, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued its Office of Servicemember Affairs Annual Report, which analyzes consumer complaints received from servicemembers, veterans, and their families for...more

Sheppard Mullin Richter & Hampton LLP

CFPB Report Identifies Issues with Increased Servicemember Use of Digital Payment Apps

On the June 20, the CFPB released its Office of Servicemember “(“OSA”) Affairs Annual Report. This year’s report focuses on the challenges faced by servicemembers and their families when using digital payment apps. As further...more

Troutman Pepper Locke

CFPB’s Office of Servicemember Affairs Issues Annual Report Highlighting Complaints Related to Payment App Fraud

Troutman Pepper Locke on

On June 20, the Consumer Financial Protection Bureau’s (CFPB or Bureau) Office of Servicemember Affairs published its Annual Report analyzing complaints submitted by servicemembers, veterans, and their families in 2022. The...more

Akerman LLP

Explainer Things: Episode 4

Akerman LLP on

This season of Explainer Things is progressing nicely, don’t you think? We’ve introduced our recurring characters, like cryptocurrency, data privacy, and CFPB Director Rohit Chopra. We’ve established the tone – lighthearted...more

Morrison & Foerster LLP

CFPB Issues Guidance on Digital Mortgage Shopping Platforms

On February 7, 2023, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion (Opinion) regarding online mortgage shopping platforms and mobile apps. It clarifies that digital mortgage comparison-shopping...more

Goodwin

CFPB Advises Manipulating Search Results on Comparison-Shopping Platforms May Violate RESPA

Goodwin on

CFPB Advises Manipulating Search Results on Comparison-Shopping Platforms May Violate RESPA - On February 7, the CFPB issued an advisory opinion, accompanied by a statement from CFPB Director Rohit Chopra, clarifying that...more

Venable LLP

CFPB Warns Digital Mortgage Comparison-Shopping Platforms About Referral Fees and Pay-to-Play Advertising

Venable LLP on

The Consumer Financial Protection Bureau (CFPB) has moved to curb digital mortgage comparison-shopping platforms from receiving referral fees, issuing an advisory opinion that outlines how companies violate the Real Estate...more

Perkins Coie

Fintech Week in Review: December 2020

Perkins Coie on

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

Robins Kaplan LLP

Financial Daily Dose 1.15.2020 | Top Story: Dating Apps Face Scrutiny for Likely Data Privacy Violations

Robins Kaplan LLP on

Popular app-based dating services—from Tinder to OkCupid to Grindr—are the subject of unwanted scrutiny this week after a report by the Norwegian Consumer Council that they’re “spreading user information like dating choices...more

Morgan Lewis

Payment Apps – Watch Out for State Attorney General Enforcement

Morgan Lewis on

Payment apps and the legal and regulatory issues they present were front and center at a November 5 meeting of state attorneys general consumer protection leaders....more

Wilson Sonsini Goodrich & Rosati

Regulatory Landscape for Fintech, Electronic Commerce, and Electronic Banking: Part One

Part 1: Electronic Commerce - This is the first part of a two-part article discussing the regulatory landscape for financial technology as applied to electronic commerce and electronic banking. This article focuses on...more

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