On April 4, 2024, the Consumer Financial Protection Bureau (CFPB) issued a new report, titled “Banking in Video Games and Virtual Worlds” (Report), that examines the growth of financial transactions in online video games and virtual worlds. The CFPB has
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N.Y. Governor Proposes Measures To Ensure Fairness in “Buy Now Pay Later” Services
On January 2, New York Governor Kathy Hochul announced a proposal to establish regulations for the “Buy Now Pay Later” (BNPL) loan industry.
Gov. Hochul announced that she will propose legislation to require BNPL providers to obtain a license to…
California DFPI Orders Consumer Financing Platform To Cease Hidden Junk Fees
On January 9, the California Department of Financial Protection and Innovation (DFPI) issued an order against a consumer financing platform that enables merchants to offer installment contracts to their customers. The platform was ordered to pay a $50,000 penalty for…
Market Turmoil Caused by “Run on the Banks” Leads to Trading Halts
On March 10, 2023, volatility resulting from concerns regarding runs on certain banks triggered trading halts in those banks’ stocks on the New York Stock Exchange (NYSE) and Nasdaq. March 13, 2023, saw additional trading halts on bank stocks.…
Fintech Legal Report—Week of January 27, 2023
CFPB Seeks Public Input on Consumer Credit Card Market
On January 24, the Consumer Financial Protection Bureau (CFPB) issued a request for information seeking public feedback on how the consumer credit market is functioning.
The CFPB’s request for information is…
Fintech Legal Report—Week of December 23, 2022
Big Tech in Banking: Implications for Competition in Consumer Markets and Risks to Financial Stability
The director of the Consumer Financial Protection Bureau (CFPB) presented the agency’s Semiannual Report to the U.S. Congress on December 14. Noting that consumer finance…
Fintech Legal Report—Week of December 16, 2022
OCC Revises Civil Money Penalty Manual
The U.S. Office of the Comptroller of the Currency (OCC) announced revisions to its civil money penalty (CMP) manual on November 29, 2022. This may have important implications for smaller banks that have entered…
Fintech Legal Report—Week of December 2, 2022
Weekly Fintech Focus
- On November 16, 2022, the U.S. Department of the Treasury (USDT) released a new report titled “Assessing Impacts of New Entrant Non-bank Firms on Competition in Consumer Finance Markets.” The report calls for enhanced oversight of the
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Fintech Legal Report—Week of November 4, 2022
Weekly Fintech Focus
- On November 3, 2022, the Federal Trade Commission (FTC) announced that an internet phone service provider has agreed to a proposed court order that aims to stop it from imposing junk fees and creating obstacles to those who
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Fintech Legal Report—Week of October 28, 2022
Weekly Fintech Focus
- The Consumer Financial Protection Bureau (CFPB) issued a circular and compliance bulletin providing guidance on two junk fee practices—surprise overdraft fees and surprise depositor fees—that it concluded are likely unfair, and therefore unlawful, under the Consumer Financial
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