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FinTech Consumer Financial Protection Bureau (CFPB) Non-Bank Lenders

Ballard Spahr LLP

Trump signs resolution voiding CFPB large nonbank supervision rule

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President Trump has signed a resolution nullifying the rule implementing the CFPB’s power to supervise large nonbank financial services providers of general-use digital consumer payment applications....more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 29: The CFPB’s Expanding Supervisory Authority of Fintechs and Other Non-Banks

In our latest look at the CFPB’s expanding supervisory authority of fintechs and other non-bank financial service providers, RegFi cohosts Jerry Buckley and Sasha Leonhardt welcome fellow Orrick partner — and former deputy...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Fintech

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2023 applicable to fintech. The Consumer Financial Protection Bureau (CFPB) and its director, Rohit Chopra, continued the agency's focus on the everyday consumer...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 3, Issue 8, November 2023

FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Report Data Security Breaches - “Amendment will require non-bank financial institutions to report when they discover that information affecting...more

Cadwalader, Wickersham & Taft LLP

CFPB Warns of Dangers Related to Nonbanks Managing Payments and Issuing Stablecoins Outside of the Banking System

On October 6, 2023, Rohit Chopra, the Director of the Consumer Financial Protection Bureau (“CFPB”), gave a speech at the Brookings Institute’s “Payments in a Digital Century” event.  In his prepared remarks, Chopra frankly...more

Ballard Spahr LLP

CFPB enters into consent order with remittance transfer provider

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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

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

McGlinchey Stafford

Deep Dive into Payments: Q&A on Bank Partnership Considerations

McGlinchey Stafford on

But upon closer consideration, there is an interplay between a bank partner program and the Electronic Fund Transfer Act (EFTA) as implemented by Regulation E, particularly when it comes to timeframes for disputes, liable...more

Alston & Bird

Structured Finance Spectrum – February 2023

Alston & Bird on

Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features a new year for a new UCC Article 12, a farewell to LIBOR, and an appraisal...more

Perkins Coie

Fintech Legal Report - December 2022

Perkins Coie on

New Treasury Report Shows Fintech Industry Requires Additional Oversight To Close Gaps, Prevent Abuses, and Protect Consumers - On November 16, 2022, the U.S. Department of the Treasury (USDT), in consultation with the...more

Goodwin

CFPB to Supervise Fintechs Based on Consumer Risk

Goodwin on

Continuing a trend of expanding its supervisory scope, the Consumer Financial Protection Bureau (CFPB) announced on April 25, 2022 that it will examine fintechs and other nonbank financial enterprises, based on reasonably...more

Sheppard Mullin Richter & Hampton LLP

FinTechs in Crosshairs as CFPB Invokes Dormant Authority to Examine Nonbanks

On April 25, the CFPB announced that it is using its “dormant authority” in order to conduct examinations of nonbanks posing risks to consumers.  The Bureau has direct supervisory authority over banks and credit unions,...more

Bradley Arant Boult Cummings LLP

Fintechs and Non-banks Beware: CFPB to Utilize “Dormant Authority” to Examine Fintechs and Other Non-bank Financial Services...

On Monday, the CFPB issued a press release announcing that it will start using its authority to examine non-bank financial services institutions that the CFPB has “reasonable cause to determine pose risks to consumers.” In...more

Morrison & Foerster LLP

CFPB Poised to Expand Regulation to Small Business Lending: Expect the Unexpected

Recent initiatives by the Consumer Financial Protection Bureau (“CFPB” or Bureau) to dramatically expand its regulation of small business lending present a confluence of concerns to industry participants. These initiatives...more

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