Innovative Payments Association

FEBRUARY 24, 2025

At the FDIC, former Vice Chairman Travis Hill was appointed Acting Director on Jan. Jonathan McKernan, the CFPB nominee, was nominated to head the CFPB on Feb. He previously served on the FDIC Board. If confirmed, he will return to the FDIC board, along with the Comptroller.

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Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency FDIC CFPB 40

Innovative Payments Association

FEBRUARY 28, 2024

I am not here to criticize the seemingly more aggressive approach the Consumer Financial Protection Bureau (CFPB) has taken during the last year, nor will I use this opportunity to question the substance of the myriad proposals the CFPB has released during the past six months. CFPB Director Rohit Chopra has been true to his word.

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Participant Innovation CFPB Consumer Financial Protection Bureau (CFPB) 52

PYMNTS

MARCH 26, 2020

In a joint statement issued on Thursday (March 26), the Federal Reserve’s Board of Governors, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corp.

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Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency Credit Union FDIC 52

Global Fintech & Digital Assets

JANUARY 12, 2024

Endnotes [1] The FFIEC members are the Board of Governors of the Federal Reserve System (FRB), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA), and the State Liaison Committee. [2]

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FFIEC Process FRB Consumer Financial Protection Bureau (CFPB) 52

PYMNTS

OCTOBER 11, 2017

Last week, after five years of debates, discussions, arguments and waiting, the Consumer Financial Protection Bureau’s (CFPB) final rules for payday lending dropped. Most concerning, this rule completely disregards the concerns and needs of actual borrowers, who value this credit option and told the CFPB as much in the record 1.4

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Rules CFPB NCUA Credit Union 43

Finovate

MAY 6, 2024

FDIC and CFPB have issued multiple consent orders to banks, citing their BaaS relationships as the cause. regulators– the Board of Governors of the Federal Reserve System, the FDIC, and the OCC– have published a new third party risk management guide for community banks. Since late 2023, the U.S.

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Regulations Community Banks FDIC Due Diligence 52

PYMNTS

APRIL 7, 2016

The FDIC warned mainstream banks about buying marketplace debt, and the CFPB has set up a special desk for marketplace lending-based complaints. The Office of the Comptroller of the Currency said last week it was seeking comments on a whitepaper on “responsible innovation” in marketplace lending.

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Office of the Comptroller of the Currency FDIC CFPB Regulations 40

PYMNTS

OCTOBER 8, 2020

In March, five federal regulatory agencies — the Federal Reserve’s Board of Governors, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corp. The bank is limiting eligibility to customers who have had a BoA checking account for a year.

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Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency Consumer FDIC 52

FICO

JANUARY 13, 2020

The CFPB will issue its final debt collection rule in the fall of 2020. Forty-two years after the enactment of the Fair Debt Collections Practices Act, the CFPB proposed the first set of rules governing third-party debt collection activities. In addition, the Federal Reserve did not join the FDIC and OCC on the proposal.

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Authentication AML Finance OCC 52

PYMNTS

MAY 24, 2018

Further uncertainty was added to the mix by the Consumer Financial Protection Bureau (CFPB), noted the CBA. ” The acting director of the CFPB, Mick Mulvaney, also issued a statement of this support. “I “Millions of Americans desperately need access to short-term, small-dollar credit.

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OCC Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency FDIC 40

PYMNTS

MAY 24, 2016

So, PYMNTS reached out to Pew and the director of its small-dollar loans project, Nick Bourke, to get their perspective on the payday loan problem, as the ecosystem eagerly awaits the coming round of CFPB draft rules on the subject. And that the CFPB can fix — narrowly. “They keep asking: Are payday loans good or bad?

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CFPB FDIC Rules Credit Union 41

PYMNTS

NOVEMBER 23, 2017

FDIC), the news report noted the new bank will begin with $100 million in capital. Raj Date, former deputy director at the Consumer Financial Protection Bureau (CFPB), would serve as a director, while Edward Carpenter, chairman and CEO of Carpenter & Co., Citing documents filed with the Federal Deposit Insurance Corp.

Consumer Financial Protection Bureau (CFPB) 40

Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency FDIC Federal Reserve 40

Segpay

MARCH 24, 2025

Here’s a global comparison: Regulatory Frameworks & Key Agencies Australia United States Primary AML Law Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) Bank Secrecy Act (BSA), USA PATRIOT Act Regulatory Body AUSTRAC (Australian Transaction Reports and Analysis Centre) FinCEN (Financial Crimes Enforcement Network) (..)

Compliance 71

Compliance Suspicious Activity Report (SAR) Fincen AML 71

Finovate

APRIL 10, 2024

Since late 2023, the FDIC and CFPB have issued seven consent orders because of BaaS-related issues. Can’t sleep? Maybe that’s because you’re among the BaaS-enabled banks worried about consent orders.

