Among other significant rulemakings that the Consumer Financial Protection Bureau (CFPB) finalized in the waning days of the Biden Administration were 1) an overdraft fees final rule that applies to banks and credit unions...more
Section 1024 of the Dodd-Frank Act of 2010 authorizes the Consumer Financial Protection Bureau (CFPB) to define markets for consumer financial products and services and supervise the larger participants within those markets...more
On December 10, 2024, the Consumer Financial Protection Bureau (CFPB) published a final rule (“Final Rule”) to supervise large providers of digital wallets and payment apps. Specifically, the Final Rule, entitled Defining...more
The CFPB has issued a final rule to supervise large nonbank financial services providers that offer general-use digital consumer payment applications such as digital wallets and peer-to-peer payment apps....more
On November 21, the Consumer Financial Protection Bureau (CFPB) finalized a rule to supervise nonbank companies that offer digital wallets and payment apps. The rule allows the CFPB to supervise and examine nonbank companies...more
The Consumer Financial Protection Bureau (CFPB) on Nov. 21, 2024, issued a final rule to supervise larger nonbank companies that offer "general-use digital consumer payment applications" such as digital wallets, payment apps...more
On November 21, the CFPB announced the arrival of its finalized larger participant rule (the “Rule”) regulating nonbank companies offering digital funds transfer and payment wallet applications to consumers....more
On June 28, 2024, the U.S. Treasury Department and the Internal Revenue Service (IRS) issued final broker reporting regulations that mandate broker reporting for centralized exchanges and hosted wallet providers, providing...more