On April 19, 2021, the CFPB issued an interim final rule (“rule”) aimed at preventing illegal evictions. This measure is intended to support an eviction moratorium issued by the Centers for Disease Control and Prevention (“CDC”), which prevents landlords from
Cov Financial Services
Developments in the Financial Services Industry
Cov Financial Services, published by Covington & Burling LLP, focuses on legal issues at the intersection of financial services and regulatory policy. The blog covers topics such as true lender litigation, fintech partnerships, cryptocurrency theft and related class actions, cybersecurity risks in financial services, and regulatory developments including climate-related financial risk management for large financial institutions. It addresses challenges faced by banks, fintech companies, and other financial entities in navigating complex compliance, enforcement, and litigation matters. The content reflects ongoing trends in financial regulation, consumer protection, and emerging risks in digital assets and lending practices.
Latest from Cov Financial Services - Page 3
CFPB Releases FDCPA Report to Congress Covering Debt Collection Activities in the Previous Year
On March 23, 2021, the CFPB submitted its report to Congress covering its administration of the Fair Debt Collection Practices Act (“FDCPA”) during 2020. Because the CFPB shares responsibility for enforcing the FDCPA with the FTC, the report also describes…
CFPB Rescinds Abusiveness Policy Statement
On March 11, 2021, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) announced it was rescinding its “Statement of Policy Regarding Prohibition on Abusive Acts or Practices” (the “2020 Policy Statement”). The rescission is the latest in a series…
CFPB Issues Interpretive Rule Clarifying that ECOA’s Prohibition of Discrimination Based on Sex Extends to Sexual Orientation and Gender Identity
On March 9, 2021, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued an interpretive rule clarifying that the Equal Opportunity Credit Act (“ECOA”) and its implementing regulation, Regulation B, prohibit discrimination based on sexual orientation and gender identity. The…
The UK Independent Anti-Slavery Commissioner’s January 2021 Report: Mitigating Modern Slavery in Financial Services
The UK Independent Anti-Slavery Commissioner’s January 2021 report—entitled “Preventing Modern Slavery & Human Trafficking: An Agenda for Action across the Financial Services Sector” (the “report”)—has concluded that there is a significant lack of awareness of modern slavery risks within…
CFTC MRAC Meeting Features Discussion of Climate Risk
The Market Risk Advisory Committee (“MRAC”) of the Commodity Futures Trading Commission (“CFTC”) met last week to discuss reports from its subcommittees on the following issues: Climate-Related Market Risk, CCP Risk and Governance, Market Structure, and Interest Rate Benchmark Reform. …
European Crowdfunding Regulation
A. Overview
On 20 October 2020, Regulation (EU) 2020/1503 of 7 October 2020 on European crowdfunding service providers for business (“Crowdfunding Regulation”), which applies from 10 November 2021, was published in the Official Journal of the European Union. This is…
UK Government Consultation on the UK Funds Network
On 25 January, the UK Treasury launched a wide-ranging Consultation on how to make the UK a more attractive location to set up, manage and administer funds. The objective being to create a destination which will support a wider range…
Review of the Future Regulatory Framework
As a reminder, the UK Treasury (HMT) published its Consultation on the Second Phase of the Future Regulatory Framework Review (FRFR) in October 2020. The Consultation is open for input until 19 February 2021.
The FRFR aims to set out…
Federal Agencies Jointly Release Responses to FAQs on SARs and Other AML Considerations
On January 19, 2021, the Federal Reserve Board, FDIC, OCC, FinCEN, and NCUA (collectively, the “federal agencies”) issued answers to frequently asked questions (“FAQs”) regarding suspicious activity reports (“SARs”) and other anti-money laundering (“AML”) considerations for financial institutions subject to…