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Samuel Klein

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Samuel Klein is a graduate of the American University Washington College of Law, where he was a member of the American University Law Review.

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CFPB Seeks Public Input on Consumer Credit Card Market

On January 24, the Consumer Financial Protection Bureau (CFPB) issued a request for information seeking public feedback on how the consumer credit market is functioning.

The CFPB’s request for information is part of a comprehensive review of the entire industry, as required by the Credit Card…

Big Tech in Banking: Implications for Competition in Consumer Markets and Risks to Financial Stability

The director of the Consumer Financial Protection Bureau (CFPB) presented the agency’s Semiannual Report to the U.S. Congress on December 14. Noting that consumer finance markets are “truly in transition,” Director Rohit Chopra offered observations regarding what the CFPB is…

OCC Revises Civil Money Penalty Manual

The U.S. Office of the Comptroller of the Currency (OCC) announced revisions to its civil money penalty (CMP) manual on November 29, 2022. This may have important implications for smaller banks that have entered into partnerships with fintech companies. The updated manual will go into effect on January 1…

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…

FTC Orders an End to Illegal Mastercard Business Tactics and Requires it to Stop Blocking Competing Debit Card Payment Networks

On December 23, the Federal Trade Commission (FTC), in a 4-0 vote, ordered Mastercard to start providing competing payment networks with the customer account information they need to process debit payments, alleging that the company…

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