An online lender recently agreed to pay a $3.85 million settlement to the Federal Trade Commission (FTC) for allegedly engaging in deceptive and unfair acts and practices relating to its consumer loans....more
The Federal Deposit Insurance Corporation (FDIC) just reiterated its guidance on managing risks in technology service provider (TSP) relationships in a new Financial Institution Letter (FIL). The letter reminds financial...more
Legislation on cannabis banking continues to make its way through the House of Representatives, with one bill garnering approval by the Financial Services Committee....more
New Jersey has officially banned cashless establishments, prohibiting merchants from requiring customers to pay by card or refusing to accept cash....more
Passive debt buyers are debt collectors under the Fair Debt Collection Practices Act (FDCPA) if their “principal purpose” is buying debt, even if they outsource collections, the U.S. Court of Appeals for the Third Circuit has...more
In a major development for nonbank providers of financial products and services, the Federal Trade Commission (FTC) issued a notice of proposed rulemaking that would amend its Safeguards Rule and its Privacy Rule, each...more
Financial technology news includes the continuing battle over the Office of the Comptroller of the Currency’s (OCC) plan to issue special-purpose national bank (“fintech”) charters, with the agency seeking to dismiss lawsuits...more
Are we about to see some bipartisan legislation to improve privacy and data security? The Senate Banking Committee has asked for feedback on data collection standards for financial institutions, with Mike Crapo (R-Idaho),...more
Lawmakers recently met to consider cannabis banking, discussing two different bills that have been introduced to solve the problem of providing financial services to an industry that operates under a cloud imposed by federal...more
Newsom’s Six-Month Paid Family Leave Agenda -
Shortly after being sworn in as the new governor of California, Gavin Newsom proposed extending California’s current six-week paid family leave (PFL) to six months. PFL, which...more
A New York federal judge granted preliminary approval of the second attempt at a settlement between a class of more than 12 million merchants and two card networks, potentially putting an end to the long-running litigation...more
Comptroller of the Currency Joseph Otting recently weighed in on fintechs, presenting a positive picture for fintech companies considering seeking a special purpose national bank charter from the Office of the Comptroller of...more
Is virtual currency “money” for purposes of the Pennsylvania Money Transmitter Act?
Not according to recently issued guidance from the Pennsylvania Department of Banking and Securities (DoBS), which has joined a growing...more
The future of financial services for marijuana businesses may be brighter if current nominee for attorney general William Barr is confirmed by the U.S. Senate for the position....more
The beginning of 2019 brought updates in the world of payment cards, with what appears to be an end to the long-running litigation over credit card surcharges in the state of New York....more
In state enforcement news, Massachusetts Attorney General Maura Healey announced a settlement with a California-based payment services provider, while New York Attorney General Barbara Underwood reached a deal with five...more
A new study has cast a shadow on plans for a state-owned bank to service the cannabis industry in California.
After recreational pot became legal in the state last year, regulators considered the option of a state-run bank...more
Could investigative reporting into merchant cash advances lead to enforcement action against companies that make these advances, or to potential legislation to ban certain practices inherent in this industry?...more
According to a group of payday lenders, the reverberations of Operation Choke Point are still being felt. The public release of documents in their litigation challenging the government’s initiative revives an issue that many...more
An international money transfer service must pay $125 million after it failed to take the steps required in a 2009 consent order it had agreed to with the Federal Trade Commission (FTC) and a 2012 Deferred Prosecution...more
California Now Requires Female Directors on Public Company Boards -
In a groundbreaking move to bring gender diversity to the boardroom, on Sept. 30, 2018, Governor Jerry Brown signed California Senate Bill 826 (SB 826),...more
In the latest piece of the surcharge controversy, New York’s highest court interpreted state law to hold that a merchant complies with the statute so long as it posts the total dollars and cents price charged to credit card...more
Just a few weeks after the New York Department of Financial Services (DFS) filed its second lawsuit challenging the decision by the Office of the Comptroller of the Currency (OCC) to offer a federal bank charter for fintech...more
In an effort to facilitate real-time interbank settlement of faster payments, the Federal Reserve Board (FRB) is asking for input from industry stakeholders on the best options.
In a request for comment, the FRB outlines...more
Community banks and smaller financial institutions take note: the five federal banking agencies are encouraging banks and credit unions to enter into collaborative arrangements to share resources to more effectively and...more