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Consumer Finance and Fintech Blog Blog

Articles: 1-10 of 308

Congress Continues to Pressure Zelle and Other Payment Apps to Change Their Fraud Policies

USA - February 23 2024 On February 15, Senators Sherrod Brown (D-OH), Jack Reed (D-RI) and Elizabeth Warren (D-MA) sent a letter to Zelle seeking clarification of its…

CFPB Ramps Up Auto Finance Scrutiny: A Look at the New Data Collection Initiative

USA - February 23 2024 In a move to bridge significant data gaps identified through its February 2023 Auto Finance Data Pilot where it sent information requests to nine…

CFPB’s Enhanced Supervisory Appeals Process: A Potentially Beneficial Shift for Financial Institutions

USA - February 23 2024 On February 16, the CFPB issued revised rules updating its internal supervisory appeals process for institutions seeking to appeal a compliance…

DOJ and SEC Officials Issue Harsh Warnings Concerning the Misuse of AI

USA - February 16 2024 In separate public speeches, senior officials from the Department of Justice and the Securities and Exchange Commission warned of harsh penalties…

NLRB Finds Common Provisions in Mortgage Lender Employment Contract Illegal

USA - February 16 2024 On January 11, 2024, an administrative law judge for the NLRB issued an opinion holding that the employment agreement used by a major mortgage lender…

South Dakota Lenders on Tight Deadline for BSA/AML Compliance

USA - February 16 2024 On January 12, South Dakota’s Division of Banking issued a mandate setting March 31, 2024 as the deadline for all South Dakota licensed money lenders…

Crypto Platform Settles SEC and State Regulator Charges over Interest Bearing Feature on Customer Accounts

USA - February 16 2024 On February 7, a Florida-based cryptocurrency company agreed to settle charges brought by the SEC and the California Department of Financial…

Bank Partnership Moves to Dismiss Class Action Asserting Violations of Georgia Rate Cap Law

USA - February 9 2024 On January 29, a Missouri-based bank and its Kansas-based fintech loan servicer filed a joint motion to dismiss a purported class action filed…

FTC Announces Settlement of Junk Fee Enforcement Action

USA - February 9 2024 On February 6, the FTC announced that it had reached proposed settlements with several defendants in a pending action where the parties were accused…

DOJ and North Carolina Attorney General Reach $13.5M Settlement in Discriminatory Lending Case

USA - February 9 2024 On February 5, the DOJ and North Carolina’s attorney general announced a $13.5 million settlement deal with a large regional bank over redlining…