Second in a Two-Part Series on the Utility of BSA Filings

In this post, we will once again consider the issue of the utility of Bank Secrecy Act (BSA) filings to the global anti-money laundering/countering the financing of terrorism (AML/CFT) compliance regime. 

In our first blog post in this series, we invited Don Fort, a former Chief of the Internal Revenue Service’s Criminal Investigation (CI) Division, to answer questions on utility of BSA filings from the perspective of law enforcement. … Continue Reading

SaverLife is a national non-profit sponsored by some of the nation’s leading financial institutions that uses financial technology to improve the financial health of low- to-moderate income consumers by incentivizing savings through prizes, rewards, expert resources,  and gameplay.  We first discuss SaverLife’s objectives and how its online platform operates.  We then discuss a range of issues, including the goals of the CFPB’s Section 1033 rulemaking, Saverlife’s perspective on the growing use of earned wage access and buy-now-pay later products, and the role of the CAB and issues under consideration by the CAB.… Continue Reading

The CFPB has announced that it will be reopening the comment period on its November 2021 request for public comments to inform its inquiry into large technology companies that offer payment services.  In October 2021, the CFPB sent orders to six large technology platforms offering payment services that directed them to provide information to the Bureau about their payments products and services and their collection and use of personal payments data.… Continue Reading

The White House’s Office of Science and Technology Policy has identified a framework of five principles, also known as the “Blueprint for an AI Bill of Rights,” that is intended to guide the design, use, and deployment of automated systems and artificial intelligence (AI).  The Blueprint defines automated systems broadly as any system, software, or process that uses computation to determine outcomes, make or aid decisions, inform implementation, collect data, or otherwise interact with individuals or communities. … Continue Reading

After discussing what the Metaverse is and its possible uses by providers of legal and other services, we look at an array of legal issues that should be considered by lawyers and their clients operating in the Metaverse or contemplating doing so.  Issues discussed include privacy rights of users of Metaverse platforms, data security, moderation of content, preservation of data for litigation, e-discovery implications such as what information is discoverable and access to user communications, and ethical considerations for lawyers.… Continue Reading

On July 18, the Federal Housing Finance Agency (“FHFA”) announced the launch of a new Office of Financial Technology with the goal of advancing effective risk management as it evaluates fintech developments in the housing finance space.  The FHFA also issued a request for information (“RFI”) seeking public input on how to facilitate responsible innovation, identify barriers or challenges to implementing fintech into housing finance, support equity for homeowners and renters, and increase efficiency and effectiveness in the compliance and regulatory processes. … Continue Reading

At the end of last month, the CFPB sent orders to six large technology platforms offering payment services that directs them to provide information to the Bureau about their payments products and services and their collection and use of personal payments data.

On November 5, 2021, the CFPB published a notice in the Federal Register seeking public comments to inform its inquiry. … Continue Reading

CFPB Director Rohit Chopra has wasted no time in acting on comments he made at his confirmation hearing regarding the risks posed by the collection of data by large platforms.  In just his first full week as CFPB Director, the CFPB sent orders to six technology platforms offering payment services directing them to provide information to the Bureau. … Continue Reading

The CFPB has added a new section to its Supervision and Examination Manual titled “Compliance Management Review-Information Technology.”  The new section supplements the existing section on Compliance Management Review to provide examination procedures to be used by CFPB examiners to assess information technology (IT) and IT controls as part of a Compliance Management System (CMS) review.… Continue Reading

After reviewing how blockchain technology operates and the pandemic’s impact on its use, we discuss the technology’s main benefits and regulatory risks; its use in digital identity, anti-money laundering compliance, preventing wire transfer fraud, peer-to-peer lending, and decentralized finance; the role of “smart contracts” in consumer finance; how various companies are using the technology; and the technology’s link to cryptocurrency protocols.… Continue Reading