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Annual Reports Financial Services Industry

Goodwin

A New Safeguarding Regime: Five Points for Payments and E-money Firms

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For any UK fintech business involved with payments of electronic money (e-money) and any (experienced) investor in these businesses, safeguarding client funds is a key regulatory issue....more

Troutman Pepper

FTC Issues 2023 Staff Report on Actions Related to Credit, Leases, and Electronic Fund Transfers

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On May 28, the Federal Trade Commission (FTC) released its annual report to the Consumer Financial Protection Bureau (CFPB) detailing enforcement and educational activities undertaken in 2023. The report pertains to actions...more

Orrick, Herrington & Sutcliffe LLP

CFPB releases semi-annual report on mid-year 2023

On June 4, the CFPB released its semi-annual report to Congress, for the period beginning April 1, 2023, and ending September 30, 2023. The report highlighted rules and orders, complaints, supervisory and enforcement actions,...more

Hudson Cook, LLP

CFPB Non-Bank Enforcement Order Registry Coming this Fall

Hudson Cook, LLP on

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

Ballard Spahr LLP

California’s DFPI Releases Third Annual Report on Activity Under the CCFPL

Ballard Spahr LLP on

On April 25, 2024, California’s Department of Financial Protection and Innovation (“DFPI”) released its Annual Report of Activity Under the California Consumer Financial Protection Law for 2023 (“Annual Report”). The Annual...more

Ballard Spahr LLP

FTC provides annual report to CFPB regarding activities in 2023 under consumer financial services laws

Ballard Spahr LLP on

On May 20, 2004, the Federal Trade Commission (“FTC”) sent its annual report to the Consumer Financial Protection Bureau (“CFPB”) highlighting its enforcement actions and initiatives in 2023 under the Truth in Lending Act...more

Goodwin

South Carolina Becomes Fifth State to Enact Law Regulating Earned Wage Access Services

Goodwin on

South Carolina has become the fifth state (and the third in 2024) to enact a law that establishes a financial services oversight regime for earned wage access services, also known as on-demand pay services, which allow...more

Ballard Spahr LLP

CFPB’s Office of Minority and Women Inclusion Publishes Annual Report to Congress

Ballard Spahr LLP on

The CFPB’s Office of Minority and Women Inclusion (OMWI) provided its annual report to Congress covering the agency’s efforts in 2023. Section 342 of the Dodd-Frank, Wall Street Reform, and Consumer Protection Act...more

Ballard Spahr LLP

CFPB Publishes Consumer Response Annual Report

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The CFPB published its Consumer Response Annual Report for 2023, which discusses the consumer complaints received by the CFPB in that year and how companies responded to those complaints. The CFPB monitors consumers’...more

Troutman Pepper

CFPB Annual Report Sees Continued Increase in Consumer Reporting Complaints and Complaints Involving Fraudulent Activity, Student...

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On March 29, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Consumer Response Annual Report, providing a high-level overview of the 1,657,600 consumer complaints received by the Bureau from January 1...more

Goodwin

Wisconsin Becomes Third State to Enact Law Regulating Earned Wage Access Services

Goodwin on

Following Nevada and Missouri in 2023, Wisconsin has become the third state (and the first in 2024) to enact a law that establishes a financial services oversight regime for earned wage access services, also known as...more

Goodwin

2023 Year in Review: Credit Reporting

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Welcome to the Credit Reporting chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The CFPB’s announcement of a proposed rulemaking to remove medical bills from...more

Carlton Fields

FINRA Issues 2024 Annual Regulatory Oversight Report

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FINRA issued its 2024 Annual Regulatory Oversight Report on January 9, 2024, providing a glimpse into FINRA’s current regulatory oversight of member firms and their registered personnel in 27 topic areas....more

Mayer Brown Free Writings + Perspectives

FINRA Publishes 2024 Annual Regulatory Oversight Report

New Topics and Content Highlight FINRA’s Increased Focus on Cybersecurity, Crypto Assets, Artificial Intelligence, Market Integrity, Off-Channel Communications and Other Key Risk Areas - On January 9, 2024, the Financial...more

Ballard Spahr LLP

CFPB issues annual report on college credit card agreements

Ballard Spahr LLP on

Last week, the CFPB released its twelfth annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act....more

Mayer Brown Free Writings + Perspectives

Financial Stability Oversight Council 2023 Annual Report

The Financial Stability Oversight Council recently released its annual report.  Not surprisingly, this year’s report reviewed the banking failures in the early part of the year.  In discussing the “vulnerabilities in the...more

Orrick, Herrington & Sutcliffe LLP

CFPB releases 2023 Ombudsman report

On November 30, the CFPB Ombudsman’s Office published its annual report, which detailed inquiries handled by the office, included a new FAQ section, and described the second year of the Ombudsman’s post-examination survey of...more

Orrick, Herrington & Sutcliffe LLP

CFPB releases its spring 2023 semi-annual report

The CFPB recently issued its semi-annual report to Congress covering the Bureau’s work for the period beginning October 1, 2022 and ending March 31, 2023....more

Ballard Spahr LLP

CFPB issues annual FDCPA report; FTC issues annual letter on debt collection to CFPB (UPDATED)

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The CFPB has issued its annual Fair Debt Collection Practices Act report covering the CFPB’s debt collection activities in 2022.  The report incorporates information from the FTC’s most recent annual letter to the CFPB...more

Cadwalader, Wickersham & Taft LLP

FDIC Releases SOD Data

Recently, the Federal Deposit Insurance Corporation (“FDIC”) released its annual Summary of Deposits (“SOD”) data, as of June 2023.    The annual SOD data is the result of the FDIC’s annual survey of branch office deposits...more

Hudson Cook, LLP

California DFPI Issues Final Rules on Commercial Financing UDAAP and Annual APR Reporting

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The California Department of Financial Protection and Innovation became the nation's first regulator with authority to police "abusive" acts and practices in commercial financing when it recently adopted final regulations to...more

Troutman Pepper

California DFPI Requires Annual Reporting and Expands UDAAP to Commercial Financing

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Earlier this month, the California Department of Financial Regulation and Innovation (CA DFPI) announced a new rule expanding the definition of unfair, deceptive and abusive acts and practices (UDAAP) to commercial financing....more

Manatt, Phelps & Phillips, LLP

California Imposes More Regulation on Commercial Financing

After being the first state to impose disclosure requirements on small business finance transactions, California has now added an annual reporting requirement and subjected commercial finance companies to UDAAP claims. On...more

BCLP

FCA publishes its 2022/23 Annual Report and Enforcement data

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The FCA released its 2022/23 Annual Report last week together with data on its key enforcement trends. We consider below some of the key takeaways....more

Hudson Cook, LLP

CFPB Bites of the Month - July 2023 - Freedom, Independence, and Celebration From the CFPB

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In this month's article, we share some of our top "bites" for the prior month covered during the July 2023 webinar. Bite 10: Public Inquiry Launched into Credit Card and Loan Products for Healthcare Costs - On July 7,...more

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