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Mobile Apps Financial Services Industry

Hogan Lovells

The European Accessibility Act: What should financial services firms be focusing on as the June 2025 compliance deadline...

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There are over 80 million people with disabilities in the EU. The European Accessibility Act 2019 (EAA) (Directive (EU) 2019/882) implements the UN Convention on the Rights of Persons with Disabilities (UNCRPD) and aims at...more

Ballard Spahr LLP

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

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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

Ballard Spahr LLP

Justice Department files amended complaint against cash advance company Dave Inc. and its CEO

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The Justice Department is asking a federal court to issue a permanent injunction against cash advance firm Dave Inc. and its CEO Jason Wilk, alleging that the company uses misleading marketing tactics to deceive consumers...more

Fenwick & West LLP

Consumer Financial Protection Bureau (CFPB) Final Rule Expands Oversight to Larger Digital Payment App Providers

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Section 1024 of the Dodd-Frank Act of 2010 authorizes the Consumer Financial Protection Bureau (CFPB) to define markets for consumer financial products and services and supervise the larger participants within those markets...more

Ballard Spahr LLP

CFPB issues final rule to give bureau supervisory power over digital consumer payment applications

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The CFPB has issued a final rule to supervise large nonbank financial services providers that offer general-use digital consumer payment applications such as digital wallets and peer-to-peer payment apps....more

Ballard Spahr LLP

DC Attorney General files suit against app-based lender EarnIn

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The Attorney General for the District of Columbia has filed suit against ActiveHours Inc., doing business as EarnIn, alleging that the app-based lender deceptively marketed and provided illegal high-interest loans to more...more

Goodwin

FTC Files Suit Against Online Cash Advance Provider for Allegedly Deceptive and Misleading Conduct

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On November 5, 2024, the FTC announced​ that it had filed suit against a California-based online cash advance provider for allegedly deceptive and misleading advertisements and representations, in violation of the FTC Act, 15...more

Ballard Spahr LLP

FDIC Releases Second Set of Q&As on Required Use of FDIC Logo

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The FDIC has issued a revised list of Q&As concerning the agency’s new rule governing the use of the agency’s official sign....more

Sheppard Mullin Richter & Hampton LLP

What Private Equity Firms Need to Know About the Ongoing SEC Investigation of “Off-Channel” Communications

Over the last several years, the Securities and Exchange Commission (“SEC”) has been laser-focused on the use of so-called “off-channel communications” in the financial services industry. On the theory that employees’ use of...more

Troutman Pepper Locke

DOJ Releases Final Rule on Web Content Accessibility Requirements for State and Local Governments Under Title II of the ADA

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On April 8, the U.S. Department of Justice (DOJ) released its Final Rule to revise existing regulations implementing Title II of the Americans with Disabilities Act (ADA). This Final Rule clarifies the obligations of state...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

Venable LLP

CFPB Proposes “Larger Participant” Rule to Supervise GeneralUse Digital Consumer Payment Applications

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The Consumer Financial Protection Bureau (CFPB) has proposed a rule to define a market for general-use digital consumer payment applications. Larger participants in this market would be subject to CFPB supervision and...more

Cadwalader, Wickersham & Taft LLP

CFPB Takes on Big Tech in Larger Participant Rulemaking on Digital Wallets and Payment Apps

On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) announced a new proposed rule wherein providers of digital wallets and payment apps would be defined as “Larger Participants” and would become subject to...more

Ballard Spahr LLP

FTC announces settlement with operator of personal finance mobile app alleged to have used “dark patterns” in connection with...

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The Federal Trade Commission recently announced that it has entered into a settlement with Bridge It, Inc. (“Brigit”), the operator of a personal finance mobile application, to resolve the FTC’s allegations that Brigit...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

Hudson Cook, LLP

CFPB Bites of the Month - September 2023 - Harvesting the Latest Compliance Crop

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In this month's article, we share some of our top "bites" for the prior month covered during the September 2023 webinar. Bite 1: Update on Federal Student Loan Borrowers - On September 5, 2023, the CFPB reminded...more

Troutman Pepper Locke

Ninth Circuit Affirms Dismissal of TCPA Case Involving Text Messages Holding “Prerecorded Voice Messages” Require Audible...

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On August 8, a unanimous panel of the Ninth Circuit issued a decision affirming a district court’s partial dismissal judgment entered in Trim v. Reward Zone USA LLC, holding that text messages did not use prerecorded voices...more

BakerHostetler

SEC and CFTC Show No Signs of Slowing Down Enforcement Actions for Financial Firms’ Use of Off-Channel Communications

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The settlements announced by the SEC and CFTC on Monday are a continuation of the regulators’ focus on off-channel communications by employees of registered entities....more

Ballard Spahr LLP

CFPB report highlights problems military families have experienced with digital payment apps

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On June 20, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued its Office of Servicemember Affairs Annual Report, which analyzes consumer complaints received from servicemembers, veterans, and their families for...more

Sheppard Mullin Richter & Hampton LLP

CFPB Report Identifies Issues with Increased Servicemember Use of Digital Payment Apps

On the June 20, the CFPB released its Office of Servicemember “(“OSA”) Affairs Annual Report. This year’s report focuses on the challenges faced by servicemembers and their families when using digital payment apps. As further...more

Troutman Pepper Locke

CFPB’s Office of Servicemember Affairs Issues Annual Report Highlighting Complaints Related to Payment App Fraud

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On June 20, the Consumer Financial Protection Bureau’s (CFPB or Bureau) Office of Servicemember Affairs published its Annual Report analyzing complaints submitted by servicemembers, veterans, and their families in 2022. The...more

Troutman Pepper Locke

AI: Impact and Use in the Financial Services Industry – Crossover Episode with Regulatory Oversight Podcast - The Consumer Finance...

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Financial services companies are using AI to assist with many business processes, including underwriting decisions, consumer credit approval, servicing and collections, loss mitigation programs, customer interaction on...more

Akerman LLP

Explainer Things: Episode 4

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This season of Explainer Things is progressing nicely, don’t you think? We’ve introduced our recurring characters, like cryptocurrency, data privacy, and CFPB Director Rohit Chopra. We’ve established the tone – lighthearted...more

J.S. Held

Off-Channel Communications: How Financial Services Organizations Can Address Regulators’ Latest Target

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As a number of recent headlines demonstrate, the U.S. Securities and Exchange Commission (SEC) and other regulators have fined and penalized employers and employees in the financial services industry for non-compliance with...more

Morrison & Foerster LLP

CFPB Issues Guidance on Digital Mortgage Shopping Platforms

On February 7, 2023, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion (Opinion) regarding online mortgage shopping platforms and mobile apps. It clarifies that digital mortgage comparison-shopping...more

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