The Consumer Financial Protection Bureau has issued advance notices of proposed rulemaking seeking public comment on whether to revise the thresholds that define “larger participants” in key consumer financial industries....more
On September 20, the Consumer Financial Protection Bureau (CFPB or Bureau) announced a proposed rule aimed at amending the disclosure requirements for international money transfers, commonly known as remittances. The proposed...more
For any UK fintech business involved with payments of electronic money (e-money) and any (experienced) investor in these businesses, safeguarding client funds is a key regulatory issue....more
The CFPB has issued a proposed rule with a small amendment to disclosure requirements for certain international remittances and money transfers....more
Yesterday, the Consumer Financial Protection Bureau (CFPB or Burau) released its annual report detailing the financial challenges faced by servicemembers, veterans, and military families. In 2023, this group submitted nearly...more
The CFPB has issued a proposed rule to supervise nonbank companies that qualify as larger participants in a market for “general-use digital consumer payment applications.” Comments on the proposal are due by January 8, 2024...more
Does a lender have the right to foreclose its mortgage if a payoff of such mortgage is made by wire transfer, but the payment does not make it to the lender’s account? A recent case, heard on appeal by the New York Supreme...more
On October 17, 2023, the CFPB took action against a nonbank fintech Company providing international money transfer services for alleged EFTA, Regulation E, and CFPA violations. The fintech Company operates throughout the...more
El “Travel Rule” es una regla de la Ley de Secreto Bancario (“BSA”) regla [31 CFR 103.33(g)] y requiere que todas las instituciones financieras transmitan cierta información a la siguiente institución financiera, en ciertas...more
Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more
Earlier this year, in January 2017, Western Union entered into a Deferred Prosecution Agreement with the Justice Department and the FTC, and agreed to pay $586 in forfeiture to settle anti-money laundering and consumer fraud...more