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
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
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
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) announced yesterday that they had reached settlements for over $24 million and $29 million,...more
10/14/2022
/ Bank Secrecy Act ,
BSA/AML ,
Compliance ,
Crypto Exchanges ,
Cryptocurrency ,
Economic Sanctions ,
Financial Institutions ,
FinCEN ,
Jurisdiction ,
Money Transmitter ,
Office of Foreign Assets Control (OFAC) ,
Prohibited Transactions ,
Reporting Requirements ,
Settlement ,
Suspicious Activity Reports (SARs) ,
Trading Platforms ,
U.S. Treasury ,
Willful Violations