New Treasury Report Shows Fintech Industry Requires Additional Oversight To Close Gaps, Prevent Abuses, and Protect Consumers -
On November 16, 2022, the U.S. Department of the Treasury (USDT), in consultation with the...more
12/15/2022
/ Appeals ,
Competition ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Reports ,
Data-Sharing ,
Fees ,
FinTech ,
Non-Bank Lenders ,
OCC ,
Regulation Z ,
U.S. Treasury
FTC Action Against Internet Phone Service Provider Results in $100 Million to Customers Trapped by Illegal Dark Patterns and Junk Fees When Trying To Cancel Service -
On November 3, 2022, the Federal Trade Commission (FTC)...more
OCC Warns About Fintech-Bank Partnership Risks -
On September 7, 2022, speaking before conferencegoers at the TCH + BPI Annual Conference in New York, Acting Comptroller of the Currency Michael J. Hsu explained why he thinks...more
Dem Senators Urge CFPB Focus on P2P Payment Platforms -
A group of Democratic U.S. senators sent a letter to the Consumer Financial Protection Bureau (CFPB) urging the agency to take a harder look at peer-to-peer (P2P)...more
7/26/2022
/ Consumer Financial Protection Bureau (CFPB) ,
EU ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
OCC ,
p2p ,
Payment Systems ,
Third-Party Service Provider ,
UK ,
Unemployment Benefits
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
Bank Regulator Outlines Vision for Bank-Like Supervisory Regime for Crypto and Fintech Firms -
On November 3, 2021, Acting Comptroller of the Currency Michael J. Hsu discussed clarifying and modernizing the bank...more
11/10/2021
/ Banking Sector ,
Cryptocurrency ,
Federal Trade Commission (FTC) ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
GLBA Privacy ,
Non-Bank Lenders ,
OCC ,
Safeguards Rule
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
Senators Inquire about CFPB’s Fintech Agenda -
On July 27, 2021, Senator Sherrod Brown, the Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to the Consumer Financial Protection...more
9/2/2021
/ Banking Sector ,
Big Tech ,
Blockchain ,
Bureau of Industry and Security (BIS) ,
China ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Assets ,
EU ,
Federal Trade Commission (FTC) ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinTech ,
Guidance Update ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Risk Management ,
SDN List ,
Securities and Exchange Commission (SEC) ,
Settlement
President Biden Issues an Executive Order on Competition with Implications for Financial Institutions -
On July 9, 2021, President Biden issued an Executive Order on Promoting Competition in the American Economy. The...more
7/20/2021
/ Anti-Money Laundering ,
Banking Sector ,
Biden Administration ,
BSA/AML ,
Colorado ,
Competition ,
Credit Card Surcharges ,
Executive Orders ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Information Technology ,
OCC ,
Proposed Guidance ,
Risk Management ,
Third-Party ,
True Lender ,
UDAAP
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
UK Set to Move Forward on BNPL Regulation -
The United Kingdom Financial Conduct Authority (FCA) recently issued a report on the market conditions for buy-now pay-later (BNPL) unsecured lending. The report recommends...more
2/10/2021
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
ECOA ,
EU ,
Fair Access to Credit ,
Fair Housing Act (FHA) ,
Fair Lending ,
Federal Reserve ,
Financial Services Industry ,
FinTech ,
HUD ,
OCC ,
Proposed Rules ,
UK
Federal Regulation Actions Frozen Pending Review from New Administration -
On January 20, 2021, newly inaugurated President Joe Biden issued a memorandum to the Heads of Executive Departments and Agencies asking current...more
1/27/2021
/ Artificial Intelligence ,
Biden Administration ,
Blockchain ,
Cannabis-Related Businesses (CRBs) ,
Consumer Financial Protection Bureau (CFPB) ,
Data-Sharing ,
Disclosure Requirements ,
Due Diligence ,
Federal Bank Regulatory Agencies ,
Federal Reserve ,
FinTech ,
Guidance Update ,
Marijuana Related Businesses ,
New Legislation ,
OCC ,
Regulatory Freeze ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
California DFPI Begins Operating and Focuses on New Industries January 2021 brings with it a newly named and newly empowered California consumer financial protection agency. Effective January 1, the California Department of...more
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
FTC Alleges Mobile App’s Deposit Promises Were Deceptive -
Following a May 2020, civil investigative demand, the Federal Trade Commission (FTC) filed suit against the operators of a mobile banking app, alleging that they...more
12/10/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Customer Funds ,
Employees ,
Equal Access to Credit ,
Fair Access to Credit ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FinTech ,
Mobile Apps ,
OCC ,
Regulation Z
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