Allison Conte

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On December 7, 2021, the U.S. Treasury Department’s Financial Crimes Enforcement Network issued a highly-anticipated proposed rule that would implement key provisions of the Corporate Transparency Act, a law enacted earlier this year as part of the Anti-Money Laundering Act of 2020.

Click here to view the update.

Under the leadership of its new Director, Rohit Chopra, the Consumer Financial Protection Bureau (CFPB) appears poised to take a more active supervisory and enforcement posture, including with respect to Fintech – a sector that has not historically been a focus for the agency.  Since taking office on October 12th, Director Chopra has…

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