Since the beginning of Michael Hsu’s tenure as Acting Comptroller of the Currency, bank/fintech partnerships have been a focus of OCC concern. Although bank lending partnerships with fintechs continue to receive OCC attention, recent remarks by OCC officials indicate that OCC scrutiny is now also directed at partnerships outside of the lending arena.… Continue Reading
partnership
Bank/nonbank partnerships could face CFPB scrutiny
By Michael Gordon, Ronald K. Vaske & Mindy Harris on
Delivering the keynote address last week at the Consumer Federation of America’s 2022 Consumer Assembly, CFPB Deputy Director Zixta Martinez indicated that the CFPB “is taking a close look” at “‘rent-a-bank’ schemes.”
Deputy Director Martinez commented that “[s]ome lenders attempt to use [relationships with banks] to evade state interest rate caps and licensing laws by making claims that the bank, rather than the non-bank, is the lender.” … Continue Reading
CFPB partnering with “The Big Apple”
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
The CFPB has entered into a partnership with another local government. According to a New York City press release, on April 2, Mayor Michael Bloomberg and CFPB Director Cordray announced a partnership between New York City, the CFPB, and the Mayor’s Cities for Financial Empowerment (CFE) Fund to help cities around the country enhance their local consumer protection and financial empowerment abilities. … Continue Reading