Consumer Protection Agencies Target Junk Fees and Dark Patterns for Enforcement Action and Rulemaking -
The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) are cracking down on the...more
CFPB Requests Info on Consumer Financial Products or Service Fees -
On January 26, 2022, the Consumer Financial Protection Bureau (CFPB) announced the launch of an initiative to collect information from consumers,...more
2/9/2022
/ Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
FDIC ,
Financial Services Industry ,
FinCEN ,
FinTech ,
OCC ,
Surcharges ,
Technology
Federal Banking Agencies Issue Guide for Community Banks on Conducting Due Diligence on Fintech Companies -
On August 27, 2021, the federal banking agencies (Federal Reserve, FDIC, and OCC) published “Conducting Due...more
9/20/2021
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
Due Diligence ,
FDIC ,
Federal Register ,
Financial Services Industry ,
FinTech ,
NPRM ,
OCC ,
Proposed Rules ,
Small Business
A buy-now pay-later company faces a potential class action alleging it hid the risk of overdraft and NSF fees from its users.
Leaders of the CFPB’s Fair Lending Office published an article encouraging the use of special...more
6/29/2021
/ Audits ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Security ,
ECOA ,
Fair Lending ,
FDIC ,
Financial Institutions ,
Financial Stability Board ,
FinTech ,
Overdraft Fees ,
Special Purpose Credit Programs ,
Unfair Competition Law (UCL)
CFPB Consumer Complaint Analysis Shows Higher Complaints from Minority Communities -
The Consumer Financial Protection Bureau (CFPB) issued a bulletin on a recent analysis of complaints received over the past two years....more
FDIC Consumer Compliance Supervisory Highlights Fair Lending Risks -
The Federal Deposit Insurance Corporation (FDIC) has issued the March 2021 edition of its Consumer Compliance Supervisory Highlights. The publication was...more
Federal Financial Regulators Seek Information on the Use of AI by Financial Institutions -
On March 29, 2021, five federal financial regulatory agencies (the Federal Reserve, CFPB, FDIC, OCC, and NCUA) announced a request...more
4/9/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
CSBS ,
Cybersecurity ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Agencies ,
FinTech ,
Gramm-Leach-Blilely Act ,
National Futures Association ,
NCUA ,
OCC
FDIC Appoints First Chief Innovation Officer -
On February 16, 2021, the Federal Deposit Insurance Corporation (FDIC) appointed Sultan Meghji as the agency’s first Chief Innovation Officer. Meghji has been made responsible...more
3/3/2021
/ Banking Sector ,
Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Enforcement Actions ,
FATF ,
FDIC ,
Financial Services Industry ,
FinTech ,
OCC ,
Stablecoins
FDIC Creates New Exceptions for Fintech Companies with Its Final Brokered Deposit Rule -
On December 15, 2020, the Federal Deposit Insurance Corporation (FDIC) finalized its updated brokered deposit rule, providing...more
1/13/2021
/ Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
CSBS ,
Disclosure ,
FDIC ,
Final Rules ,
Financial Institutions ,
FinTech ,
OCC ,
PayPal ,
Prepaid Rule ,
Special Purpose Credit Programs
FDIC Issues Operational Resilience Paper -
In a new paper (here and here) the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and the Board of Governors of the Federal Reserve...more
US Developments -
OCC Issues Interpretation that Banks Can Offer Crypto Custody Services -
On July 22, 2020, the Office of the Comptroller of the Currency (OCC) issued an interpretive letter clarifying that national banks...more
7/29/2020
/ Blockchain ,
Certifications ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
FATF ,
FDIC ,
Financial Services Industry ,
OCC ,
Popular ,
Request For Information ,
Travel Rule ,
UK