On May 24, CFPB announced the opening of the Office of Competition and Innovation, as part of its new approach to increase competition amongst consumer financial service companies by identifying barriers to entry for new...more
In March, U.S. Department of Treasury issued its annual General Explanations of the Administration’s Revenue Proposals, commonly known as the “Green Book.” Among other revenue proposals, the Treasury addressed the treatment...more
5/17/2022
/ Consumer Financial Protection Bureau (CFPB) ,
Employee Benefits ,
Employees ,
Employer Liability Issues ,
Green Book ,
Internal Revenue Code (IRC) ,
IRS ,
On-Demand Services ,
Rulemaking Process ,
U.S. Treasury ,
Wage and Hour
On April 28, the FTC proposed updating the Telemarketing Sales Rule (TSR) to extend protections against telemarketing tricks and traps to small businesses and to strengthen defenses against other telemarketing schemes that...more
In a significant move, the CFPB announced on March 16 a revision to its supervisory operations to address discrimination outside of the traditional fair lending context, with future plans to scrutinize discriminatory conduct...more
On February 23, the CFPB outlined a proposal for upcoming joint rulemaking to prevent algorithmic bias in automated home valuation models (AVMs). Here, the CFPB is specifically focused on the potential for AVMs to pose fair...more
3/8/2022
/ Appraisal ,
Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Fair Lending ,
Final Rules ,
Home Buyer ,
Homeowners ,
Mortgages ,
Property Valuation ,
Regulatory Standards ,
Rulemaking Process
On February 15, the CFPB released Bulletin 2022-02 to reiterate the prohibition in the Electronic Fund Transfer Act (EFTA) that financial companies with government benefit contracts may not require consumers to establish an...more
On February 8, the House Financial Services Committee held a hearing titled, “Digital Assets and the Future of Finance: The President’s Working Group on Financial Markets” to consider legislative recommendations from the...more
On February 8, the U.S. District Court for the Northern District of California ruled against three states – California, Illinois, and New York – challenging the OCC’s rule on the “valid when made” doctrine. In 2020, the OCC...more
On December 16, the CFPB issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The orders seek to collect information on the risks and benefits of these “fast-growing” products over...more
On November 18, the Chief Counsel of the Office of the Comptroller of the Currency (OCC) issued a fourth interpretive letter (Letter 1179) regarding whether it is permissible for national banks and federal savings...more
On November 23, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (“banking agencies”) released a joint statement recognizing that the...more
On November 1, the President’s Working Group on Financial Markets (PWG), the FDIC, and the OCC announced the release of a report on stablecoins — virtual currencies that, unlike Bitcoin, are backed by assets like gold or fiat...more
On September 21, 2021, the FinTech task force of the U.S. House Committee on Financial Services held a hearing on consumer privacy. The hearing was live-streamed and the archived webcast is available on the Committee website....more
10/1/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Cybersecurity ,
Data Mapping ,
Data Privacy ,
Data Protection ,
Disclosure Requirements ,
Financial Services Industry ,
FinTech ,
Proposed Rules ,
Regulatory Oversight ,
Rulemaking Process
Recently Florida and Arkansas made it a requirement for those engaging in virtual currency activities to obtain money transmission licenses in their respective jurisdictions.
- In August, the Florida Office of Financial...more
On September 8, the FTC approved final revisions that would bring several rules implementing parts of the Fair Credit Reporting Act (FCRA) in line with the Dodd-Frank Act, which transferred rulemaking authority related to...more