On December 3, 2024, the Consumer Financial Protection Bureau (CFPB) announced its highly anticipated and controversial proposed rule that primarily aims to bring data brokers within the scope of the Fair Credit Reporting Act...more
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) announced its long-awaited final rule on “Personal Financial Data Rights” (the Final Rule). The Final Rule implements Section 1033 of the Dodd-Frank Act,...more
Companies that provide consumer financial services and products be warned—a careful review of your fine print may be in order. Although broad disclaimers, liability waivers, and releases tend to be commonplace in general...more
Providers of Buy Now, Pay Later (BNPL) payment plans are, for purposes of consumer financial protection laws, lenders subject to some of the same regulatory requirements as credit card issuers, under a recent interpretive...more
In the highly competitive payments space, where safety and efficiency tools are table stakes, financial institutions are increasingly employing artificial intelligence (AI) solutions....more
Large technology companies and innovators in the consumer financial services space should expect to see stepped up regulatory attention ahead. The Consumer Financial Protection Bureau (CFPB) continues to increase its focus on...more
Creative, attention-grabbing marketing is an art mastered by many fintech companies. However, federal financial and consumer protection regulators are ramping up scrutiny of marketing materials related to financial services,...more
In a shot across the bow to the digital payments industry, the U.S. Consumer Financial Protection Bureau (the Bureau) has issued a proposed rule to expand its oversight authority to nonbank providers of consumer payment apps....more