News & Analysis as of

FinTech Consumer Financial Protection Bureau (CFPB)

Latham & Watkins LLP

CFPB Finalizes Open Banking Rule

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The rule aims to reduce market concentration by guaranteeing consumer access to personal financial data, but faces strident criticism and immediate legal challenge....more

Nelson Mullins Riley & Scarborough LLP

When Did You Last Review Your Consumer Contracts?

A CFPB Circular from June bears additional scrutiny from across the financial services spectrum. Despite most courts allowing “savings” clauses in contracts, the Consumer Financial Protection Bureau (CFPB) indicates that the...more

Wilson Sonsini Goodrich & Rosati

Focus on Fintech – Q2 2024

In the latest edition, our attorneys discuss updates and developments from federal regulators, including those related to cryptocurrencies, cybersecurity in financial markets, and the intersection of fintech and AI. They also...more

Goodwin

Double Clicking on Innovation in Consumer Finance: Responsible Use of AI

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Artificial intelligence (AI) is becoming ubiquitous across sectors, and the financial services industry is no exception. With the rise of AI, there is also an increase in scrutiny by regulators over its use....more

Holland & Knight LLP

CFPB Keeps to Its Word by Issuing Additional Buy Now, Pay Later Guidance

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purred by increased online and mobile app shopping during the COVID-19 pandemic, the Buy Now, Pay Later (BNPL) market has experienced higher growth and popularity as an innovative consumer finance offering, particularly for...more

Bradley Arant Boult Cummings LLP

New FDIC Recordkeeping Requirements: Director Chopra Cautions Against a New Form of “Rent-a-Bank”

On September 17, 2024, the Federal Deposit Insurance Corporation (FDIC) rulemaking board proposed new recordkeeping rules intended to bolster the FDIC’s ability to make deposit insurance determinations for accounts that are...more

Ballard Spahr LLP

CFPB’s Frotman: Companies are using technology to squeeze more out of those who can least afford it

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Innovation and technology are not the magic wands that will help low-income Americans climb out of debt; they often are tools used to prey on the neediest people, Seth Frotman, the CFPB’s general counsel told the Poverty Law...more

Sheppard Mullin Richter & Hampton LLP

Regulators Ramp up Scrutiny of Games’ Business Models

On August 28, the CFPB issued a Consumer Advisory warning that it believes video game companies are targeting children for monetary gain. With 45.7 million U.S. children engaged in video gameplay, the agency is concerned...more

Sheppard Mullin Richter & Hampton LLP

The CFPB Continues to Reshape Consumer Protection in the Digital Arena 

On August 28, the CFPB issued a Consumer Advisory warning that it believes video game companies are targeting children for monetary gain. With 45.7 million U.S. children engaged in video gameplay, the agency is concerned...more

Skadden, Arps, Slate, Meagher & Flom LLP

US Banking Agencies Are Ramping Up Scrutiny of Bank-Fintech Partnerships

On July 25, 2024, the U.S. prudential bank regulators released a Joint Statement on Banks’ Arrangements With Third Parties To Deliver Bank Deposit Products and Services (Joint Statement),1 along with a request for information...more

Troutman Pepper

Loans, Retail Installment Contracts, and Refinancing Programs — Moving the Metal: The Auto Finance Podcast

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In this episode, Brooke Conkle and Chris Capurso delve into the topic of refinancing and its impacts on the auto finance industry. They are joined by special guest Jason Cover, who provides insights and education on retail...more

Seward & Kissel LLP

Employment Litigation Roundup: July 2024

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Arbitration agreement deemed inapplicable where plaintiff plausibly alleged sexual harassment claim - The Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act of 2021 ( “EFAA”) amended the Federal...more

Nutter McClennen & Fish LLP

Nutter Bank Report: July 2024

The federal banking agencies have published joint guidance for banks about risks posed by fintech companies and other third parties to deliver bank deposit products and services. The joint guidance issued on July 30...more

Sheppard Mullin Richter & Hampton LLP

Lease-to-Own Fintech Sues the CFPB, Claiming it’s Unconstitutional 

On July 22, a Texas-based lease-to-own company filed suit against the CFPB in Federal District Court for the Eastern District of Texas alleging that its “illegal and unconstitutional investigation” into the company’s business...more

Akerman LLP

Explainer Things: Season 2 Episode 3

Akerman LLP on

It has been a busy time for us at Explainer Things. Awards season is over, but the fintech regulatory drama is in midseason form. The star of this episode is of course the Supreme Court’s decision on the future of the CFPB....more

Ballard Spahr LLP

CFPB alleges dark patterns in suit against fintech peer-to-peer lender

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On May 17, 2024, the Consumer Financial Protection Bureau (“CFPB”) filed suit against an online lending platform, alleging, among other things, the use of dark patterns to induce consumers to pay tips and donations,...more

Hudson Cook, LLP

CFPB Bites of the Month - May 2024 - CFPB: Light My Way, Virginia May

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In this month's article, we share some of our top "bites" covered during the May 2024 webinar....more

Troutman Pepper

CFPB Files Lawsuit Against SoLo Funds for Alleged Deceptive Lending Practices

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Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a complaint against SoLo Funds, Inc., a fintech company operating a small-dollar, short-term lending platform. The CFPB alleges that SoLo Funds...more

Hudson Cook, LLP

CFPB Brings Lawsuit Against FinTech Company for its Alleged Deceptive Practices and for Allegedly Misrepresenting the Costs of its...

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On May 17, 2024, the CFPB filed a lawsuit in the U.S. District Court for the Central District of California against a financial technology company for violations of the CFPA and FCRA....more

Sheppard Mullin Richter & Hampton LLP

CFPB Sues Fintech for Deceptive Practices Surrounding Tipping Service

On May 17, the CFPB filed a lawsuit against a California-based fintech that operates a nationwide website and mobile-application based peer-to-peer lending platform through which consumers can obtain small-dollar, short-term...more

Sheppard Mullin Richter & Hampton LLP

Takeaways From the FDIC’s Spring 2024 Consumer Compliance Supervisory Highlights

On March 28, the FDIC released the spring edition of its consumer compliance supervisory highlights. The FDIC supervises approximately 3,000 state-chartered banks and thrifts that are not members of the Federal Reserve...more

Goodwin

CFPB Enters Into Consent Order With Financial Technology Company

Goodwin on

On May 7, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a financial technology company, resolving allegations that the company committed unfair acts or practices...more

Hudson Cook, LLP

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

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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

Troutman Pepper

Navigating Fintech-Bank Partnerships: Preparation, Due Diligence, and Onboarding — The Consumer Finance Podcast

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In this episode of The Consumer Finance Podcast, Chris Willis is joined by colleague Jesse Silverman. They discuss the crucial steps fintech firms need to take to establish and maintain successful partnerships with banks....more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 29: The CFPB’s Expanding Supervisory Authority of Fintechs and Other Non-Banks

In our latest look at the CFPB’s expanding supervisory authority of fintechs and other non-bank financial service providers, RegFi cohosts Jerry Buckley and Sasha Leonhardt welcome fellow Orrick partner — and former deputy...more

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