On April 4, 2024, the Consumer Financial Protection Bureau (CFPB) issued a new report, titled “Banking in Video Games and Virtual Worlds” (Report), that examines the growth of financial transactions in online video games and...more
4/16/2024
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Marketplace ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Financial Transactions ,
Fraud ,
Risk Assessment ,
Social Media ,
Third-Party ,
Unfair or Deceptive Trade Practices ,
Video Games ,
Virtual Reality
On January 9, the California Department of Financial Protection and Innovation (DFPI) issued an order against a consumer financing platform that enables merchants to offer installment contracts to their customers. The...more
1/29/2024
/ Banking Sector ,
California ,
California Consumer Financial Protection Law (CCFPL) ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Disclosure ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
Hidden Fees ,
New Regulations
On January 2, New York Governor Kathy Hochul announced a proposal to establish regulations for the “Buy Now Pay Later” (BNPL) loan industry.
Gov. Hochul announced that she will propose legislation to require BNPL providers...more
The Corporate Transparency Act (CTA) became law on January 1, 2021, and requires companies formed and/or operating in the United States to disclose beneficial ownership information through a database that will be maintained...more
The Consumer Financial Protection Bureau (CFPB) published a proposed rule on November 7, 2023, that, if finalized, would subject to its supervisory authority certain Big Tech firms and other nonbank companies operating in the...more
CFPB Seeks Public Input on Consumer Credit Card Market -
On January 24, the Consumer Financial Protection Bureau (CFPB) issued a request for information seeking public feedback on how the consumer credit market is...more
New Treasury Report Shows Fintech Industry Requires Additional Oversight To Close Gaps, Prevent Abuses, and Protect Consumers -
On November 16, 2022, the U.S. Department of the Treasury (USDT), in consultation with the...more
12/15/2022
/ Appeals ,
Competition ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Reports ,
Data-Sharing ,
Fees ,
FinTech ,
Non-Bank Lenders ,
OCC ,
Regulation Z ,
U.S. Treasury
FTC Action Against Internet Phone Service Provider Results in $100 Million to Customers Trapped by Illegal Dark Patterns and Junk Fees When Trying To Cancel Service -
On November 3, 2022, the Federal Trade Commission (FTC)...more
Consumer Protection Agencies Target Junk Fees and Dark Patterns for Enforcement Action and Rulemaking -
The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) are cracking down on the...more
FTC explains that merchants using BNPL services are also subject to consumer protection obligations.
CFPB ends its no-action letter and compliance sandbox policies.
CFPB sues an online lender for Military Lending Act...more
10/12/2022
/ Annual Percentage Rate (APR) ,
Civil Monetary Penalty ,
Compliance ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Damages ,
Debt ,
Fees ,
FinTech ,
Military Lending Act ,
Payment Plans
OCC Warns About Fintech-Bank Partnership Risks -
On September 7, 2022, speaking before conferencegoers at the TCH + BPI Annual Conference in New York, Acting Comptroller of the Currency Michael J. Hsu explained why he thinks...more
CFPB Warns Firms on Information Security Weaknesses -
On August 11, 2022, the Consumer Financial Protection Bureau (CFPB) released a circular confirming that financial companies can violate consumer financial protection...more
Dem Senators Urge CFPB Focus on P2P Payment Platforms -
A group of Democratic U.S. senators sent a letter to the Consumer Financial Protection Bureau (CFPB) urging the agency to take a harder look at peer-to-peer (P2P)...more
7/26/2022
/ Consumer Financial Protection Bureau (CFPB) ,
EU ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
OCC ,
p2p ,
Payment Systems ,
Third-Party Service Provider ,
UK ,
Unemployment Benefits
The CFPB terminates a no-action letter with an AI credit underwriter.
A CFPB circular confirms that AI underwriting models are subject to anti-discrimination laws including adverse action notices....more
CFPB Director Chopra Plans to Review CARD Act Rules -
The day after a tough hearing with the Senate Banking Committee, on April 27, 2022, the House Financial Services Committee held a hearing in which Consumer Financial...more
CA DFPI Issues Interpretive Opinion on Earned Wage Access -
On February 11, 2022, the California Department of Financial Protection and Innovation (DFPI) issued an interpretive opinion letter that FlexWage, a New...more
CFPB Requests Info on Consumer Financial Products or Service Fees -
On January 26, 2022, the Consumer Financial Protection Bureau (CFPB) announced the launch of an initiative to collect information from consumers,...more
2/9/2022
/ Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
FDIC ,
Financial Services Industry ,
FinCEN ,
FinTech ,
OCC ,
Surcharges ,
Technology
CFPB Shutters LendUp -
On December 21, 2021, the Consumer Financial Protection Bureau (CFPB) issued a press release stating that the online lender, LendUp Loans (LendUp), headquartered in Oakland, California, has agreed to...more
Data Aggregators Launch Open Finance Data Security Standard -
A group of data aggregator fintechs and security and compliance companies recently released a new data security standard for the open finance industry – the...more
Bank Regulator Outlines Vision for Bank-Like Supervisory Regime for Crypto and Fintech Firms -
On November 3, 2021, Acting Comptroller of the Currency Michael J. Hsu discussed clarifying and modernizing the bank...more
11/10/2021
/ Banking Sector ,
Cryptocurrency ,
Federal Trade Commission (FTC) ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
GLBA Privacy ,
Non-Bank Lenders ,
OCC ,
Safeguards Rule
CFPB Initiates Inquiry into Big Tech Payment Platforms -
On October 21, 2021, the Consumer Financial Protection Bureau (CFPB) ordered six large technology companies—Google, Apple, Facebook, Amazon, Square, and PayPal—to...more
10/26/2021
/ Big Tech ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumers ,
Department of Corrections ,
Financial Services Industry ,
FinTech ,
Payment Services Directive ,
Transaction Fees
Chopra Sworn in as CFPB Director On October 12, 2021, Rohit Chopra was sworn in as the CFPB Director. Acting Director David Uejio will leave his post but will remain at the CFPB as he awaits his likely confirmation to a fair...more
House Financial Services Committee Discusses Consumer Rights to Access Personal Financial Data -
On September 21, 2021, the House Committee of Financial Services Task Force on Financial Technology held a hybrid hearing...more
10/13/2021
/ Banking Sector ,
Borrowers ,
Civil Monetary Penalty ,
Consumer Financial Protection Bureau (CFPB) ,
Data-Sharing ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Lenders ,
Permanent Injunctions ,
Right of Access
On New Year’s Day 2021, Congress passed the Anti-Money Laundering Act of 2020 (AMLA 2020). As we reported last April, the AMLA 2020 included sweeping reforms aimed at strengthening protections against money laundering,...more
Federal Banking Agencies Issue Guide for Community Banks on Conducting Due Diligence on Fintech Companies -
On August 27, 2021, the federal banking agencies (Federal Reserve, FDIC, and OCC) published “Conducting Due...more
9/20/2021
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
Due Diligence ,
FDIC ,
Federal Register ,
Financial Services Industry ,
FinTech ,
NPRM ,
OCC ,
Proposed Rules ,
Small Business