News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Money Transmitter

Hudson Cook, LLP

Feeding the Loot Box Monster: The CFPB's Concerns with Payment Transmission in Gaming

Hudson Cook, LLP on

On May 9, 2024, we published our first article in a series of articles on the CFPB's interest in gaming. Back on April 4, 2024, the Consumer Financial Protection Bureau ("CFPB") issued a report identifying various risks to...more

Hudson Cook, LLP

"OVER THE LINE!"  Where Banking and Gaming Intersect, the CFPB Has Something to Say.

Hudson Cook, LLP on

The line between virtual and reality is getting thinner. Gamers pay gaming companies real currency for virtual in-game currency to buy skins, create the world they want to live in (virtually), or purchase loot that aid in...more

Sheppard Mullin Richter & Hampton LLP

CFPB Issues Guidance on Deceptive Practices by Remittance Transfer Providers

On March 27, the CFPB issued Circular 2024-02, which warns that remittance providers may be liable under the CFPA for certain deceptive marketing practices related to the speed or cost of sending a remittance transfer. Under...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

Ballard Spahr LLP

Zelle offers details on its solution to protect scammed customers

Ballard Spahr LLP on

Last year, we blogged that Zelle was considering possible solutions for P2P customers on the Zelle Network who were the victims of scams. In an August 30, 2023 press release, Zelle announced that it was initiating new safety...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - September 2023

Editor's Note The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

McGlinchey Stafford

Video: Introduction: A Deep Dive into Payments

McGlinchey Stafford on

The world of payments has grown exponentially in recent years. The Consumer Financial Protection Bureau (CFPB) has continued its activity around Unfair or Deceptive Acts or Practices (UDAP), fees, and what the CFPB calls dark...more

Ballard Spahr LLP

Minnesota Omnibus Bill includes consumer loan law amendments for all-in APR cap and anti-evasion, new money transmitter laws, and...

Ballard Spahr LLP on

Minnesota recently enacted the Commerce Omnibus Finance Bill, which includes amendments to several provisions of Minnesota law related to consumer loans and financial institutions....more

Troutman Pepper

Convenience Fees: Why You Need to Pay Attention? - Payments Pros: The Payments Law Podcast

Troutman Pepper on

This edition of Payments Pros spotlights an episode from The Crypto Exchange podcast where Ethan Ostroff sat down with Payments Pros hosts Keith Barnett and Carlin McCrory to discuss recent developments with convenience fees...more

Troutman Pepper

Convenience Fees: Why You Need to Pay Attention? - The Crypto Exchange Podcast

Troutman Pepper on

In the first episode of The Crypto Exchange, Troutman Pepper Consumer Financial Services Partner Ethan Ostroff welcomes his colleagues Keith Barnett and Carlin McCrory to discuss recent developments with convenience fees in...more

Latham & Watkins LLP

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets - Consumer Protection and State Money...

Latham & Watkins LLP on

The RFIA would define consumer protection standards for digital assets and introduce new requirements regarding digital asset use in interstate money transfers. Latham & Watkins presents a blog series on the Responsible...more

Goodwin

CFBP and NY AG Sue Global Payment Company

Goodwin on

On April 21, 2022, the Consumer Financial Protection Bureau (CFPB)  anno​unced ​a joint enforcement action with the New York Attorney General (NY AG) against one of the largest international remittance providers in the...more

Morgan Lewis

Making It the Same Everywhere: States Strive for Uniformity in Money Transmitter Laws

Morgan Lewis on

In a recent post, we discussed the increasing focus by state attorneys general on the use of their enforcement authority against payment processing applications platforms that were not licensed under state money transmitter...more

Ballard Spahr LLP

Treasury’s fintech report recommends changes directed at payments

Ballard Spahr LLP on

A portion of the Treasury’s report entitled “A Financial System That Creates Economic Opportunities, Nonbank Financials, Fintech, and Innovation,” focuses on payments.  ...more

Goodwin

FinTech Flash: So You Want to Put a Bitcoin ATM in a Coffee Shop?

Goodwin on

This writer received three cold emails in two weeks asking for legal help around operating a Bitcoin ATM (BTM). Each groundbreaker asked: “What are the legal requirements for an operator putting a BTM in, say, a coffee shop?”...more

Perkins Coie

Blockchain Week in Review – September 2017 #7

Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Perkins Coie

Blockchain Week in Review – April 2017 #3

Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Goodwin

Financial Services Weekly News - July 2016 #4

Goodwin on

Editor's Note - What Exactly Is Bitcoin? In a case featuring a sting operation beginning with meetings in a coffee shop, ice cream store and hotel lobby and ending with the sale of bitcoins to an undercover Miami Beach...more

BakerHostetler

CFPB Returns Millions to Consumers Using Supervisory Authority

BakerHostetler on

On March 8, 2016, the Consumer Financial Protection Bureau (CFPB) announced that, through its supervisory authority, it recovered $14.3 million for approximately 228,000 consumers. This recovery spans CFPB work completed in...more

McGuireWoods LLP

CFPB Targets Pension Lenders in Dodd-Frank Suit

McGuireWoods LLP on

On August 20, 2015, the Consumer Financial Protection Bureau (CFPB) and New York Department of Financial Services (NYDFS) filed suit in the U.S. District Court for the Central District of California against two pension...more

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