Recently, FinCEN published a notice in the Federal Register requesting public comment on a proposed new information collection titled the “Survey of the Costs of Anti-Money Laundering and Countering the Financing of Terrorism...more
On August 26, 2025, the CFPB published a notice of proposed rulemaking to narrow the scope of its authority to designate nonbanks for supervision under the Consumer Financial Protection Act (CFPA). The proposal follows...more
The Consumer Financial Protection Bureau (CFPB or Bureau) is taking a significant step to modify its supervisory approach to nonbanks by publishing a proposed rule advancing a more stringent definition of “risks to consumers”...more
Earlier this month, the CFPB issued four separate advance notices of proposed rulemaking with respect to rules that give the CFPB authority over nonbank companies in the auto finance, international money transfer, debt...more
The Consumer Financial Protection Bureau (CFPB) is inviting comment on whether the 2015 larger participant rule for automobile financing remains the right measure of market significance. Comments are due September 22, 2025....more
Effective August 1, 2025, Louisiana will subject revenue-based financing transactions to new disclosure requirements, joining the still-growing ranks of states passing commercial finance disclosure laws in recent years. But...more
The Georgia Merchant Acquirer Limited Purpose Bank (MALPB) offers a compelling alternative to traditional sponsor bank models by enabling payment processors to directly access card networks like Visa and Mastercard without...more
The European Central Bank (ECB) has published Decision (EU) 2025/222 relating to access by non-bank payment service providers (NB-PSPs) to Eurosystem central bank operated payment systems and central bank accounts. The EU...more
On January 7, 2025, the United States Department of Justice (the “DOJ”) announced that a non-depository mortgage lender has agreed to pay $1.75 million in connection with allegations that it engaged in a pattern or practice...more
In this latest installment of McGlinchey’s Deep Dive into Bank Partnerships Series, attorneys Amy Greenwood-Field, Aaron Kouhoupt, and David Tallman explore the complexities of payment programs involving partnerships between...more
This year is starting to feel a bit more normalized after the 2021-2022 record origination numbers followed by the 2023 market disruption. In many ways, Fund finance has passed the stress test and moved forward. What has 2024...more
Constitutionality concerns cleared, the Consumer Financial Protection Bureau (CFPB) on June 3 issued its final rule creating a registry identifying covered nonbanks subject to government agency enforcement orders. The rule's...more
On January 12, South Dakota’s Division of Banking issued a mandate setting March 31, 2024 as the deadline for all South Dakota licensed money lenders and non-residential mortgage brokers to comply with their Bank Secrecy...more
Colorado is in the headlines again. On January 29, a bill was introduced in the Colorado legislature to include certain additional charges in the total amount of finance charges subject to rate limits under the Colorado...more
In December 2023, the Federal Deposit Insurance Corporation (FDIC) finalized amendments to its rules on official FDIC signage, bank advertisements, deposit insurance misrepresentations, and the misuse of the FDIC’s name or...more
Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: • Bipartisan AGs Step Up to the Plate to Challenge Baseball...more
On October 19, the CFPB proposed a rule that would require depository and nondepository entities to make available to consumers and authorized third parties certain data relating to consumers’ transactions and accounts... The...more
But upon closer consideration, there is an interplay between a bank partner program and the Electronic Fund Transfer Act (EFTA) as implemented by Regulation E, particularly when it comes to timeframes for disputes, liable...more
As of July 1, 2023, Maryland will no longer require consumer finance company licensees to license their branch locations. Maryland House Bill 686 was signed into law by Governor Wes Moore on May 8, 2023 to effectuate the...more
On January 5, 2023, a bill was introduced in the Missouri legislature that would require non-depository financial institutions to provide disclosures at or before consummation of certain commercial financing products....more
Non-depository financial institutions - including fintechs and other alternative lenders - may be able to apply for new Small Business Lending Company (SBLC) licenses to participate in the Small Business Administration (SBA)...more
On June 6, Senators Kirsten Gillibrand (D-NY), member of the Senate Agriculture Committee, and Senator Cynthia Lummis (R-WY), member of the Senate Banking Committee, introduced a draft bipartisan bill, the Responsible...more
Earlier this month, a task force created by the Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger sent Congress a report with over 100 recommendations to strengthen consumer finance law, including fintech...more
Having sent a similar letter to New York's domestic and foreign insurance companies, the New York State Department of Financial Services (DFS) issued a letter on October 29, 2020 explicitly calling on its regulated financial...more
At long last, the FDIC has issued its final rule codifying the “valid when made” doctrine. The rule was finalized on June 25, 2020, and clarifies that the interest rate lawfully assessed by an originating depository...more