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Weekly Fintech Focus

  • The CFPB and OCC are taking a keen interest in bank overdraft practices.
  • The CFPB is working to encourage coordination with states on enforcement actions and to target repeat corporate offenders.
  • CFPB and HUD once again encourage the use of Special Purpose Credit Programs to remedy historical discrimination.
  • The Kansas City Fed issued a report on Buy Now Pay Later programs.
  • The FTC and DOJ meet with G7 counterparts to discuss competition issues for digital markets.
  • The FTC spotlights a rapid increase in gift card scams.

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Continue Reading Fintech Legal Report – Week of December 10, 2021

Weekly Fintech Focus

  • Acting Comptroller of the Currency gave a speech describing his vision for supervising crypto and fintech firms in similar ways to banks.
  • The FTC issued enforcement policy guidance related to subscriptions and negative option marketing to tighten compliance.
  • The FTC issued a final rule amending the GLBA Safeguards Rule to cover “finders” and to significantly increase certain requirements for financial institution security requirements.

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Continue Reading Fintech Legal Report—Week of November 5, 2021

Weekly Fintech Focus

  • Senators seek information about the CFPB’s agenda for fintech
  • OCC’s Acting Comptroller testifies before the Senate
  • Financial regulators updated guidance on authentication and access to services
  • FTC supports Fed’s efforts to update Regulation II to improve compliance with dual debit network availability
  • OFAC takes action against a payments company for sanctions violations
  • CFPB blogs on consumer benefits and risks of Buy-Now, Pay-Later
  • FINRA issues a report addressing cloud computing adoption by member firms
  • BIS issues a bulletin encouraging entity-based regulation of Big Tech companies

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Continue Reading Fintech Legal Report—Week of August 27

Weekly Fintech Focus

  • President Biden issues an executive order on competition with implications on open banking, UDAAP enforcement, and pricing disclosures.
  • Federal banking regulators seeking to standardize guidance on third-party risk management, seek public comment.
  • FFIEC updates and expands the Operations Booklet of its IT Examination Handbook to address technology risk management expectations for cloud computing and other evolving technologies.
  • FinCEN issues a list of AML priorities as well as considers engaging in a no-action letter process.
  • Colorado becomes the latest state to repeal its ban on credit card surcharges.
  • President Biden signs Congressional Review Act resolution rescinding OCC’s True Lender Rule—now what?

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Continue Reading Fintech Legal Report—Week of July 16

Weekly Fintech Focus

  • A buy-now pay-later company faces a potential class action alleging it hid the risk of overdraft and NSF fees from its users.
  • Leaders of the CFPB’s Fair Lending Office published an article encouraging the use of special purpose credit programs to effect racial justice.
  • The FDIC is opening applications for a tech sprint to reach the unbanked.
  • The FSB responds to comments on its recent discussion paper related to outsourcing and third-party service providers.

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Continue Reading Fintech Week in Review: Week of June 25, 2021

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