Due Diligence 52

Due Diligence Privacy FDIC Compliance 52

PYMNTS

SEPTEMBER 25, 2017

In truth, SoFi’s odds were probably never incredibly strong – the FDIC has turned down this type of application multiple times in the past. “So, The FDIC won’t act in a vacuum,” an unnamed source told Reuters. “This departure of Mike makes that a very questionable attainment,” said Arthur Levitt, Jr., So, what did we learn this week?

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FDIC Federal Reserve Breach Data Breach 43

PYMNTS

MAY 2, 2016

The CFPB announced that it was officially investigating the possibility of placing the biggest marketplace lenders in the U.S. Though marketplace lenders are bound by CFPB (and FTC and SEC) rules, they do not have a dedicated federal regulator. under its direct supervision within the next year or so. Goldman Sachs Goes Digital.

Legal 40

Legal Venmo FTC Federal Trade Commission 40

Fintech Labs Insights

JANUARY 24, 2025

mo Klarna 24 Jan 2024 BNPL Consumer CNBC Klarna is first BNPL serices with subscription ($7.99/mo) mo Klarna 24 Jan 2024 BNPL Consumer CNBC Klarna is first BNPL serices with subscription ($7.99/mo) mo Klarna 24 Jan 2024 BNPL Consumer CNBC Klarna is first BNPL serices with subscription ($7.99/mo)

Product 12

Product FinTech Online and Mobile Banking Credit Union 12

Fintech Labs Insights

MARCH 4, 2019

Self Lender’s bank partners, put aside the total of all the monthly payments into an FDIC deposit account. Notes: Estimate made by CFPB for number of credit invisible (26 million) and those that had an incalculable credit score due to lack of info (19 million).

Origination 12

Origination Credit Union Push-to-Card Debit Card 12

PYMNTS

OCTOBER 1, 2019

Five years after the worst of the carnage in the data out of the Federal Deposit Insurance Corporation (FDIC) showed that lending was beginning to normalize — lending to big businesses had recovered, consumer lending was showing signs of thawing as the mortgage markets began showing signs of coming back from the dead.

Consumer Financial Protection Bureau (CFPB) 54

Consumer Financial Protection Bureau (CFPB) CFPB Small Business Underwriting 54

PYMNTS

FEBRUARY 21, 2017

The CFPB was a few weeks away from releasing new draft regulations, and the money was on regs that would by and large neuter the industry. As a result, the CFPB is looking a good deal more vulnerable than it did even six months ago. A year ago, the future of short-term, small-dollar loans in the U.S. Will the rule be pulled back?”

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CFPB Regs Rules FTC 40

Finovate

FEBRUARY 12, 2025

Earlier this week, the Associated Press unveiled that the Trump administration ordered the Consumer Financial Protection Bureau (CFPB) to suspend all of its activities. Finovate Analyst David Penn reported on the details of the situation, including what the CFPB can still do and who may take over the agency if it continues to exist.

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Consumer Financial Protection Bureau (CFPB) CFPB AI Treasury 52

FICO

JANUARY 9, 2017

The FDIC, Fed and OCC recently initiated the process for drafting new cybersecurity regulations for banks with assets exceeding $50 billion. Led by the CFPB, federal agencies have aggressively used the disparate impact legal doctrine in the lending arena. We’ve already seen several early indications of this.

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Cybersecurity CFPB Regulatory Compliance Legal 78

Tearsheet

FEBRUARY 6, 2025

The landscape and ongoing tug: As new payment models like Buy Now, Pay Later (BNPL) and EWA took off in recent years, the Consumer Financial Protection Bureau (CFPB) has been watching how they affect consumers. Nico Simko, the CEO and co-founder of Clair asked during our interview in 2023.

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Consumer Financial Protection Bureau (CFPB) CFPB Consumer Protection Regulations 52

FICO

JULY 17, 2017

These include eliminating the proprietary trading restrictions of the ‘Volcker’ Rule, major changes to the Financial Stability Oversight Council and the diminished authority and independence of the Consumer Financial Protection Bureau (CFPB).

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Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency CFPB Financial Crimes 40

Bank Automation

FEBRUARY 12, 2025

board member Jonathan McKernan to be the next director of the CFPB for five years, according to a letter sent to the Senate on Feb. McKernan […] The post Ex-FDIC official McKernan nominated as new CFPB director appeared first on Bank Automation News. Trump nominated former Federal Deposit Insurance Corp.

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FDIC CFPB Automation Posting 59

FICO

FEBRUARY 23, 2017

OCC, FDIC, Federal Reserve, CFPB, FHFA and SEC) and report to the President within 120 days the extent to which current laws, regulations and oversight requirements, including those connected with the Dodd-Frank Act, help promote the six core principles. He has already nominated a new head of the SEC.

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Federal Reserve OCC CFPB FDIC 40