As part of a larger effort to address risks related to third-party deposit relationships, on October 2, 2024, the Federal Deposit Insurance Corporation (FDIC) announced and published a notice of proposed rulemaking (Proposed...more
The Consumer Financial Protection Bureau's interpretative rule provides that traditional "Buy Now, Pay Later" (BNPL) products – closed-end loans that do not have a finance charge and are repaid in four installments – are...more
On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) released its long-awaited "Required Rulemaking on Personal Financial Data Rights" (Proposed Rule) for public comment. The Proposed Rule was issued under...more
10/26/2023
/ Compliance ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumers ,
Data Privacy ,
Enforcement ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
FinTech ,
Gramm-Leach-Blilely Act ,
Liability ,
Open Banking ,
Proposed Rules ,
Shareholders
A reminder to non-bank financial institutions subject to the Gramm-Leach-Bliley Act (GLBA): the deadline to comply with the Federal Trade Commission's (FTC) revised Standards for Safeguarding Customer Information, commonly...more
5/19/2023
/ Compliance ,
Cybersecurity ,
Deadlines ,
Department of Education ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
FTC Act ,
GLBA Privacy ,
Investment Adviser ,
Multi-Factor Authentication ,
New Rules ,
Popular ,
Risk Assessment ,
Safeguards Rule ,
Third-Party Risk
We have added the DC Circuit Court of Appeals “Durbin” decision to our Regulatory and Compliance Resources page. The decision overturned a lower court’s ruling that had largely vacated the “Durbin Amendment,” a set of rules...more
We are updating our resource page to include a May 2013 U.S. GAO report on potential tax compliance issues related to virtual economies and currencies, which followed on the heels of FinCEN’s virtual currency guidance in...more