News & Analysis as of

Bank Deposits FinTech

Troutman Pepper

FDIC Proposal Would Classify More BaaS Deposits as Brokered, Not Core

Troutman Pepper on

“I would say a lot of these fintechs deposits are actually the opposite of hot money,” said Matthew Bornfreund, a partner at Troutman Pepper. “I think a problem with this proposed rulemaking is, the FDIC asserts that these...more

Morrison & Foerster LLP

Banking Agencies Address Banking Arrangements with Third Parties to Provide Deposit Products and Services

On July 25, 2024, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the “Agencies”) issued a joint statement to banks regarding risks...more

Hudson Cook, LLP

CFPB Takes Action Against Fintech Company for Alleged Withholding of Consumer Refunds

Hudson Cook, LLP on

On May 7, 2024, the CFPB imposed a total of $4.6 million in redress and fines on the Company for allegedly withholding account-closure refunds to its consumers for an unreasonable amount of time....more

Farella Braun + Martel LLP

Tips For Banks As USAA Check Deposit Patent Dispute Grows

In January 2020, we wrote a Law360 guest article that highlighted some of the risks that followed Wells Fargo Bank NA's strategy in its patent dispute with the United Services Automobile Association over remote deposit check...more

Farella Braun + Martel LLP

Strategy Lessons From Wells Fargo Fintech Patent Litigation

United States Automobile Association (USAA) is a financial services company that provides insurance, banking, investment, and retirement products and services for members of the military and their families. On June 7, 2018,...more

Nutter McClennen & Fish LLP

Bank Report: December 2019

FDIC and OCC Propose CRA Modernization Rule with Opt-Out for Small Banks The FDIC and the OCC have jointly proposed amendments to modernize the agencies’ Community Reinvestment Act (“CRA”) regulations, which are intended...more

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