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Financial Institutions › Consent Order › FinTech

Orrick, Herrington & Sutcliffe LLP

CFPB reduces civil money penalty by nearly 98 percent against fintech

Orrick, Herrington & Sutcliffe LLP on

On May 15, the CFPB issued an amended consent order against a fintech company for alleged violations of various consumer financial protection laws. As previously covered by InfoBytes, the CFPB sued the fintech company in...more

Sheppard Mullin Richter & Hampton LLP

Oklahoma Bank Faces FDIC Consent Order

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An Oklahoma-based bank has been hit with a consent order from the FDIC after posting significant losses in its first year of operation. On June 28, the FDIC announced that it took an enforcement action against the bank...more

Husch Blackwell LLP

Why the FDIC's Consumer Compliance Supervisory Highlights Should Be on Your Reading List

Husch Blackwell LLP on

Similar to the Consumer Financial Protection Bureau’s Supervisory Highlights, the Federal Deposit Insurance Corporation (FDIC)’s Consumer Compliance Supervisory Highlights should be on your reading list. While the FDIC has...more

Ballard Spahr LLP

Recent FDIC Consent Orders Reflect Ongoing Scrutiny of Bank Relationships with Fintechs

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In February 2024, the Federal Deposit Insurance Corporation (FDIC) entered into consent orders with two banks who partner with fintechs to offer “banking as a service” (BaaS) related to safety and soundness concerns relating...more

Ballard Spahr LLP

Recent FDIC consent orders show increased regulation scrutiny of bank relationships with fintech partners

Ballard Spahr LLP on

In February 2024, the Federal Deposit Insurance Corporation (FDIC) entered into consent orders with two banks who partner with fintechs to offer “banking as a service” (BaaS) related to safety and soundness, compliance with...more

Ballard Spahr LLP

Congressional Representatives Express Concern Regarding FDIC’s Regulation of FinTech Firms and Financial Innovation

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On February 2, 2024, three Republican members of the House Financial Services Committee sent a letter to Federal Deposit Insurance Corporation (“FDIC”) Chair Martin Gruenberg expressing concern regarding what the congressmen...more

Nutter McClennen & Fish LLP

Nutter Bank Report: January 2024

Nutter McClennen & Fish LLP on

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

Ballard Spahr LLP

CFPB enters into consent order with remittance transfer provider

Ballard Spahr LLP on

The Consumer Financial Protection Bureau announced that it has entered into a Consent Order with Chime Inc., a nonbank fintech company, to settle alleged violations of the Electronic Fund Transfer Act (EFTA), Subpart B of...more

Morrison & Foerster LLP

FDIC Enters into Consent Order with Fintech Focused Bank

Morrison & Foerster LLP on

Reflecting expected heightened regulatory scrutiny of fintech-bank partnerships, the Federal Deposit Insurance Corporation (FDIC) issued a consent order for a bank that is deep in the bank-fintech sponsorship space over...more

Goodwin

SBA Implemented Changes to PPP as a Part of American Rescue Plan Act

Goodwin on

In this Issue. The federal bank regulatory agencies announced that the temporary change to the supplementary leverage ratio for depository institutions will expire as scheduled on March 31, 2021; the Small Business...more

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