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FinTech Risk Management Consumer Financial Protection Bureau (CFPB)

Venable LLP

Compliance as a Competitive Advantage

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Recently, we presented on Compliance as a Competitive Advantage at Compliance University by Online Lenders Alliance. We shared a perspective we've developed over 20 years of working with financial services companies: that...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

Troutman Pepper Locke

The FinReg Frontier: AI and Machine Learning in Consumer Finance — The Consumer Finance Podcast

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In this episode of the Consumer Finance Podcast, Chris Willis, co-leader of Troutman Pepper Locke's Consumer Financial Services Regulatory practice, delves into the current state of machine learning and artificial...more

DLA Piper

Mitigating Risks for Banks, Fintech Companies, and Payment Processors

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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

McGlinchey Stafford

The Next Wave of Open Banking: New Rules on Personal Financial Data Rights

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A rapid transformation in consumer finance is being brought about by open banking—a pivotal innovation that allows consumers to give third parties real-time access to their detailed financial data. Open banking has the...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

Orrick, Herrington & Sutcliffe LLP

Q&A: What Will the CFPB Look Like Under McKernan?

On February 11, the White House announced Jonathan McKernan’s nomination as Director of the Consumer Financial Protection Bureau (CFPB). McKernan was previously confirmed to the Board of the FDIC by the Senate on a voice...more

Hudson Cook, LLP

CFPB Bites of the Month - 2024 Annual Review - Fintech

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In this article, we share a timeline of our monthly "bites" for 2024 applicable to companies in FinTech. The Consumer Financial Protection Bureau was on a tear in the months leading up to the election and the inauguration of...more

Troutman Pepper Locke

CFPB Highlights Fair Lending Risks in Advanced Credit Scoring Models

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Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its latest Supervisory Highlights report, focusing on the use of advanced technologies in credit scoring models. ...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

Proskauer - New Media & Technology

CFPB Issues Final “Open Banking” Rule Governing Third Party Use of Consumer Banking Information

After a yearslong lead-up, the Consumer Financial Protection Bureau (CFPB) published its final “open banking” rule in October. The rule effectuates the section of the Consumer Financial Protection Act, which charged the CFPB...more

Nutter McClennen & Fish LLP

Nutter Bank Report: July 2024

The federal banking agencies have published joint guidance for banks about risks posed by fintech companies and other third parties to deliver bank deposit products and services. The joint guidance issued on July 30...more

Jenner & Block

[Ongoing Program] CLE Relay – Session 3 – Hot Topics in Fintech and Crypto - June 7th, 10:00 am - 11:00 am PDT

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This session will provide a survey of key issues and trends impacting the fintech and digital assets community as well as the future opportunities and challenges presented for these financial products and services. It will...more

Jenner & Block

Client Alert: Buy Now, Pay Later: A Roadmap for Providers as Regulators Continue to Increase Scrutiny

Jenner & Block on

Point-of-sale financing arrangements payable in four or fewer interest-free installments, known as buy now, pay later (BNPL) arrangements, have soared since their initial breakthrough during the pandemic. Unlike conventional...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

McGlinchey Stafford

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

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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

Goodwin

Agencies Issue Final Guidance on Third-Party Risk Management

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Agencies Issue Final Guidance on Third-Party Risk Management - On June 6, the Federal Reserve, FDIC, and OCC issued final joint guidance (the Guidance) pertaining to banking organizations’ risk management of third-party...more

Troutman Pepper Locke

A Discussion with Nacha on Proposed Rulemaking Regarding Fraud - Payments Pros: The Payments Law Podcast

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Troutman Pepper’s Payments Pros podcast offers insights from Troutman Pepper Fintech and Payment practice group attorneys, industry business leaders, and regulatory experts on the most challenging legal and regulatory...more

Morrison & Foerster LLP

Treasury Calls for Enhanced Supervision of Fintech Partnerships

On November 16, 2022, the Department of Treasury (“Treasury”) issued a report titled “Assessing the Impact of New Entrant Non-bank Firms on Competition in Consumer Finance Markets” (“Treasury Report”), which, among other...more

StoneTurn

CFPB and Dodd Frank: What FinTechs Need to Know

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The Fintech industry has been experiencing rapid growth in recent years, and it is not surprising that this level of growth generates a lot of attention from regulators. Fair or unfair, Fintech firms have been scrutinized as...more

Goodwin

SEC Proposes Changes to Private Fund Regulation

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In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed changes to private fund regulation; the Office of the Comptroller of the Currency (OCC) succeeded in validating its “valid-when-made” rulemaking; the...more

Goodwin

CFPB Withdraws Proposal to Delay Debt Collection Final Rules

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In This Issue. The Consumer Financial Protection Bureau (CFPB) withdrew its proposal to delay the Debt Collection Final Rules; the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance...more

Perkins Coie

Fintech Legal Report - August 2021

Perkins Coie on

Senators Inquire about CFPB’s Fintech Agenda - On July 27, 2021, Senator Sherrod Brown, the Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to the Consumer Financial Protection...more

Nelson Mullins Riley & Scarborough LLP

Continued Support for AI from the Financial Services Regulators

On March 29, 2021, the primary federal bank regulators (the Federal Reserve, CFPB, the FDIC, the NCUA, and the OCC) issued a request for information to gain input on the growing use of Artificial Intelligence (“AI”) by...more

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