Weekly Fintech Focus Federal financial regulators issue an RFI to better understand financial institution usage of AI models and its implications on current regulations. CFPB rescinds policy statements that provided regulatory flexibility in response to pandemic challenges. National Futures Association issues regulatory outsourcing guidance. Lina Kahn announced as nominee for FTC commissioner position. FinCEN Director meets with a number of groups to discuss SAR filing. Prepared Remarks of FinCEN Director delivered at the Florida International…

Weekly Fintech Focus In response to pandemic challenges, card networks agree to delay merchant fee hikes that would have taken place next month. E-commerce activities continue to grow and are projected to reach $1 trillion in revenue by next year. The BIS publishes a paper urging a global rethink on how to regulate big tech companies engaged in financial services to address systemic risk. Fintech trade groups launch to address issues like financial inclusion and…

Weekly Fintech Focus The CFPB issued an interpretive rule clarifying that sexual orientation and gender identity are protected classes under ECOA’s prohibition against sex discrimination. The CFPB rescinded a policy statement issued last year that limited the CFPB’s enforcement efforts related to the abusiveness standard under UDAAP.…

Weekly Fintech Focus The California DFPI issued new opinions on the scope of its money transmission laws, including the agent of the payee exemption, addressing virtual currency transactions, and pay-in/pay-out scenarios related to gaming. Rohit Chopra, the nominee for the CFPB Director position, answered questions at his confirmation hearing.…

Weekly Fintech Focus The FDIC appoints its first chief innovation officer. The OCC issues a final rule to clarify the role of supervisory guidance. The Biden CFPB issues its first enforcement action, alleging abusive and deceptive practices against an immigration bond company. FATF is moving forward with issuing updated guidance on virtual assets and risk-based supervisory approaches.…

Weekly Fintech Focus California DFPI enters into MOUs with earned wage access companies to observe these business models before regulating the industry directly. CFPB acting director emphasizes the need for companies to respond to consumer complaints.…

Weekly Fintech Focus The UK published a report calling for the urgent regulation of BNPL products. The OCC postponed publication of the Fair Access to Financial Services rule. The Acting Director of the CFPB is putting a renewed emphasis on issues of racial equity with a push to enforce fair lending violations. The new administration will take a fresh look at the recently finalized FHA disparate impact rule. The Federal Reserve announced that its FedNow…