CFPB, Federal Agencies, State Agencies, and Attorneys General
The D.C. federal district court has granted the OCC’s motion to dismiss the lawsuit filed by the Conference of State Bank Supervisors (CSBS) to block the OCC from issuing special purpose national bank (SPNB) charters to fintech companies.
The CSBS lawsuit was the second lawsuit filed by CSBS attempting to block the OCC from issuing…
On August 21, 2019 the Conference of State Bank Supervisors (“CSBS”) launched three new online tools designed to help non-bank financial services companies navigate state regulations and protect against cyber security risks: a State Regulatory Guidance Portal, a State Survey Map of Money Transmission Laws, and Cybersecurity 101: A Resource Guide for Financial Sector Executives.…
A new CFPB blog post titled “An update on credit access and the Bureau’s first No-Action Letter” provides a boost to lenders using alternative data and machine learning in their underwriting models.
The Bureau issued its first (and so far only) no-action letter in September 2017 to Upstart Network Inc. stating that the…
The New York Department of Financial Services (DFS) issued a press release yesterday to announce that it is leading a multistate investigation into the payroll advance industry. A payroll advance allows an employee to access wages that he or she has earned before the payroll date on which such wages are to be paid by…
Linda Lacewell, the recently confirmed Superintendent of the New York Department of Financial Services, detailed in a recent interview that she will prioritize fintech and consumer protection. True to her word, NYDFS announced the creation of a new Research and Innovation Division led by Matthew Homer, who was most recently Head of Policy and…
On July 15, the Democratic majority of the House Financial Services Committee introduced draft legislation, titled “Keep Big Tech Out Of Finance Act,” targeting Libra, Facebook’s contemplated new digital currency. As a follow up, during her July 17 opening statement before testimony from a Facebook executive, Chairwoman Maxine Waters expressed serious concerns about Libra…
As readers of our blog know, our consumer financial services group has been at the forefront of legal developments involving new technologies. To align with the work that we’ve been doing in the financial technology space and to even better serve our clients in meeting the legal challenges in this rapidly developing landscape, Ballard Spahr…
Utah is now taking applications for its new regulatory sandbox program. In this podcast, we interview Rep. Marc Roberts, the sponsor of the bill that created the program, and Bryan Cowley, the Utah regulator who will oversee the program’s administration. Topics discussed include the bill’s history and objectives, implementation plans, reciprocity with other sandbox programs,…
This week, Congress will be holding a hearing focused on fintech and two hearings at which artificial intelligence (AI) will be the focus.
Fintech:
Tomorrow, June 25, the House Financial Services Committee’s Task Force on Financial Technology will hold a hearing titled, “Overseeing the Fintech Revolution: Domestic and International Perspectives on Fintech Regulation.”…
Democratic Senators Elizabeth Warren and Doug Jones have sent a letter to the CFPB, Federal Reserve, OCC, and FDIC expressing concern that fintech and traditional lenders using algorithms in their underwriting processes may be engaging in unlawful discrimination. (Such algorithms are often referred to as “artificial intelligence.”)
In their letter, the Senators reference research results…
