News & Analysis as of

FinTech Payment Systems Consumer Financial Protection Bureau (CFPB)

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

President Trump repeals two CFPB rules

On May 9, President Donald Trump repealed two CFPB rules which were brought under the previous administration. The first action repealed the CFPB’s overdraft lending rule (S. J. Res. 18), which would have capped overdraft...more

Holland & Knight LLP

CFPB Overdraft and Digital Payment Rules Repealed by Trump Administration

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President Donald Trump on May 9, 2025, signed into law measures to eliminate two CFPB rules established under the Biden Administration. The first rule repealed was the CFPB's Overdraft Rule, one aspect of the Biden...more

Sheppard Mullin Richter & Hampton LLP

Kansas City Federal Reserve Bank Explores Regulatory Risks in Gaming Ecosystems

On April 9, the Federal Reserve Bank of Kansas City published a research briefing examining how video game platforms are reshaping the digital payments landscape. As in-game purchases and platform-based transactions grow in...more

American Conference Institute (ACI)

[Event] 9th Annual Legal, Regulatory and Compliance Forum on FinTech & Emerging Payment Systems - May 12th - 14th, New York, NY

Meet key stakeholders in Banking, FinTech, and broader payment systems next month at ACI’s 9th Annual Legal, Regulatory and Compliance Forum on FinTech & Emerging Payment Systems. Gain valuable insights from these industry...more

Holland & Knight LLP

CFPB's Overdraft Rule and Big Tech Payment Apps Rule Set for Repeal After Congressional Votes

Holland & Knight LLP on

Among other significant rulemakings that the Consumer Financial Protection Bureau (CFPB) finalized in the waning days of the Biden Administration were 1) an overdraft fees final rule that applies to banks and credit unions...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

Orrick, Herrington & Sutcliffe LLP

Senate votes to disapprove CFPB’s final rule on nonbank digital payment supervision

On March 5, the U.S. Senate voted 51-47 to overturn the CFPB’s final rule for digital payment companies. The disapproval resolution was introduced last week by Sen. Pete Ricketts (R-NE), pursuant to the Congressional Review...more

DLA Piper

Digital Transformation: eSignature and ePayment News and Trends - January/February 2025

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Today’s ever-shifting business environment means that consumers, businesses, employers, and employees all expect to transact digitally. To remain efficient and competitive, companies must digitally transform their businesses....more

Sheppard Mullin Richter & Hampton LLP

CFPB Pauses Supervision Order, Signals Potential Rescission

On February 8, the CFPB requested a 90 day stay in a lawsuit filed by a major tech company challenging the agency’s risk-based supervision order. The lawsuit, filed in the U.S. District Court for the District of Columbia,...more

Jenner & Block

Client Alert: The Future of Payments: Key Trends and Regulatory Challenges

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As the fintech and payments industries evolve in 2025, businesses, financial institutions, and regulators must adapt to rapid technological advancements and shifting regulations. The rise of real-time payments, embedded...more

Goodwin

What’s Next for Fintechs in 2025? Key Regulatory Developments to Watch

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With the start of the new year comes new regulatory priorities, regulatory challenges, and regulatory opportunities for fintechs. Below, we lay out considerations for 2025 given the change in administration and accompanying...more

Venable LLP

CFPB Proposes Interpretive Rule Clarifying EFTA Application to Crypto and Other Emerging Payment Mechanisms

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The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule aimed at addressing what it views as ambiguities in the application of the Electronic Fund Transfer Act (EFTA) and its implementing Regulation...more

Sheppard Mullin Richter & Hampton LLP

CFPB Proposes Interpretive Rule on Emerging Payment Mechanisms Under EFTA

On January 2, 2025, the Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule under the Electronic Fund Transfer Act (EFTA) and Regulation E to clarify how emerging payment systems, such as those used in...more

Cooley LLP

CFPB Explores Options for Bringing Digital Payments Providers Under Privacy and Payments Laws

Cooley LLP on

On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) initiated rulemaking processes to examine and create a framework regarding data privacy and consumer protections in the digital payments industry. In a...more

Venable LLP

Maximizing the Benefits (and Minimizing the Risks) of Payment Orchestration

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The payments industry continues to evolve in response to the demand for flexible, fast, and secure payment options. Innovations have included payment facilitation, push-to-card services, and real time payments, among others....more

Goodwin

Money20/20 Zeros in on AI, Open Banking, and Payment Innovation

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The end of October marked the conclusion of another successful year of Money20/20, the premier event for the payments, banking, fintech, and financial services industries. If you missed the conference, fear not. Below is a...more

Katten Muchin Rosenman LLP

Financial Products and Services and Bot-to-Bot Communications: What the Future Holds for Customers and Providers

Money 20/20 has come to a close in Las Vegas. What is usually a leading industry conference predominantly focused on consumer and commercial payments markedly "pivoted" this year. Specifically, in what can likely be...more

Troutman Pepper Locke

AI in Payments: Practical Applications and Legal Insights — Payments Pros – The Payments Law Podcast

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In the latest episode of Payments Pros, host Carlin McCrory is joined by Jason Cover to discuss the role of artificial intelligence (AI) in the payments industry. They define AI and generative AI, highlighting its...more

American Conference Institute (ACI)

[Event] 8th Forum on FinTech & Emerging Payment Systems - April 9th - 10th, New York, NY

ACI’s 8th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems will provide in-depth guidance on the latest regulatory developments at the Federal and State Level that you need to be aware of....more

Goodwin

2023 Year in Review: Fintech

Goodwin on

Welcome to the Fintech chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The CFPB is expected to finalize rulemaking authorizing supervision of payment application...more

Goodwin

Payment Trends in 2024

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This edition of Fintech Flash identifies key issues we anticipate will impact the payments industry in 2024. First, the payments regulatory landscape continues to evolve, with a number of proposed rulemakings published by the...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Payments

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to payments, along with some additional related information....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

Arnall Golden Gregory LLP

What’s in Your (Digital) Wallet? The CFPB Seeks to Supervise Digital Wallets and Payment Applications

There are certain nonbank markets that the Consumer Financial Protection Bureau (“CFPB”) has the statutory right to supervise irrespective of size (e.g., mortgage, private education loan, payday lending). Then, there are...more

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