Search Results: FinTech

California’s DFPI Launches Investigation and First Formal Enforcement Action

On February 3, 2021, California’s Department of Financial Protection and Innovation (DFPI) announced that it has commenced its first formal enforcement action and launched a separate investigation into student loan debt relief companies.  Goodwin previously provided an overview of three new California consumer finance laws that became effective in January 2021,…

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California's Mini-CFPB Enters into Memorandums of Understanding with Earned Wage Access Fintech Companies

In January 2021, the new California Department of Financial Protection and Innovation (DFPI) entered into memorandums of understanding (MOUs) with five earned wage access fintech companies so that these companies can continue to operate in California while providing consumers with protection against abusive practices.  The DFPI, often referred to as…

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CFPB Sued Over Prepaid Accounts Rule

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On December 11, 2019, PayPal, Inc. (PayPal) filed suit against the Consumer Financial Protection Bureau (CFPB) in the District of Columbia, challenging the CFPB’s Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) Rule’s application to digital wallets.  PayPal, Inc. v….

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CFPB Signals Interest in Regulating the Use of Consumer Financial Data

The Consumer Financial Protection Bureau’s (CFPB) recently-released Request for Information Regarding Consumer Access to Financial Records (RFI) suggests that the agency is considering making a new rule to set requirements and protections for the use of consumers’ financial information.  In publishing the RFI, the CFPB notes that the Dodd-Frank Act “provides…

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OCC to Create New "Office of Innovation"

At the end of October, the Office of the Comptroller of the Currency (“OCC”) released its Recommendations and Decisions for Implementing a Responsible Innovation Framework (the “Recommendations”).  The Recommendations are the latest step in a long process the OCC has undertaken to try to revamp its approach to new financial…

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OCC Hosts Forum on Responsible Innovation

On June 23, 2016, the Office of the Comptroller of the Currency (OCC) hosted a daylong forum, “Supporting Responsible Innovation in the Federal Banking System.” The purpose of the forum was to encourage a dialogue among stakeholders about what framework the OCC should adopt to encourage responsible innovation and provide…

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OCC Introduces Framework for Responsible Innovation

On March 31, 2016 the Office of the Comptroller of the Currency (OCC) issued a white paper setting forth its vision of responsible innovation, and signaling its increasing involvement in the financial technology (Fintech) space.  The white paper, titled “Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective,”…

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CFPB Steps Up Scrutiny of Fintech Companies

On March 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will begin collecting complaints from consumers about online marketplace lenders, signaling its intention to increasingly regulate the evolving and growing Financial Technology (Fintech) industry.  The CFPB announcement emphasized that marketplace lending is “a relatively new kind of…

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Should Companies Trust New Cyber Security Bill En Route to Passage in Senate?

On March 12, 2015, the Senate Intelligence Committee took an important step in advancing a comprehensive bill titled the Cybersecurity Information Sharing Act of 2015 (“CISA”) aimed at bolstering U.S. companies and the federal government’s cyber security protections.  But some privacy watchdogs and other government officials are openly wondering whether…

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Mobile Banking in the 21st Century: More Freedom for Consumers, More Red Tape for Financial ...

On June 11, as a result of the growing use of mobile banking services across the country, the CFPB announced that it was conducting a request for information into the benefits and consequences of expanding mobile financial services.  Its focus is underserved and remote communities, but any actions the CFPB…

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