Michael A. Hotz

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CFPB issues new circular on deceptive practices in connection with marketing remittance transfers

By Michael A. Hotz on April 9, 2024

Posted in CFPB, Regulatory and Enforcement, Remittance Transfers

The CFPB issued a new circular advising remittance transfer providers that false advertising about the cost or speed of sending remittance transfers can be considered a violation of the Consumer Financial Protection Act even if a provider’s disclosures are in compliance with the CFPB’s Remittance Rule. The circular is intended to address CFPB concerns regarding fees charged on international money transfers and false claims regarding the speed of such transfers. … Continue Reading

Congressional Representatives Express Concern Regarding FDIC’s Regulation of FinTech Firms and Financial Innovation

By Michael A. Hotz on February 12, 2024

Posted in FDIC, Fintech, Regulatory and Enforcement

On February 2, 2024, three Republican members of the House Financial Services Committee sent a letter to Federal Deposit Insurance Corporation (“FDIC”) Chair Martin Gruenberg expressing concern regarding what the congressmen perceive to be the FDIC’s attempts to reduce engagement with industry participants on financial technology and innovation. The letter was sent by the Committee Chairman, Patrick McHenry, the Chairman of the Financial Institutions and Monetary Policy Subcommittee, Andy Barr, and the Chairman of the Digital Assets, Financial Technology and Inclusion Subcommittee, French Hill.… Continue Reading