CFPB, Federal Agencies, State Agencies, and Attorneys General
On May 25, 2022, my colleagues, Mike Gordon, John Culhane and Ron Vaske published a blog which reported on a press release issued by the CFPB on the prior day entitled “CFPB Launches New Effort to Promote Competition and Innovation in Consumer Finance.” The blog stated:
…In its press release, the CFPB states that “[a]fter
The CFPB announced earlier this week that as part of a new approach to innovation in consumer finance, it is replacing its Office of Innovation and Operation Catalyst with a new office, the Office of Competition and Innovation, and eliminating its No Action Letter (NAL) and Compliance Assistance Sandbox (CAS) programs. In its press release…
AB-1864, which took effect on January 1, 2021 and significantly expanded the powers of the California Department of Financial Protection and Innovation, required the DFPI to establish a “Financial Technology Innovation Office.”
Adam Wright, Senior Counsel, recently joined the Department’s new Office of Financial Technology Innovation, having previously served as an enforcement attorney with the…
Mr. Hunt shares his perspective on a range of issues, including how Rohit Chopra, CFPB Director-nominee, is likely to approach his new role, the CFPB’s likely approach to innovation and overdraft rulemaking under Mr. Chopra’s leadership, how banks are engaging with data aggregators, the OCC’s role and expectations for a new Comptroller, the status of…
We are joined by Bret Ladine, the DFPI’s General Counsel. We discuss the DFPI’s plans for adding new staff, promoting innovation through the new Financial Technology Innovation Office, providing guidance on CFPL exemptions, and handling complaints. Other topics include the DFPI’s approach to its new authority regarding UDAAPs (which covers small business financing), registration of…
In this podcast, Paul Watkins, Director of the CFPB’s Office of Innovation, joins us to discuss the CFPB’s final trial disclosures, no-action letter, and FinTech sandbox policies. Topics covered include the elements of each policy and the protection from liability available, the role of pre-application discussions between the CFPB and applicants, and the CFPB’s plans…
Last week, the CFPB finalized its proposed revisions to its trial disclosures and no-action letter policies and also finalized its proposal to create a new FinTech sandbox policy. It also announced the creation of the American Financial Innovation Network (ACFIN), a network of federal and state regulators to facilitate innovation, and issued its first no-action…
The CFPB has published a notice in the Federal Register seeking ideas on how it can use Tech Sprints to advance regulatory innovation and compliance. Comments are due by November 8, 2019.
The CFPB’s notice describes Tech Sprints as a model that:
“gather[s] regulators, technologists, financial institutions, and subject matter experts from key stakeholders for…
The OCC’s Semiannual Risk Perspective report focuses on key issues that pose threats to bank safety and soundness and legal compliance. Among such issues discussed in the Spring 2019 report, which generally reflects bank data as of December 31, 2018, are risks arising from financial innovation and new technologies.
One of the most significant…
The CFPB has issued proposals to revise its disclosure sandbox and no action letter policy and create a product sandbox. In this week’s podcast, we review what the CFPB has proposed, assess the criticism advanced by state attorneys general and consumer advocates, and discuss the CFPB’s likely next steps and how the proposals’ critics…
