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.
U.S. Developments
FinCEN and Others Issue Joint Statement on BSA/AML Examinations
The Financial Crimes Enforcement Network (FinCEN) and several other federal banking regulators, including the Federal Deposit Insurance Corporation, National Credit Union Administration, the Office of the Comptroller of the…
U.S. Developments
Regulatory Developments
House Task Force Looks to Allow Alternative Data for Credit Scoring
A newly formed U.S. House of Representatives task force, the Financial Technology Task Force, held a hearing this week to discuss a proposed bill that…
FDIC Settles Payday Lending Lawsuit and Issues Summarizing Policy Statement
On May 22, the Federal Deposit Insurance Corporation (“FDIC”) announced that it had resolved the litigation of Advance America et al. v. FDIC et al. in the U.S. District Court…
CFPB Proposes Changes to Debt Collector Rules
On May 7, 2019, the Consumer Financial Protection Bureau (“CFPB”) detailed a plan to update the Fair Debt Collection Practices Act. The proposed rule would reduce the number of phone calls collectors can…
U.S. Developments
Regulatory Updates
OCC Seeks Comments on Proposed Innovation Pilot Program
The Office of the Comptroller of the Currency (“OCC”) is soliciting public comment on its proposed Innovation Pilot Program. Similar to state-level regulatory sandbox models, the proposed program…
FinTech Issues Discussed at SEC Speaks Conference
At Practicing Law Institute’s annual SEC Speaks conference, SEC leadership and staff showcased the agency’s 2018 successes and outlined upcoming initiatives. Highlights in the cryptocurrency and FinTech industries included the SEC’s analytical framework…
U.S. Developments
Regulatory Updates
New Rules for Prepaid Cards, Digital Wallets, and P2P Transfer Apps Become Effective
As reported in this blog last year, the U.S. Consumer Financial Protection Bureau (“CFPB”) created a final rule implementing the Electronic Fund…
Regulatory
Fed Board Delays New Same Day ACH Processing Window Until March 2021
The effective date of the new same-day Automated Clearing House (“ACH”) processing window (which would expand the end-of-day deadline to originate same-day transactions by two hours to…
The International Swaps and Derivatives Association (ISDA) has published the first in a series of guidelines for what it colloquially refers to as “smart derivatives contracts” (the Guidelines).* A smart derivatives contract is a derivative that incorporates software code to…
U.S. Developments
Regulatory Updates
FinCEN Issues Advisory on FATF’s Updated Recommendations
On October 31, FinCEN published an advisory on the international Financial Action Task Force’s (FATF’s) updated list of jurisdictions with serious regulatory deficiencies in anti-money laundering and combatting the…
