News & Analysis as of

FinTech Regulation E Financial Services Industry

DLA Piper

Mitigating Risks for Banks, Fintech Companies, and Payment Processors

DLA Piper on

Emerging issues under the Electronic Fund Transfer Act, Regulation E, and the UCC - As banks, fintech companies, and payment processors continue to innovate and partner on payment and wallet solutions, they must navigate the...more

Venable LLP

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

Venable LLP on

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

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

Skadden, Arps, Slate, Meagher & Flom LLP

CFPB Releases Final ‘Open Banking’ Rule on Personal Financial Data Rights

On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule (Rule) on personal financial data rights under Section 1033 of the Dodd-Frank Act. The Rule imposes significant new obligations on...more

Sheppard Mullin Richter & Hampton LLP

Takeaways From the FDIC’s Spring 2024 Consumer Compliance Supervisory Highlights

On March 28, the FDIC released the spring edition of its consumer compliance supervisory highlights. The FDIC supervises approximately 3,000 state-chartered banks and thrifts that are not members of the Federal Reserve...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

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

Perkins Coie

Fintech Week in Review - June 2021

Perkins Coie on

Federal Financial Regulators Extend Deadline for RFI on AI - On May 17, 2021, five financial regulatory agencies announced a deadline extension for the ongoing comment period on financial institutions’ use of AI from June...more

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