CFPB to Launch Registry of Nonbank Enforcement Actions
Venable » Consumer Financial Services
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2w ago
In a move that's sure to make nonbank financial institutions even more uncomfortable, the Consumer Financial Protection Bureau (CFPB) has decided to shine a brighter light on those that have been alleged to violate consumer financial law. Effective September 16, 2024, the CFPB's Nonbank Registration ... CFPB to Launch Registry of Nonbank Enforcement Actions ..read more
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Consumer Financial Services Practice Digest
Venable » Consumer Financial Services
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1M ago
Legal and Regulatory Developments Why the CFPB's Preferencing and Steering Practices Circular Should Scare Lead Generators and Consumer Financial Services Providers If you've been focused on only the high-level statements from the CFPB, you might already expect Rohit Chopra to fashion himself ..read more
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Irregular Time—A Quasi-Proposed Rule on Incentive-Based Compensation
Venable » Consumer Financial Services
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1M ago
For the third time, federal agencies have issued a proposed rule to regulate incentive-based compensation paid by certain financial institutions and other entities (the 2024 Proposal). The 2024 Proposal has been released by the FDIC, OCC, NCUA, and the Federal Housing Finance Agency. Section 956 of ... Irregular Time—A Quasi-Proposed Rule on Incentive-Based Compensation ..read more
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What the CFPB’s Supreme Court Victory Means for Financial Institutions
Venable » Consumer Financial Services
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1M ago
Until recently, the most popular topic of discussion in the financial services world has been the outcome of the Supreme Court case CFPB v. Community Financial Services Association of America, regarding the constitutionality of the CFPB’s funding mechanism. The case was an existential threat to ... What the CFPB’s Supreme Court Victory Means for Financial Institutions ..read more
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The FDIC's Tougher Policy on Mergers—Why It Matters for Banks and Fintechs
Venable » Consumer Financial Services
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2M ago
The FDIC proposed revisions last month to its existing policy on how it evaluates merger transactions that require the FDIC's approval under the Bank Merger Act (BMA). The proposed policy outlines how the FDIC would evaluate these transactions under the BMA's statutory factors relating to ... The FDIC's Tougher Policy on Mergers—Why It Matters for Banks and Fintechs ..read more
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CFPB Homes in on Mortgage "Junk Fees"
Venable » Consumer Financial Services
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2M ago
Recent releases from the Consumer Financial Protection Bureau (CFPB) show that the mortgage industry is in the crosshairs of the CFPB's campaign against so-called junk fees. Earlier this year, the CFPB indicated its interest in mortgage servicing fees when it, along with the Federal Trade Commission, ... CFPB Homes in on Mortgage "Junk Fees ..read more
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Consumer Financial Services Legal and Regulatory Update at the FCAA 2024 Annual Conference
Venable » Consumer Financial Services
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2M ago
Consumer Financial Services Legal and Regulatory Update at the FCAA 2024 Annual Conference ..read more
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Fintechs, Novel Charters, and Fed Master Accounts—Of Elephants and Mouseholes
Venable » Consumer Financial Services
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2M ago
A U.S. District Court recently rejected arguments that banks and institutions with novel charters have a statutory right to obtain a Federal Reserve master account. Master accounts let institutions access key parts of the Federal Reserve's payments system. Entities that do not have master accounts ... Fintechs, Novel Charters, and Fed Master Accounts—Of Elephants and Mouseholes ..read more
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Potential Advertising Pitfalls for Consumer Financial Product and Service Providers
Venable » Consumer Financial Services
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3M ago
Potential Advertising Pitfalls for Consumer Financial Product and Service Providers ..read more
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Banks and their Third-Party Service Providers
Venable » Consumer Financial Services
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4M ago
Banks and their Third-Party Service Providers ..read more
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