On Nov. 7, 2023, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would, if finalized in its present form, establish the CFPB’s supervisory authority over certain “larger participant” nonbank companies that provide digital wallets and payment applications. The proposed rule, called the “Defining Larger Participants of a Market for General-Use Digital Consumer
On March 30, after years of rulemaking efforts, the Consumer Financial Protection Bureau (CFPB) issued a final rule implementing Section 1071 of the Dodd-Frank Act. Small business lenders, if they haven’t already, must put in place rigorous data collection techniques, implement security firewalls, and update employee training by their listed compliance date.
On March 8, 2023, the Consumer Financial Protection Bureau (CFPB) released the Supervisory Highlights Junk Fees Special Edition (Report) detailing unlawful fees the agency found in deposit accounts and in multiple loan servicing markets during CFPB examinations completed between July 1, 2022, and Feb. 1, 2023.
As nonbanks comprise an ever-greater share of the consumer-finance market, on April 25, 2022, the Consumer Financial Protection Bureau (CFPB, or the Bureau) announced it would invoke its “unused” legal authority to examine nonbanks “that pose risks to consumers.”
The Consumer Financial Protection Bureau has expanded its anti-discrimination oversight and enforcement of covered persons to all consumer finance products and services, regardless of whether they involve an extension of credit. This GT Alert covers examples of discriminatory conduct CFBP deems “unfair” in its updated UDAAP exam manual; information required of providers of consumer financial
On Sept. 25, 2020, California Gov. Gavin Newsom signed into law the California Consumer Financial Protection Law (CCFPL), which was passed by the California Legislature Aug. 31, 2020. The provisions of the CCFPL become effective Jan. 1, 2021.
The stated intent of the CCFPL is to “strengthen consumer protections by expanding the ability of
On Sunday night, March 22, 2020, the federal banking agencies (OCC, FDIC, NCUA, Federal Reserve), the Consumer Financial Protection Bureau and the State Conference of Bank Supervisors issued an Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus.
The Guidance does two key things:
1. Short-term loan
There is no doubt that the regulation of financial technology (fintech) companies is on the rise. Fintech companies broadly mean companies that provide products, services and technology where traditional banking and financial services leave off and technology takes off.
Though all of the federal banking agencies and other agencies will play a vital role in
Brett Kitt, Financial Regulatory Of Counsel, participated as a speaker in the Online Lenders Alliance Spring Summit held in Washington, D.C. from April 28 – 29.
Brett moderated a panel at the Summit titled “Regulatory Recap” on April 29. The session provided an outlook on the Consumer Financial Protection Bureau’s outline for a proposed