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Consumer Financial Protection Bureau (CFPB) Regulatory Oversight Innovative Technology

Jones Day

With New Action Plan, White House Launches AI "Space Race"—What Banks Should Know

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The White House has issued an AI Action Plan that aims to position the United States as the leader in artificial intelligence ("AI"), as part of a broader pattern of boosting innovation and reducing regulatory burden, with...more

Ballard Spahr LLP

CA and NY governors propose expansion of state consumer financial protection regimes

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The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator.  Both governors have framed their proposals as a response to what they...more

Ballard Spahr LLP

CFPB and Utah AG announce joint office hours in Salt Lake City as part of ACFIN

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The CFPB and Utah AG’s Office have announced that they will hold the first joint office hours as part of the American Consumer Financial Innovation Network (ACFIN).  The joint office hours will be held on January 30, 2020 in...more

Polsinelli

BitBlog Weekly Summary

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This summary covers the last two weeks which includes news about continued enforcement actions by the U.S. Securities and Exchange Commission (“SEC”) involving fraudulent digital asset transactions, dismissal of a securities...more

Proskauer - Blockchain and the Law

Utah Passes the Third State-Run “Sandbox” for Innovative Financial Products and Services

Utah’s governor recently signed into law H.B. 378, which created a sandbox program for companies providing “innovative financial products or services” in the state. The program, run by Utah’s Department of Commerce, requires...more

Ballard Spahr LLP

Utah’s new regulatory sandbox

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Utah Governor Gary Herbert signed H.B. 378, Regulatory Sandbox, into law on March 25, 2019.  This bill created the nation’s third regulatory sandbox program for fintechs, after Arizona, which enacted sandbox legislation in...more

Perkins Coie

Fintech Regulatory Sandboxes: Update on Arizona’s Sandbox and Other Developments

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Arizona’s financial technology (“fintech”) sandbox (“Sandbox”), the first of its kind in the United States, has been open for several months and has accepted three participants. A month after the program’s launch, Arizona’s...more

Womble Bond Dickinson

BCFP Proposal Would Expand “Sandbox” for Testing Innovative Disclosure Methods

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The Bureau of Consumer Financial Protection is seeking comments on proposed changes to its Trial Disclosure Program which provides a safe harbor for companies that want to test innovative new methods for making required...more

Ballard Spahr LLP

CFPB Collaborates to Create a Global Fintech Network with Regulators around the World

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Last week the CFPB announced an initiative to create a Global Financial Innovation Network (GFIN) with 11 other financial regulators and related organizations across the globe....more

Robinson+Cole Data Privacy + Security Insider

U.S. Moves Ahead with Federal “Fintech Sandbox” — CFPB Announces Creation of Office of Innovation

In an effort to promote the development of new financial technology (fintech) products, Mick Mulvaney, acting director of the Consumer Financial Protection Bureau (CFPB), announced last week the creation of the Office of...more

Bradley Arant Boult Cummings LLP

Fintech Forecast: Lawmakers and Regulators Poised to Revamp the Legal Landscape in 2017

Financial technology, or fintech, is poised to be the center of U.S. regulation in 2017. Industry experts estimate that between July 2015 and January 2016, more than $5.5 billion was invested in the fintech sector. As fintech...more

Ballard Spahr LLP

Lawmaker seeks CFPB fair lending investigation of fintech small business lenders

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A Democratic congressman has raised concerns about potentially discriminatory lending practices used by fintech companies that extend credit to small businesses, calling on the CFPB “to vigorously investigate whether [such...more

Ballard Spahr LLP

Lawmaker Seeks CFPB Fair Lending Investigation of Fintech Small Business Lenders

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A Democratic congressman has raised concerns about potentially discriminatory lending practices used by financial technology (fintech) companies that extend credit to small businesses, calling on the Consumer Financial...more

Polsinelli

A Potentially Promising Approach to Regulation of FinTech or Should the U.S. Adopt a Regulatory Sandbox?

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The Office of the Comptroller of the Currency (“OCC”) recently published a proposal to bring emerging financial technology (“FinTech”) companies within the scope of the agency’s jurisdiction. The proposal is useful as part of...more

Bradley Arant Boult Cummings LLP

CFPB Sends Clear Message That FinTech Start-Ups Have Same Obligations as Established Companies

In a clear message to FinTech start-ups, on September 27, 2016, the Consumer Financial Protection Bureau (CFPB) ordered online lender Flurish, Inc. to pay $1.83 million in refunds and a civil penalty of $1.8 million for...more

Ballard Spahr LLP

SEC to hold fintech innovation public forum

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The Securities and Exchange Commission has announced that it will host a public forum in Washington, D.C. on November 14, 2016 to discuss financial technology innovation in the financial services industry. The forum is...more

Ballard Spahr LLP

Congressman introduces fintech bill

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Republican Congressman Patrick McHenry, Vice Chair of the House Financial Services Committee, has introduced the “Financial Services Innovation Act of 2016,” which is intended to provide a streamlined regulatory process for...more

Carlton Fields

Time to Disrupt Insurance Regulation?

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Innovators are not only disrupting the financial industry but also financial regulation as regulators weigh how to monitor financial technology (fintech) innovators and their new products and services. As they begin to...more

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