Newsletters

08.29.18

CFPB Updates: MLA Controversy, GLBA Amendment, Settlement, CFPB Constitutionality

In the latest Bureau of Consumer Financial Protection (CFPB or Bureau) news, the reported halt to Military Lending Act (MLA) examinations has created controversy, an amendment to the Gramm-Leach-Bliley Act (GLBA) annual privacy notice requirements was finalized, and a $14 million settlement was ...


08.29.18

State Regulators Busy With Fintech Sandbox, Investigation and Settlement

In state-specific news, Arizona opened its sandbox for fintech play, Lending Club revealed that Massachusetts is following in the footsteps of the Federal Trade Commission (FTC) and the Georgia attorney general reached a $75,000 settlement with a financial institution over unauthorized fees.


08.16.18

CFPB News: A Settlement, a Loss and More Leadership Fights

The Bureau of Consumer Financial Protection (CFPB or Bureau) settled with a Minnesota-based bank for $30 million over the marketing and sale of its overdraft practices, and lost its suit against a law firm accused of violating the Consumer Financial Protection Act (CFPA) and Fair Debt Collection ...


08.16.18

FTC Steers Arizona Auto Dealers Into Court

In a new complaint filed in Arizona federal court, the Federal Trade Commission (FTC) charged a group of four auto dealers with a host of illegal activities ranging from misrepresenting and omitting key financial terms in advertisements to falsifying information on vehicle financing applications.


08.16.18

States Take Action on Bitcoin Online Lending

State regulators are keeping a close eye on cryptocurrency and digital lending activities, with a cease and desist order involving bitcoin and a new law targeting online lenders.


08.16.18

Add-Ons Cost Kentucky Bank $4.75M in Federal Reserve Board Action

A Kentucky bank must pay $4.75 million in restitution pursuant to a consent order with the Board of Governors of the Federal Reserve System in an enforcement action involving add-on products.


08.16.18

DOJ Expands FCPA Self-Reporting Protections to Successor Companies

Building on its efforts to encourage self-reporting of Foreign Corrupt Practices Act (FCPA) violations, the Department of Justice (DOJ) announced it will extend protections to voluntary reporting successor companies for preacquisition violations of the target company.


08.03.18

OCC to Accept Fintech Charter Applications. What Happens Next?

In a decision long anticipated by the fintech industry and opposed by multiple state regulators, on July 31 the Office of the Comptroller of the Currency (OCC) announced it will accept applications for special purpose national bank charters for fintech companies.


08.02.18

FTC Seeks Greater Data Security, Privacy Authority

The Federal Trade Commission (FTC) is seeking more power to protect consumers and promote competition. In testimony before Congress, the FTC chair and the associate director for the Division of Privacy and Identity Protection discussed the agency’s enforcement efforts and assured lawmakers ...


08.02.18

CFPB News: New Innovations Office, ‘Gentler’ Consent Orders

The kinder, gentler Bureau of Consumer Financial Protection (CFPB) has created a new office focused on emerging technology, announced a pair of consent orders that include minimal financial penalties, and continued to fend off constitutional challenges in federal court.