Regulatory Updates

Subscribe to Regulatory Updates

Weekly Fintech Focus

  • The CFPB settles with two remittance transfer providers for EFTA and remittance transfer rule violations.
  • The CFPB reports early impact of the COVID-19 pandemic on consumer credit.
  • FinCEN releases statement in advance of media outlets intent to publish articles based on unlawfully disclosure SARs.
  • The FTC seeks comments on 5 rules that implement the FCRA.

…
Continue Reading Fintech Week in Review: Week of September 4, 2020

Weekly Fintech Focus

  • The CFPB orders a bank to pay over $100 million to resolve a pattern of violations of EFTA, UDAAP, and FCRA related to the bank’s overdraft services.
  • The CFPB issues an RFI seeking information about the effect of the CARD Act on small entities.
  • FinCEN provides clarification about bank customer due diligence flexibility for onboarding and servicing PEP customers.
  • The CFPB is still on track to issue its small business data rule outline of proposals in September.
  • The OCC clarifies how credit card issuers choose which state’s interest rate can be used with its credit cards based on where the bank makes the loan.

…
Continue Reading Fintech Week in Review: Week of August 28, 2020

Weekly Fintech Focus

  • The FTC issues a staff perspective summary of video game loot boxes and microtransactions.
  • FinCEN releases a statement on its approach to compliance and enforcement actions for violations to the BSA.
  • CFPB extends comment period for RFI on credit discrimination to December 1, 2020.

…
Continue Reading Fintech Week in Review: Week of August 21st, 2020

Weekly Fintech Focus

  • Federal banking agencies issue joint statement on enforcement of the BSA.
  • The California DBO issued an interpretive opinion declaring a payment processing arrangement not to be exempt under California’s agent-of-the-payee exemption for pay-in and pay-out transactions for online gambling.
  • The California DBO issued an interpretive opinion that maintains its position that cryptocurrency is not money under the Money Transmission Act, but certain crypto-activities could trigger the state’s escrow law.
  • The Federal Reserve discusses its efforts at developing and experimenting with a digital dollar and distributed ledger technology.

…
Continue Reading Fintech Week in Review: Week of August 14th, 2020

Weekly Fintech Focus

  • The Federal Reserve is quickly moving up its timeline for the launch of its real-time payment service.
  • FinCEN issues new FAQs to clarify that covered financial institutions have flexibility and discretion in how they conduct customer due diligence and update information about their customers.
  • FFIEC issues a statement on COVID-19 loan accommodations.
  • CFPB complaints on payments increase during the pandemic.
  • FDIC Final Rule allows for greater employment of those with minor criminal offenses.

…
Continue Reading Fintech Week in Review: Week of August 7th, 2020

Weekly Fintech Focus

  • Bank and credit union industry groups come out against the Fintech Charter, while Comptroller Brooks pushes forward.
  • The CFPB plans on issuing a proposed rule to address consumer-authorized access to financial records and data aggregation.
  • The CFPB issues an RFI in an effort to expand access to credit and prevent discrimination.
  • FinCEN issues an advisory alerting financial institutions to patterns of COVID-19-related cybercrime.
  • Three states sue the OCC over its recent valid-when-made rule.
  • New York is on the verge of becoming the second state to require TILA-like disclosures for commercial financing.

…
Continue Reading Fintech Week in Review: Week of July 31st, 2020

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