News & Analysis as of

Payment Systems Consumer Financial Protection Act (CFPA)

Klein Moynihan Turco LLP

CFPB Targeting Gaming Industry?

On April 4, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a report (the “Report”) examining the potential risk to consumer assets and data in the online video game and virtual world spaces. The CFPB gaming...more

Goodwin

2023 Year in Review: Fintech

Goodwin on

Welcome to the Fintech chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The CFPB is expected to finalize rulemaking authorizing supervision of payment application...more

Goodwin

Payment Trends in 2024

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This edition of Fintech Flash identifies key issues we anticipate will impact the payments industry in 2024. First, the payments regulatory landscape continues to evolve, with a number of proposed rulemakings published by the...more

American Conference Institute (ACI)

What the CFPB’s ‘Larger Participants’ Rule Means for FinTech Firms

Certain financial technology (FinTech) firms will soon be subject to the Consumer Financial Protection Bureau’s (CFPB) supervisory authority under the Consumer Financial Protection Act, and should be prepared accordingly....more

Wiley Rein LLP

Wiley Consumer Protection Download (December 4, 2023)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Wiley Rein LLP

Wiley Consumer Protection Download (November 13, 2023)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Paul Hastings LLP

CFPB Takes Steps to Supervise Digital Payments Apps

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On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule that would allow it to exercise its supervisory authority over larger nonbanks offering digital consumer payment applications, such...more

Ballard Spahr LLP

CFPB issues proposal to supervise nonbank providers of digital wallets and payment apps

Ballard Spahr LLP on

The CFPB has issued a proposed rule to supervise nonbank companies that qualify as larger participants in a market for “general-use digital consumer payment applications.”  Comments on the proposal are due by January 8, 2024...more

Shipkevich PLLC

CFPB Issues Proposed Rule Imposing Reporting Requirements on Certain Non-Bank Entities: Possible Implications for Money...

Shipkevich PLLC on

On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule pursuant to its authority under the Consumer Financial Protection Act of 2010 (CFPA). This rule would require certain non-bank...more

Goodwin

CFPB Publishes Circular Confirming Failure to Safeguard Consumer Data Could Be Unfair in Violation of CFPA

Goodwin on

In This Issue: ..The Consumer Financial Protection Bureau (CFPB) published a Consumer Financial Protection Circular 2022-04 (Circular) in relation to safeguarding consumer data under the Consumer Financial Protection Act...more

Sheppard Mullin Richter & Hampton LLP

CFPB to Tech Companies: Submit Payment System Information

Last week, the CFPB issued a series of orders to collect information on the business practices of six large technology companies operating payments systems. The Bureau claims that the information will help better understand...more

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