As part of a larger effort to address risks related to third-party deposit relationships, on October 2, 2024, the Federal Deposit Insurance Corporation (FDIC) announced and published a notice of proposed rulemaking (Proposed...more
The Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule that would extend Truth in Lending Act (TILA) and Regulation Z (Reg Z) compliance requirements to many existing earned wage access (EWA) products....more
The series of antitrust class action lawsuits first brought by U.S. merchants against Visa and Mastercard in 2006 continued its winding path toward closure as the parties announced in March 2024 that they had reached a...more
The Consumer Financial Protection Bureau's interpretative rule provides that traditional "Buy Now, Pay Later" (BNPL) products – closed-end loans that do not have a finance charge and are repaid in four installments – are...more
The Consumer Financial Protection Bureau released its proposed rule to treat overdraft features for deposit accounts as credit, subject to the Truth in Lending Act (TILA) and its implementing rules, Regulation Z. The proposal...more
On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) released its long-awaited "Required Rulemaking on Personal Financial Data Rights" (Proposed Rule) for public comment. The Proposed Rule was issued under...more
10/26/2023
/ Compliance ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumers ,
Data Privacy ,
Enforcement ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
FinTech ,
Gramm-Leach-Blilely Act ,
Liability ,
Open Banking ,
Proposed Rules ,
Shareholders
Takeaways from the CFPB's proposal, which addresses the Bureau's FCRA concerns – from brokers to data security to targeted marketing -
The Consumer Financial Protection Bureau (CFPB) recently took its first step in making...more
A reminder to non-bank financial institutions subject to the Gramm-Leach-Bliley Act (GLBA): the deadline to comply with the Federal Trade Commission's (FTC) revised Standards for Safeguarding Customer Information, commonly...more
5/19/2023
/ Compliance ,
Cybersecurity ,
Deadlines ,
Department of Education ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
FTC Act ,
GLBA Privacy ,
Investment Adviser ,
Multi-Factor Authentication ,
New Rules ,
Popular ,
Risk Assessment ,
Safeguards Rule ,
Third-Party Risk
The Consumer Financial Protection Bureau (CFPB or Bureau), under Director Chopra, is moving toward placing new restrictions on fees for the late payment of credit card debts. The proposed rulemaking represents a continuation...more
Our team is pleased to announce an important publication on crypto developments and future stablecoin regulation in the United States. Here we provide a brief overview of stablecoins, outline various risks and policy concerns...more
The California Consumer Financial Protection Law (CCFPL) and the new California Department of Financial Protection and Innovation (DFPI) will significantly impact consumer financial services regulation in California. In...more
Update March 31: The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law on March 27, 2020, includes a section enacting an amendment to the Fair Credit Reporting Act (FCRA) requiring...more
While many financial institutions have taken steps to provide far-reaching financial relief to consumers impacted by the COVID-19 pandemic, not all consumers will get such relief. ...more
Over the past couple of years, consumers have seen a proliferation of installment payment plans to finance the purchase of goods and services. At a high level, these plans are designed to help consumers pay off large...more
A confluence of regulatory activity and policy debates seems to be laying the groundwork for future regulation of consumer financial data aggregation activities. The outcome of these activities could significantly affect how...more
In a recent speech at the Northwestern Kellogg Public-Private Interface Conference, Federal Reserve Board Governor Lael Brainard indicated that the relationships between banks and data aggregators within the “fintech stack”...more
On October 13, the DWT Payments team briefed the Consumer Working Group of the Financial Services Roundtable (FSR) on the CFPB’s final prepaid account rule. The presentation focused on the following topics:
- Scope of...more
Credit cards are central to the financial lives of most American consumers. Credit cards represent a key medium for U.S. consumer spending. In the first six months of 2015 alone, there were some 14.5 billion U.S. general...more
Mobile service providers frequently look at their customers’ credit reports and scores to determine the best pricing plans for those customers. But asa recent settlement between Sprint Corporation and the Federal Trade...more
The Treasury Department recently issued a request for information to explore various aspects of “online marketplace lending.” The RFI seeks comment on a broad array of online financial services companies that lend not only to...more
8/7/2015
/ Banking Sector ,
Banks ,
Borrowers ,
Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Institutions ,
Internet Marketing ,
Loans ,
Payment Systems ,
Regulatory Standards ,
Request For Information ,
Small Business ,
U.S. Treasury ,
Underwriting
The CFPB’s proposed prepaid account rule was published in the Federal Register today, kicking off a 90-day comment period for the public to voice their support or objections to the Bureau’s proposed revisions to Regulation E...more
On November 13, 2014 the Consumer Financial Protection Bureau issued its long-awaited proposed rule on prepaid products. The rules would apply broadly to any “prepaid account,” whether in the form of a card, code or other...more
The CFPB has proposed rules to afford financial institutions an alternative delivery method for annual privacy notices under the privacy provisions of GLBA and Regulation P (12 CFR part 1016). This alternative delivery method...more
We have added the DC Circuit Court of Appeals “Durbin” decision to our Regulatory and Compliance Resources page. The decision overturned a lower court’s ruling that had largely vacated the “Durbin Amendment,” a set of rules...more
We are updating our resource page to include a May 2013 U.S. GAO report on potential tax compliance issues related to virtual economies and currencies, which followed on the heels of FinCEN’s virtual currency guidance in...more