The Fintech Report, published by Perkins Coie LLP, focuses on legal developments and regulatory trends affecting the financial technology sector. It covers topics such as consumer financial protection in emerging markets like video gaming and virtual worlds, regulatory proposals for Buy Now Pay Later services, enforcement actions against undisclosed fees in consumer financing, and market volatility impacts on financial institutions. The blog also addresses issues related to data privacy, consumer credit markets, and compliance with federal and state financial regulations. It serves as a resource for understanding the intersection of fintech innovation, consumer protection, and regulatory oversight.
House Financial Services Subcommittee Hearing on Discrimination Against LGBTQ+ in Lending and Housing
The House Financial Services Subcommittee on Oversight and Investigations held a hearing this week on the extent and effects of discrimination against persons who identify as lesbian,…
Federal Judge Rules the OCC Lacks Authority to Issue Fintech Bank Charters
U.S. District Judge Victor Marrero approved a final judgment in favor of the New York Department of Financial Services (NYDFS) that sets aside the Office of the Comptroller…
OCC to Host Innovation Office Hours During Money20/20
On October 28, 2019, the Office of the Comptroller of the Currency (“OCC”) will hold Innovation Office Hours in Las Vegas, Nevada at The Venetian Hotel during the Money20/20 conference (October 27-30).…
Increase to the Management Interlock Threshold Rule Approved
The Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (the “Federal Reserve”), and the Federal Deposit Insurance Corporation (“FDIC”) approved a change to…
CFPB and FTC to Host Credit Reporting Accuracy Workshop
The Federal Trade Commission (“FTC”) and the Consumer Financial Protection Bureau (“CFPB”) recently announced that they will be hosting a public workshop on December 10, 2019 to discuss issues related to…
California Governor to Consider Capping Rate on Finance Lender Loans
The California State Assembly passed Assembly Bill 539, the Fair Access to Credit Act (FACA), with a vote of 61 to 8. FACA prevents licensed finance lenders from charging more…
Domestic
CSBS Suit Challenging OCC Fintech Charter Dismissed
For the second time, a federal judge has dismissed a suit brought by the Conference of State Bank Supervisors (“CSBS”) seeking to block the Office of the Comptroller of the Currency (“OCC”)…
CFPB fines company for allegedly deceiving customers
The Consumer Financial Protection Bureau (“CFPB”) issued a consent order against a Texas money transmitter who communicated to customers that it would not be responsible for “errors made by banks or payment agents,…
U.S. Developments
California Proposes Regulations to Implement New Disclosure Requirements for Commercial Financing
Recently, the California Department of Business Oversight (“CA DBO”) issued proposed regulations to implement SB 1235, a 2018 law that, in certain situations, requires consumer-like disclosures…
U.S. Developments
Federal Reserve to Build Real-Time Payments System
After years of speculation, the Federal Reserve announced this week it will create a real-time payments system, which it expects to be live by 2023 or 2024. The system, the FedNow…
