The COVID-19 pandemic and resulting economic effects have accelerated the speed of change in the financial services industry. The need for optimization and acceleration of digital adoption requires urgency and more than just an organic approach to growth and innovation.
The Fintech Report
Legal Issues Affecting Innovative Fintech Companies
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.
Latest from The Fintech Report - Page 7
Fintech Week in Review: Week of August 28, 2020
By Sam Boro & Nick Lundgren
Weekly Fintech Focus
- The CFPB orders a bank to pay over $100 million to resolve a pattern of violations of EFTA, UDAAP, and FCRA related to the bank’s overdraft services.
- The CFPB issues an RFI seeking information about the effect
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Fintech Week in Review: Week of August 21st, 2020
By Sam Boro & Nick Lundgren
Weekly Fintech Focus
- The FTC issues a staff perspective summary of video game loot boxes and microtransactions.
- FinCEN releases a statement on its approach to compliance and enforcement actions for violations to the BSA.
- CFPB extends comment period for RFI
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Fintech Week in Review: Week of August 14th, 2020
By Sam Boro & Nick Lundgren
Weekly Fintech Focus
- Federal banking agencies issue joint statement on enforcement of the BSA.
- The California DBO issued an interpretive opinion declaring a payment processing arrangement not to be exempt under California’s agent-of-the-payee exemption for pay-in and pay-out transactions for
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Fintech Week in Review: Week of August 7th, 2020
By Sam Boro & Nick Lundgren
Weekly Fintech Focus
- The Federal Reserve is quickly moving up its timeline for the launch of its real-time payment service.
- FinCEN issues new FAQs to clarify that covered financial institutions have flexibility and discretion in how they conduct customer due
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Fintech Week in Review: Week of July 31st, 2020
By Sam Boro & Nick Lundgren
Weekly Fintech Focus
- Bank and credit union industry groups come out against the Fintech Charter, while Comptroller Brooks pushes forward.
- The CFPB plans on issuing a proposed rule to address consumer-authorized access to financial records and data aggregation.
- The CFPB
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Fintech Week in Review: Week of July 24th, 2020
By Nick Lundgren & Sam Boro
Weekly Fintech Focus
- FDIC seeks input on new technology certification program.
- CFPB takes action to help employers develop emergency savings programs to boost worker financial resilience.
- The OCC seeks comments on its proposed True Lender rule.
- New York proposes amendments
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Fintech Week in Review: Week of July 17th, 2020
By Sam Boro & Nick Lundgren
Weekly Fintech Focus
- The CFPB issued a blog post on AI/ML credit underwriting models and adverse action notices to encourage the industry to engage with the CFPB on these innovations.
- FinCEN issued an advisory on FATF jurisdictions of concern for
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Fintech Week in Review: Week of July 3rd and July 10th, 2020
By Sam Boro & Nick Lundgren
Weekly Fintech Focus
- The Supreme Court holds that the CFPB director is removable by the president at will, setting up potential challenges to the CFPB’s prior enforcement actions and rulemakings.
- The CFPB finalizes the Payday Lending Rule and removes a
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Fintech Week in Review: Week of June 26, 2020
By Sam Boro & Nick Lundgren
Weekly Fintech Focus
- Bank examiners adopt supervisory guidance to reflect pandemic challenges.
- Senators seek answers about stimulus payment debit card problems.
- FIs should focus on their business continuity plans during pandemic.
- The Fed limits bank payouts and suspends share buybacks
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