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Final Rules FinTech

Proskauer - New Media & Technology

CFPB Issues Final “Open Banking” Rule Governing Third Party Use of Consumer Banking Information

After a yearslong lead-up, the Consumer Financial Protection Bureau (CFPB) published its final “open banking” rule in October. The rule effectuates the section of the Consumer Financial Protection Act, which charged the CFPB...more

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

Ballard Spahr LLP

FDIC final Signage and False Advertising Rule will be effective April 1, 2024, with an extended full compliance date of January 1,...

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The final rule issued in December 2023 by the Federal Deposit Insurance Corporation (FDIC) amending its regulations at 12 CFR Part 328 (“Final Rule“), which address use of the official FDIC sign and banks’ advertising...more

Sheppard Mullin Richter & Hampton LLP

South Dakota Lenders on Tight Deadline for BSA/AML Compliance

On January 12, South Dakota’s Division of Banking issued a mandate setting March 31, 2024 as the deadline for all South Dakota licensed money lenders and non-residential mortgage brokers to comply with their Bank Secrecy...more

Nutter McClennen & Fish LLP

Nutter Bank Report: January 2024

OCC Requests Public Comments on Proposed Bank Merger Policy Statement and Rules The OCC has proposed a new policy to increase the transparency of the standards that the agency applies to review business combinations involving...more

Venable LLP

New Year, New Signs - FDIC Amends Deposit Insurance Sign and Advertising Regulations

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After an intense 2023 rulemaking, supervisory, and enforcement cycle for the federal banking agencies, the FDIC issued a final rule on FDIC official signs and advertising requirements right before the new year. The rule comes...more

Seward & Kissel LLP

FTC Imposes New Data Breach Notification Requirements

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On October 27, 2023, the Federal Trade Commission (the “FTC”) adopted a final rule (“Final Rule”) to amend the Standards for Safeguarding Customer Information (the “Safeguards Rule”). Among other things, the Final Rule will...more

Nutter McClennen & Fish LLP

Nutter Bank Report: August 2023

A federal court has issued an order granting an injunction that delays the compliance dates for the CFPB’s final rule governing the collection of small business lending data required by Section 1071 of the Dodd-Frank Wall...more

Goodwin

Trading Venues in the UK: Regulatory Clarity for Fintech Providers; Implications for Crypto-Trading and DeFi?

Goodwin on

The UK Financial Conduct Authority (FCA) has published its policy statement PS23/11 (PS), containing final guidance (the guidance) on trading venues. A firm requires trading venue authorisation from the FCA if it operates...more

Seward & Kissel LLP

FDIC Extends Comment Period on Rule Imposing Additional Deposit Insurance Disclosure Obligations

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The Federal Deposit Insurance Corporation (FDIC) announced today a 45-Day extension to the public comment period for proposed changes to its regulations that may significantly affect banks, broker-dealers, and FinTechs. The...more

Seward & Kissel LLP

FDIC Adopts Rule Prohibiting Misleading Statements About FDIC Insurance that Impacts a Broad Range of Deposit Placement...

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Introduction - On May 17, 2022, the Board of Directors of the Federal Deposit Insurance Corporation (“FDIC”) adopted a final rule (“Rule”) setting forth its procedures for investigating and enforcing false advertising,...more

Latham & Watkins LLP

CFPB Puts Fintechs in the Crosshairs

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The agency just revived its dormant authority to supervise nonbank financial entities that it determines pose risk to consumers.  On April 25, 2022, the Consumer Financial Protection Bureau (CFPB) - the US government...more

Eversheds Sutherland (US) LLP

Focus on Fintech: Federal Banking Regulators Adopt Final Rule for Reporting of Certain Computer-Security Incidents

On November 23, 2021, the OCC, Federal Reserve Board, and FDIC issued a joint final rule that requires banking organizations and their service providers to report certain computer-security incidents. A computer-security...more

Morgan Lewis - All Things FinReg

Federal Banking Agencies Adopt New Computer-Security Incident Notification Requirements

The three federal banking agencies (i.e., the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency—collectively, the Agencies) published a final rule (the Rule)...more

Perkins Coie

Fintech Legal Report - November 2021

Perkins Coie on

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

Goodwin

CFPB Withdraws Proposal to Delay Debt Collection Final Rules

Goodwin on

In This Issue. The Consumer Financial Protection Bureau (CFPB) withdrew its proposal to delay the Debt Collection Final Rules; the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance...more

Sheppard Mullin Richter & Hampton LLP

House Votes to Repeal OCC True Lender Rule

On June 24, the U.S. House of Representatives passed S.J. Res. 15 by a vote of 218-208 to repeal the Office of the Comptroller of the Currency’s (OCC) “True Lender” rule under the Congressional Review Act (CRA). The OCC...more

Manatt, Phelps & Phillips, LLP

FDIC Issues Final Rule for Industrial Bank Application Process

What Happened - On December 15, 2020, the Federal Deposit Insurance Corporation (FDIC) adopted a final rule, effective April 1, 2021, setting forth conditions, commitments, and requirements for the approval of deposit...more

Perkins Coie

Fintech Week in Review - January 2021

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FDIC Creates New Exceptions for Fintech Companies with Its Final Brokered Deposit Rule - On December 15, 2020, the Federal Deposit Insurance Corporation (FDIC) finalized its updated brokered deposit rule, providing...more

Goodwin

State Attorneys General Challenge the OCC’s “True Lender” Rule

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As LenderLaw Watch previously reported, the Office of the Comptroller of the Currency (OCC) issued its final rule on the True Lender doctrine in October 2020, addressing ambiguity in federal law and establishing that a...more

Troutman Pepper

FDIC’s Final Rule on Brokered Deposits Adds Clarity to Fintech Partnerships and Other Common Arrangements

Troutman Pepper on

On December 15, the Federal Deposit Insurance Corporation (FDIC) issued a final rule (Final Rule) establishing a new framework for analyzing whether bank deposits obtained through third-party arrangements are brokered...more

White & Case LLP

OCC Finalizes True Lender Rule, Attempting to End Uncertainty around Bank-Fintech Partnership Models

White & Case LLP on

The Office of the Comptroller of the Currency (OCC) issued a final rule that creates a bright-line test to determine when a national bank or federal savings association (bank) makes a loan and is the "true lender," including...more

Goodwin

OCC Finalizes “True Lender” Rule

Goodwin on

In the News. The Office of the Comptroller of the Currency (OCC) finalized its “true lender” rule, which establishes that a national bank or federal savings association (bank) is the “true lender” of a loan if, as of the...more

Bradley Arant Boult Cummings LLP

OCC Releases Final True Lender Rule

On October 27, 2020, the OCC released its final True Lender Rule. As discussed earlier on this blog, the OCC’s rule is designed to clarify the “true lender” doctrine, a legal test utilized by courts and regulators to...more

Buchalter

Buchalter COVID-19 Client Alert: OCC Issues Final Rule Defining “True Lender” – A Bank is the “Lender” if it is Named the Lender...

Buchalter on

On October 27, the Office of the Comptroller of the Currency issued a final rule that establishes a new standard for when a national bank or Federal savings association (“bank”) is the “true lender” in a lending arrangement...more

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