On the eve of a change in administration, the Biden/Chopra CFPB released a "Compendium of Recent CFPB Guidance," a sweeping collection of interpretations of federal consumer financial laws under the current leadership...more
1/23/2025
/ Advertising ,
Artificial Intelligence ,
Biden Administration ,
Chevron Deference ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Data Security ,
Debt Collection ,
Enforcement Actions ,
Loper Bright Enterprises v Raimondo ,
Regulatory Agenda ,
Regulatory Reform ,
Unfair or Deceptive Trade Practices
The Consumer Financial Protection Bureau (CFPB) issued a proposed rule under Regulation AA to address the use of restrictive and coercive clauses in consumer financial contracts. This proposal seeks to prohibit terms in...more
1/17/2025
/ Compliance ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Terms ,
Financial Services Industry ,
Proposed Rules ,
Regulation A ,
Regulatory Requirements ,
Restrictive Covenants ,
UDAAP ,
Unfair or Deceptive Trade Practices
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
1/17/2025
/ Anti-Money Laundering ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Data Privacy ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FinTech ,
Fraud ,
Merchants ,
Payment Processors ,
Payment Systems ,
Popular ,
Risk Management
The FDIC has issued a proposed rule that would apply to practically all bank-fintech arrangements that use custodial deposit accounts to provide customers with transactional features (also called "FBO" accounts for short)....more
9/19/2024
/ Banking Sector ,
Banks ,
Comment Period ,
Compliance ,
Deposit Accounts ,
Depository Institutions ,
FBOs ,
FDIC ,
Financial Services Industry ,
FinTech ,
Proposed Rules ,
Recordkeeping Requirements ,
Reporting Requirements
On July 25, 2024, the federal banking agencies issued a joint statement flagging potential risks in bank-fintech arrangements, along with a request for public information (RFI) on the benefits, risks, and risk management...more
7/31/2024
/ Banking Sector ,
Comment Period ,
Compliance ,
Federal Bank Regulatory Agencies ,
Financial Institutions ,
FinTech ,
Joint Statements ,
Public Comment ,
Request For Information ,
Risk Assessment ,
Risk Management
As 2024 gets off the ground, federal regulators are continuing their focus on fair lending issues. In February, the Federal Financial Institutions Examination Council (FFIEC) released a statement on examination principles...more
3/6/2024
/ Anti-Discrimination Policies ,
Appraisal ,
Banking Examinations ,
Bias ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
Fair Lending ,
FFIEC ,
Financial Services Industry ,
Lending ,
Mortgage Lenders ,
Mortgages ,
Property Valuation ,
Racial Bias ,
Regulatory Authority ,
Valuation
Besides being a shock to the market, the 2023 bank failures caused many to ask whether the federal banking agencies had done enough to prevent them. Precisely what the agencies should have done, or should do moving forward,...more
9/13/2023
/ Banking Sector ,
Banks ,
BSA/AML ,
Compliance ,
Enforcement Priorities ,
Federal Reserve ,
Financial Crisis ,
Financial Services Industry ,
Proposed Regulation ,
Silicon Valley ,
Supervision
On June 16, 2023, the Federal Deposit Insurance Corporation (FDIC) released an update to its Supervisory Guidance on Multiple Re-Presentment NSF Fees (FIL-40-2022) (the "Guidance"), to provide additional guidance for...more
One of the biggest challenges for fintechs is ensuring that their services comply with federal and state money transmission laws. For example, a fintech operating as a payment facilitator faces significant money transmission...more
A recent action by the Office of the Comptroller of the Currency (OCC) highlights how banks need to ensure that they have robust compliance programs for managing risks posed by their banking as a service (BaaS)...more
As we pass the halfway mark of 2022, it's a good time to reflect on what has happened, or not happened, with respect to the legal framework for the provision of financial services to marijuana-related businesses...more
8/4/2022
/ Banking Sector ,
Best Practices ,
BSA/AML ,
Cole Memorandum ,
Compliance ,
Controlled Substances Act ,
Department of Justice (DOJ) ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Marijuana ,
Marijuana Related Businesses ,
NCUA ,
Regulatory Agencies ,
Risk Management