Weekly Fintech Focus A regulatory freeze imposed by the new administration puts controversial rulemakings on ice. The CFPB finalizes its rule clarifying the role of supervisory guidance. Federal banking regulators issue FAQs on SAR filing obligations. The Federal Reserve continues to support the development of AI in financial services. OCC Issues Ruling Permitting National Banks to Use Certain Blockchain Technologies California issues proposed rules for sharing data on marijuana-related businesses to promote due diligence and…

Weekly Fintech Focus The California DFPI begins operating January 2021 and looks to regulate new industries. The OCC finalizes its rule on fair access to financial services, prohibiting large banks from denying services to whole industries. Federal banking regulators publish proposed rule to impose additional notification requirements for a broader range of computer-security incidents.…

Weekly Fintech Focus FDIC issues an updated brokered deposit rule, creating new exceptions relevant to fintechs working with bank partners. FDIC issues a final rule clarifying its expectations for ILC charter applications. CFPB issues an advisory opinion on Special Purpose Credit Programs to clarify how creditors can offer these programs to disadvantaged groups. CFPB grants access to its compliance assistance sandbox to an earned wage access company, which meets the CFPB’s recent guidance on such…

Weekly Fintech Focus House Financial Services Committee sets priorities it hopes the incoming Biden administration will enact. First major bank prohibits use of its credit cards for buy-now-pay-later transactions. CFPB issues another no action letter for unsecured, closed-end installment lending model with AI underwriting.…

Weekly Fintech Focus FTC files suit against a mobile app that advertised high-interest deposit accounts and easy access to customer funds but failed to deliver. OCC proposes rule to ensure fair access to financial services and to codify the reversal of policies imposed under Operation Choke Point. CFPB issues an advisory opinion clarifying that certain earned wage access services are not credit under Regulation Z.…

Weekly Fintech Focus FDIC issues a paper on operational resilience to compile insights from existing regulations, guidance, and best practices. CFPB issues a no-action letter for a small-dollar loan product. CFPB issues consent order to a bi-weekly payment program that deceptively represented its benefits and fees.…

Weekly Fintech Focus The CFPB issues an ANPR to engage in a rulemaking process on consumer access to financial records under Section 1033 of Dodd-Frank. NYDFS expects regulated financial institutions to assess climate change risks. Federal banking regulators look to codify that supervisory guidance is not binding. The OCC issues its “true lender” final rule. The effective date of the recent HUD disparate impact rule is enjoined by district court. Senate Democrats introduce a bill…