Weekly Fintech Focus
- FDIC issues an updated brokered deposit rule, creating new exceptions relevant to fintechs working with bank partners.
- FDIC issues a final rule clarifying its expectations for ILC charter applications.
- CFPB issues an advisory opinion on Special Purpose Credit Programs to clarify how creditors can offer these programs to disadvantaged groups.
- CFPB grants access to its compliance assistance sandbox to an earned wage access company, which meets the CFPB’s recent guidance on such programs.
- PayPal wins the first round in its efforts to throw out aspects of the CFPB’s prepaid rule, resulting in a court throwing out certain mandatory disclosures and the 30-day waiting period for digital wallets.
- New York enacts second-in-nation law requiring disclosures for commercial purpose loans.
- The CSBS goes to court again to stop the OCC from issuing a charter to a fintech company.