As previously discussed, financial services regulators are increasingly focused on how businesses use artificial intelligence (AI) and machine learning (ML) in underwriting and pricing consumer finance products. Although...more
On June 2, 2022, the New York Legislature passed a bill, S6486D, that would place a two-year moratorium on certain new cryptocurrency mining operations at fossil fuel energy plants in New York. The bill would also limit...more
Regulators took a first step toward modernizing CRA regulations with a joint Notice of Proposed Rulemaking.
The proposed rule would add more standardized metrics for regulators’ CRA examinations and more clearly delineate...more
New York will for the first time require companies that hold a BitLicense to pay annual assessment fees.
The new fee will increase the already high cost of obtaining a BitLicense and operating a crypto business in New...more
Regulators at the state and federal level are increasing their scrutiny of businesses’ use of artificial intelligence (AI). For example, recently, representatives from the Office of the Comptroller of the Currency and the New...more
In response to increasingly frequent and sophisticated cybersecurity attacks on banks and bank service providers, the federal prudential banking regulators—the Office of the Comptroller of the Currency (OCC), the Board of...more
12/2/2021
/ Banking Sector ,
Banks ,
Breach Notification Rule ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
FDIC ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
OCC ,
Popular ,
Regulatory Oversight ,
Reporting Requirements
Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, has written to newly confirmed Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, asking him to review...more
As CFPB Director, Rohit Chopra will vigorously apply the CFPB’s authority to promulgate rules, conduct examinations, and bring enforcement actions.
CFPB Acting Director Uejio has laid the groundwork for Director Chopra to...more
10/4/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Enforcement ,
Federal Trade Commission (FTC) ,
Senate Confirmation Hearings ,
Small Business Loans ,
Small Dollar Lenders ,
UDAAP
Although cannabis is still classified as a controlled substance at the federal level, New York State recently enacted the Marijuana Revenue and Taxation Act (MRTA), a law legalizing adult-use cannabis within the state....more
The Senate has voted to repeal the True Lender Rule using the Congressional Review Act, a measure allowing Congress to disapprove of agency actions and nullify recently adopted administrative rules.
The True Lender Rule...more
Fintechs and other nonbanks will be required to provide consumer-style disclosures when offering to extend small business financing in New York.
In late December 2020, New York Governor Andrew Cuomo signed into law...more