CFPB, Federal Agencies, State Agencies, and Attorneys General
The OCC has issued a final rule establishing standards that a bank must follow in fulfilling its obligation to provide fair access to financial services. The final rule is effective on April 1, 2021.
The final rule was issued on the same day that Acting Comptroller of the Currency Brian Brooks stepped down at…
After reviewing what EWA is and the different models used for EWA programs, we discuss federal and state regulatory issues raised by such programs, the CFPB’s advisory opinion on such programs and the questions it raises, how a change in CFPB leadership under the Biden Administration could impact such programs, and the future of such…
In a development welcomed by industry members, the CFPB published today a “Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency.” The Statement is intended to provide “compliance principles and guidelines to inform and assist financial institutions in their decision making related to serving LEP consumers.”
The…
The California Consumer Financial Protection Law (CCFPL) became effective on January 1, 2021. The CCFPL gives the California Department of Financial Protection and Innovation (DFPI) (the new name given to the state’s Department of Business Oversight) broad jurisdiction and sweeping new authorities that closely resemble those of the CFPB. As a result, the DFPI has…
The CFPB’s Taskforce on Federal Consumer Financial Law released its report making recommendations on how to improve consumer protection in the financial marketplace.
The CFPB created the Taskforce in October 2019 to examine ways to harmonize and modernize federal consumer financial laws. The Taskforce was charged with examining the existing legal and regulatory environment for…
Although HMDA reporting institutions are busily working on their submission of 2020 data, the CFPB recently announced the availability of a beta version of the HMDA reporting platform for 2021 data. (As previously reported, in early January 2021 the CFPB announced the availability of the platform for the submission of Home Mortgage Disclosure Act…
The CFPB has issued an approval order through its Compliance Assistance Sandbox Policy (CAS Policy) to Synchrony Bank in connection with a proposed “dual-feature” credit card (DFCC) program.
The CFPB instituted the CAS Policy in 2019 in an attempt to encourage innovation through the testing of financial products that could benefit consumers but might pose…
On January 4, 2021, the Office of the Comptroller of the Currency (“OCC”) published an Interpretive Letter clarifying the authority of national banks and federal savings associations to participate in independent node verification networks (“INVN”) and use stablecoins to conduct payment activities and other bank-permissible functions.
A stablecoin is a type of cryptocurrency that is…
After reviewing the proposal’s statutory basis, coverage, and operative requirements, Mr. Court explains the basis for BPI’s position that the proposal is inconsistent with how banking is regularly conducted and will undermine rather than promote safety and soundness, provides examples of how the proposal would impose unworkable requirements, and discusses BPI’s Freedom of Information Act…
On December 23, 2020, New York Governor Andrew Cuomo signed into law S 5470–B, which requires consumer-like disclosures for “commercial financing” transactions of $500,000 or less. New York’s commercial financial law (NYCFL) states that it takes effect on the 180th day after becoming law, which is June 21, 2021.
Coverage. …
