Weekly Fintech Focus

  • FDIC seeks input on new technology certification program.
  • CFPB takes action to help employers develop emergency savings programs to boost worker financial resilience.
  • The OCC seeks comments on its proposed True Lender rule.
  • New York proposes amendments to its gift card regulations that would prohibit or limit fees and expirations in addition to providing for a new cash-back redemption right.


Continue Reading Fintech Week in Review: Week of July 24th, 2020

Weekly Fintech Focus

  • The CFPB issued a blog post on AI/ML credit underwriting models and adverse action notices to encourage the industry to engage with the CFPB on these innovations.
  • FinCEN issued an advisory on FATF jurisdictions of concern for financial institution monitoring purposes.
  • California tables proposal to create state version of the CFPB.
  • Instagram launches Instagram Shop in the U.S.


Continue Reading Fintech Week in Review: Week of July 17th, 2020

Weekly Fintech Focus

  • The Supreme Court holds that the CFPB director is removable by the president at will, setting up potential challenges to the CFPB’s prior enforcement actions and rulemakings.
  • The CFPB finalizes the Payday Lending Rule and removes a lender’s requirement to conduct an ability-to-repay analysis.
  • The FDIC follows the OCC in codifying the valid-when-made rule.
  • The OCC issues an interpretive letter to clarify that national banks do not need state money transmission licenses.
  • The Senate Banking Committee discusses CBDCs and other developments in the digitization of money and payments.
  • OCC: Banks face higher compliance risks due to pandemic.
  • FinCEN issues advisory on scams and money mule schemes related to COVID-19.
  • Venmo pilots business payments for micro SMBs.
  • SoFi applies for national bank charter with the OCC.


Continue Reading Fintech Week in Review: Week of July 3rd and July 10th, 2020

Weekly Fintech Focus

  • Bank examiners adopt supervisory guidance to reflect pandemic challenges.
  • Senators seek answers about stimulus payment debit card problems.
  • FIs should focus on their business continuity plans during pandemic.
  • The Fed limits bank payouts and suspends share buybacks for large banks as a result of the Dodd-Frank Act stress test for 2020.


Continue Reading Fintech Week in Review: Week of June 26, 2020

Weekly Fintech Focus

  • The CFPB issues a statement providing flexibility to credit card issuers as they obtain consent from customers to receive disclosures electronically under Regulation Z and the E-Sign Act.
  • The OCC announces a new acting Comptroller and includes FinTech Charters among its focuses
  • The OCC issues a rulemaking on digital banking transformation, seeking comment on the ways its regulations should change in response to advances in technology and market trends.
  • The House Financial Services Committee holds a hearing on the digital dollar and its place in making stimulus payments.
  • SEC’s FinHub to host virtual meet-ups.
  • Amazon and Goldman Sachs introduce new credit line for U.S.-based merchants.
  • FBI issues warning to mobile banking app users.


Continue Reading Fintech Week in Review: Week of June 12, 2020

Weekly Fintech Focus

  • The FFIEC issues a statement promoting financial inclusion and addressing racism and discrimination within financial services.
  • The OCC issues a final rule codifying the valid-when-made rule.
  • The CFPB issues FAQs about remittance transfer timeliness impacted by foreign government closures of nonessential businesses in response to COVID-19.
  • The NY DFS and the French bank regulator enter an MoU to collaborate on fintech issues.
  • FDIC extends comment period for proposed rule relating to approval of ILC deposit insurance applications.
  • Cardholders propose class action of autopay options.
  • The European securities regulator publishes a consultation paper on guidelines for cloud services provider outsourcing arrangements.


Continue Reading Fintech Week in Review: Week of June 5, 2020

Weekly Fintech Focus

  • Google and HUD announce work to improve Google’s Advertising Policy.
  • Colorado does not extend usury law preemption to non-banks.
  • CFPB announces advisory opinion pilot program.
  • The CFPB issued an FAQ on credit reporting protections under the CARES Act.
  • The OCC is considering a “True Lender” rule clarification.
  • New Mexico prohibits writs of garnishment and writs of execution as they pertain to consumer debt.


Continue Reading Fintech Week in Review: Week of June 19, 2020

Weekly Fintech Focus

  • The current pandemic creates new stresses on the relationship between payment processors and merchants, but there are ways to work through these challenges together. See here for our discussion reserve account issues in credit card processing agreements.
  • FinCEN seeks comment on the burden financial institutions face when filing SARs.
  • The CFPB files its first status report on its progress on rulemaking regarding the small business loan data rule.
  • The CFPB issued a report on the consumer complaints it received during COVID-19.
  • Marqeta raises $150 million with a $4.3 billion valuation.
  • New mobile banking registrations in April surge 200%.


Continue Reading Fintech Week in Review: Week of May 29, 2020

The current economic slowdown can affect credit card processing agreements between companies and payment processors. It is an issue relevant to all companies that accept or process credit cards as a method of payment. The following update analyzes financial risks that companies (merchants) and payment processors face under their processing agreements during a slowdown, and

Weekly Fintech Focus

  • Bank regulators issue long-awaited guidance on offering small-dollar, short-term loans.
  • CFPB issues small-dollar lending no-action letter template.
  • CFPB provides guidance to people receiving pandemic relief on prepaid cards.
  • FinCEN issues guidance on COVID-19-related financial crimes.
  • Plaid announces the launch of a bank API development program to give banks, especially small banks, control over account data sharing with fintechs.
  • Libra Association hires former FinCEN director to be its general counsel.
  • FIS survey documents change in consumer banking behaviors from COVID-19.
  • Cashwire and Workday team up for automatic wire transfers.


Continue Reading Fintech Week in Review: Week of May 22, 2020