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On March 10, 2023, volatility resulting from concerns regarding runs on certain banks triggered trading halts in those banks’ stocks on the New York Stock Exchange (NYSE) and Nasdaq. March 13, 2023, saw additional trading halts on bank stocks. This post provides a brief explanation of the Limit Up Limit Down (LULD) rules that pause and prevent trading in a single security from taking place outside a specific range, either up or down, from the average trading price during the previous five minutes.…

Continue Reading Market Turmoil Caused by “Run on the Banks” Leads to Trading Halts

Weekly Fintech Focus

  • On November 16, 2022, the U.S. Department of the Treasury (USDT) released a new report titled “Assessing Impacts of New Entrant Non-bank Firms on Competition in Consumer Finance Markets.” The report calls for enhanced oversight of the consumer financial activities of non-bank firms (particularly bank-fintech relationships) and offers several recommendations that aim
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Consumer Protection Agencies Target Junk Fees and Dark Patterns for Enforcement Action and Rulemaking

The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) are cracking down on the assessment of junk fees and the use of dark patterns, which harm consumers. Recently, the CFPB sued an online event registration company for its…

Weekly Fintech Focus

  • FTC explains that merchants using BNPL services are also subject to consumer protection obligations.
  • CFPB ends its no-action letter and compliance sandbox policies.
  • CFPB sues an online lender for Military Lending Act violations related to the lender’s membership fees.

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Continue Reading Fintech Legal Report—Week of September 30, 2022

CFPB Highlights Emerging Risks in the Convergence of Payments and Commerce

On August 4, 2022, the Consumer Financial Protection Bureau (CFPB) released a report on the emerging risks consumers face in the growing presence of new products that blur the line between payments and commerce, namely: buy now, pay later (BNPL) offerings; embedded commerce; and integrated “super apps.” Specifically:…

Continue Reading Fintech Legal Report—Week of August 19, 2022

This blog post will briefly explore operational, strategic, and regulatory considerations related to the use of financial technologies by financial institutions in the COVID-19 era.

We specifically view these considerations through the lens of two nearly contemporaneous events from earlier today:

  1. Our law firm’s publication of a Client Update, authored by Youssef Sneifer, regarding the movement of the financial services industry from digital transformation to digital optimization and acceleration, as a result of changes brought about by the COVID-19 pandemic; and
  2. The issuance of COVID-19 supervisory guidance from federal and state regulatory agencies to financial institution examiners regarding, in pertinent part, the manner in which the use and deployment of technology should impact a financial institution’s supervisory rating.

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Continue Reading The Impact of COVID-19 on the Use of FinTech by Financial Institutions

A new update published by Perkins Coie’s Investment Management practice, reviews a summary report, issued on June 10, 2020, by the Financial Industry Regulatory Authority (FINRA), regarding the existing and emerging uses of artificial intelligence by securities industry market participants. The report, Artificial Intelligence (AI) in the Securities Industry, reflects nearly two years’ worth …

FinTech Issues Discussed at SEC Speaks Conference

At Practicing Law Institute’s annual SEC Speaks conference, SEC leadership and staff showcased the agency’s 2018 successes and outlined upcoming initiatives. Highlights in the cryptocurrency and FinTech industries included the SEC’s analytical framework for digital assets, published last week by the SEC’s Strategic Hub for Innovation and Financial…