News & Analysis as of

Financial Regulatory Reform FinTech Nonbank Firms

Orrick, Herrington & Sutcliffe LLP

Congress overturns two CFPB rules via congressional review

On April 9, the House of Representatives passed two resolutions that it received from the Senate, overturning two CFPB rules from the Biden administration. The House considered S.J. Res. 18, disapproving the CFPB’s final rule...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

A&O Shearman

Financial Stability Board publishes work program for 2025

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The Financial Stability Board has published its work program for 2025. Priority areas of work for 2025 include: - supporting global cooperation on financial stability: the FSB will continue monitoring global financial...more

Troutman Pepper Locke

Georgia Grants Fiserv a Special Banking Charter: A Major Milestone for Fintech and Nonbank Direct Access to Card Networks

Troutman Pepper Locke on

In a significant development since our last post, Fiserv’s application for a merchant acquirer limited purpose bank (MALPB) charter has been approved by the Georgia Department of Banking and Finance. This approval marks a...more

Troutman Pepper Locke

Applications for Georgia Merchant Acquirer Limited Purpose Bank Charter: A Positive Sign for Fintech and Nonbank Direct Access to...

Troutman Pepper Locke on

On January 12, Fiserv announced that it filed an application with the state of Georgia for a merchant acquirer limited purpose bank (MALPB) charter. This application is a seismic development and positive sign for those in the...more

Jones Day

CFPB Seeks to Expand Regulatory Powers Over Consumer Payment Tech Entities

Jones Day on

On November 7, 2023, the Consumer Financial Protection Bureau ("CFPB") issued a proposed rule that would grant it supervisory authority over major nonbank technology companies in the consumer digital payments space....more

Perkins Coie

The Federal Reserve’s Novel Activities Supervision Program: What Banks and Nonbanks Need to Know

Perkins Coie on

Financial technology firms and certain banks and bank holding companies can expect to face increased scrutiny as the Board of Governors of the Federal Reserve System takes another step to stem risks related to crypto-assets,...more

Orrick, Herrington & Sutcliffe LLP

CFPB Enforcement Power: 3 Trends to Follow

The Consumer Financial Protection Bureau (CFPB) has expanded its oversight of nonbank financial entities (nonbanks) to add to its available regulatory tools in response to the rapid rise of nonbank financial products and...more

Burr & Forman

U.S. Treasury Issues Recommendations to Promote FinTech Innovation

Burr & Forman on

Last month, the Treasury Department issued a 222-page report to President Trump on Nonbank Financials, Fintech, and Innovation in which it recommends large-scale regulatory changes to promote innovation in the realm of...more

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