On Friday, the U.S. Supreme Court agreed to consider the constitutionality of the Dodd-Frank Act law that prohibits the President from removing a CFPB Director except for “inefficiency, neglect of duty, or malfeasance” — the so-called “for cause” restriction (see 12
Consumer FinSights
Regulatory, enforcement and litigation insights on consumer financial and fintech issues
Consumer FinSights, published by McGuireWoods LLP, focuses on legal developments and regulatory guidance affecting consumer financial services. The blog covers topics such as federal and state banking regulations, cryptocurrency and digital asset custody and transactions, federal preemption of state laws in banking, enforcement of consumer financial protection laws, and risk management for financial institutions offering innovative financial products. It addresses regulatory agency actions, legislative proposals, and compliance challenges faced by banks, credit unions, and other financial service providers in areas including crypto-assets, stablecoins, and consumer protection enforcement.
Latest from Consumer FinSights - Page 8
Seeking to Promote Financial Innovation, CFPB Revises No Action Letter Policy and Announces Other Initiatives
On Tuesday, the Consumer Financial Protection Bureau (“Bureau”) published a revised No Action Letter (“NAL”) policy aimed at offering financial innovators an avenue for obtaining more regulatory certainty before introducing new products and services. The Bureau paired its release of…
The More Things Change, the More They Stay the Same –Joint Statement by FINRA and the SEC on the Customer Protection Rule and Digital Asset Securities
On Monday, July 8th, FINRA and the SEC took the unusual step of issuing a joint statement on broker-dealer custody of digital asset securities. In doing so, the Staffs of the SEC’s Division of Trading and Markets and of FINRA’s…
SEC 2019 Fintech Forum
Members of the SEC’s Strategic Hub for Innovation and Financial Technology (“FinHub”) and experts in Fintech came together on May 31st for the SEC’s public forum focusing on distributed ledger technology and digital assets. As a whole, the panelists grappled…
The CFPB’s Debt-Collection Proposal: Key Details and Webinar
This post follows up on our earlier “primer” and flash alert on the Consumer Financial Protection Bureau’s proposed rule (the proposal) to implement the Fair Debt Collection Practices Act, which the CFPB released with a Fact Sheet and a Table of…
Court Refuses to Dismiss Claim Based on Allegations that a Real Estate Marketing Company’s Co-Marketing Program Violated RESPA’s Anti-Kickback Provision
A federal district court recently refused to dismiss a complaint alleging that a real estate marketing company operated its “co-marketing program” among real-estate agents and mortgage lenders in a manner that violated the anti-kickback provision of the Real Estate Settlement…
New York Launches New Consumer Protection and Financial Enforcement Division
On April 29, the New York Department of Financial Services (NY DFS)—the state’s principal banking and insurance regulator—announced that it is creating a new Consumer Protection and Financial Enforcement (CPFE) division. The new division, described by commentators as a…
CFPB Issues Proposed Debt Collection Rule
As we anticipated last week, today the CFPB issued its much anticipated proposal to adopt the first substantive regulations to govern the activity of debt collectors under the Fair Debt Collection Practices Act (FDCPA) since that law’s passage in…
New York’s Lawsuit Contesting the OCC’s Fintech Charter Survives First Legal Hurdle
On May 2, 2019, the U.S. District Court for the Southern District of New York denied the Office of the Comptroller of the Currency’s (OCC) motion to dismiss a complaint brought against it by the Maria T. Vullo, superintendent of…
Primer on the CFPB’s Imminent Fair Debt Collection Practices Act Rule Proposal
As soon as next week, the Consumer Financial Protection Bureau (CFPB) is expected to propose the first substantive regulations under the Fair Debt Collection Practices Act (FDCPA) since the law’s enactment in 1977. This rulemaking has the potential to substantially…