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

.” “As an industry, there’s not one specific issue we’re particularly worried about — the space is already heavily regulated, with borrower protections on one side and securities rules on the other,” said Sam Hodges, cofounder and U.S. managing director of Funding Circle, which is based in London.

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Office of the Comptroller of the Currency FDIC CFPB Regulations 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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PYMNTS

MAY 24, 2018

The rules were rescinded in 2017, leading to this guidance. 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

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

Finovate

APRIL 10, 2024

Since late 2023, the FDIC and CFPB have issued seven consent orders because of BaaS-related issues. Part of the problem stems from the fact that regulators have been eschewing formal rule-making, and have instead been making examples of particular firms by enforcing consequences in the form of consent orders. Can’t sleep?

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Due Diligence Privacy FDIC Compliance 52

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.

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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. When the draft rules were released in early June 2016 — all 1,400 pages of them — that concern became a certainty. Will the rule be pulled back?” Purcell asked hypothetically.

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FICO

JANUARY 9, 2017

This meant a continued focus on implementation of recently adopted rules, while bracing for a wave of new regulations from the federal banking agencies. Under the CRA, before a new regulation takes effect, Congress can take action (through a simple majority vote) on a joint resolution disapproving of the rule.

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Cybersecurity CFPB Regulatory Compliance Rules 78

Finovate

FEBRUARY 12, 2025

It also calls for the withdrawal of any rules that have been sent to the Office of the Federal Register but not published yet. Earlier this week, the Associated Press unveiled that the Trump administration ordered the Consumer Financial Protection Bureau (CFPB) to suspend all of its activities.

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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. Conversely, some EWA providers, like the New York-based Clair, argue that EWA falls squarely within lending rules.

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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) CFPB Office of the Comptroller of the Currency Financial Crimes 40

FICO

FEBRUARY 23, 2017

The freeze was followed by an Executive Order (“1 in, 2 out rule”) issued 10 days later that required for each new regulation issued by an agency, at least two prior regulations be identified for elimination. The “1 in, 2 out rule” has been critiqued as being complicated and difficult to implement.

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