Newsletters

05.22.19

NY Federal Court: OCC Fintech Charters in Jeopardy

In a surprising decision, a New York federal district court not only refused to dismiss the New York Department of Financial Services’ (DFS) challenge to the Office of the Comptroller of the Currency’s (OCC) plans to issue special purpose national bank (SPNB) charters to fintech ...


05.22.19

State AGs, ABA Back Bill On Financial Services For Cannabis

Support continues to build for the Secure and Fair Enforcement (SAFE) Banking Act, with a coalition of 38 state and territorial Attorneys General as well as the American Bankers Association (ABA) writing to lawmakers to urge passage of the bill.


05.22.19

FinCEN Provides Guidance On Cryptocurrency

The Financial Crimes Enforcement Network (FinCEN) has released new guidance on cryptocurrency, an attempt to “provide regulatory certainty for businesses and individuals” engaged in the burgeoning field of financial activity.


05.08.19

CFPB Rule Updates: Debt Collection, HMDA, TRID

The Consumer Financial Protection Bureau (CFPB or Bureau) recently issued several pronouncements addressing its rules.


04.24.19

What’s Old Is New: FTC Settles With Online Lender

An online lender recently agreed to pay a $3.85 million settlement to the Federal Trade Commission (FTC) for allegedly engaging in deceptive and unfair acts and practices relating to its consumer loans.


04.24.19

FDIC Reinforces Guidance on Technology Service Provider Relationships

The Federal Deposit Insurance Corporation (FDIC) just reiterated its guidance on managing risks in technology service provider (TSP) relationships in a new Financial Institution Letter (FIL).


04.10.19

New Jersey Outlaws Bans on Cash

New Jersey has officially banned cashless establishments, prohibiting merchants from requiring customers to pay by card or refusing to accept cash.


03.27.19

FTC Proposes Changes for Safeguards, Privacy Rule

In a major development for nonbank providers of financial products and services, the Federal Trade Commission (FTC) issued a notice of proposed rulemaking that would amend its Safeguards Rule and its Privacy Rule, each promulgated under the Gramm-Leach-Bliley Act (GLBA).


03.27.19

Third Circuit Snares Passive Debt Buyers in FDCPA

Passive debt buyers are debt collectors under the Fair Debt Collection Practices Act (FDCPA) if their “principal purpose” is buying debt, even if they outsource collections, the U.S. Court of Appeals for the Third Circuit has ruled, broadening liability under the statute.


03.13.19

From Fintech Charters to Sandboxes

Financial technology news includes the continuing battle over the Office of the Comptroller of the Currency’s (OCC) plan to issue special-purpose national bank (“fintech”) charters, with the agency seeking to dismiss lawsuits by the Conference of State Bank Supervisors (CSBS) and ...