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Weekly Fintech Focus

  • Federal financial regulators extend the deadline for responding to its request for information about financial institutions’ use of AI.
  • The CFPB issued FAQs on electronic funds transfers under EFTA and Regulation E to address issues related to fraud and private network rules.
  • The Federal Reserve proposed a rule to update the Durbin Amendment/Reg. II to ensure two debit networks are available, including for card-not-present transactions.
  • The Federal Reserve proposed a rule to apply Regulation J to FedNow transactions and to establish rules for the FedNow Service.
  • CSBS seeks comment on its proposed nationwide licensing framework for MSBs.

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Continue Reading Fintech Week in Review: Week of June 11, 2021

Weekly Fintech Focus

  • The Federal Reserve seeks comment on new guidelines for Fed Regional Banks to consider when deciding whether to extend Fed membership or services to nontraditionally chartered entities.
  • California DFPI enters a settlement with a fintech company to stop the use of the word “bank” in its name, website URL, and advertising, and requires clear disclosure of the fintech’s bank partnership.

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Continue Reading Fintech Week in Review: Week of May 7, 2021

Weekly Fintech Focus

  • FDIC discusses its fair lending activities in the most recent edition of its Consumer Compliance Supervisory Highlights.
  • US and EU engage in a joint regulatory forum to discuss international coordination on financial regulation and operational resiliency.
  • BCBS publishes its principles for operational resilience for banks, including a focus on third-party outsourcing relationships with financial technology companies.
  • Financial regulators seek comment on model risk management guidance.
  • CSBS seeks comment on a revamp of the nationwide licensing system.

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Continue Reading Fintech Week in Review: Week of April 16, 2021

Weekly Fintech Focus

  • Federal financial regulators issue an RFI to better understand financial institution usage of AI models and its implications on current regulations.
  • CFPB rescinds policy statements that provided regulatory flexibility in response to pandemic challenges.
  • National Futures Association issues regulatory outsourcing guidance.
  • Lina Kahn announced as nominee for FTC commissioner position.
  • FinCEN Director meets with a number of groups to discuss SAR filing.
  • Prepared Remarks of FinCEN Director delivered at the Florida International Bankers Association AML Compliance Conference
  • CFPB faced many more consumer complaints in 2020 than in the past.
  • CSBS working with a number of states to develop a single fintech exam.
  • An earned wage access company settled allegations of its services causing bank overdraft and insufficient fund fees.
  • The UK FCA issues a feedback statement on open finance.

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Continue Reading Fintech Week in Review: Week of April 2, 2021

Weekly Fintech Focus

  • In response to pandemic challenges, card networks agree to delay merchant fee hikes that would have taken place next month.
  • E-commerce activities continue to grow and are projected to reach $1 trillion in revenue by next year.
  • The BIS publishes a paper urging a global rethink on how to regulate big tech companies engaged in financial services to address systemic risk.
  • Fintech trade groups launch to address issues like financial inclusion and regulatory approaches to fintech engagement in the financial services industry.
  • Regulators issue the first enforcement action directly referencing a bank’s role in serving marijuana-related business customers.

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Continue Reading Fintech Week in Review: Week of March 19, 2021

Weekly Fintech Focus

  • The CFPB issued an interpretive rule clarifying that sexual orientation and gender identity are protected classes under ECOA’s prohibition against sex discrimination.
  • The CFPB rescinded a policy statement issued last year that limited the CFPB’s enforcement efforts related to the abusiveness standard under UDAAP.

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Continue Reading Fintech Week in Review: Week of March 12, 2021

Weekly Fintech Focus

  • The California DFPI issued new opinions on the scope of its money transmission laws, including the agent of the payee exemption, addressing virtual currency transactions, and pay-in/pay-out scenarios related to gaming.
  • Rohit Chopra, the nominee for the CFPB Director position, answered questions at his confirmation hearing.

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Continue Reading Fintech Week in Review: Week of March 5, 2021

Weekly Fintech Focus

  • The FDIC appoints its first chief innovation officer.
  • The OCC issues a final rule to clarify the role of supervisory guidance.
  • The Biden CFPB issues its first enforcement action, alleging abusive and deceptive practices against an immigration bond company.
  • FATF is moving forward with issuing updated guidance on virtual assets and risk-based supervisory approaches.

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Continue Reading Fintech Week in Review: Week of February 26, 2021