Rohit Chopra Confirmed as CFPB Director; Historically Active Enforcement and Regulatory Regime Begins
On September 30, the U.S. Senate confirmed Commissioner Rohit Chopra of the Federal Trade Commission as the new Director of the Consumer Financial Protection Bureau (CFPB). Director Chopra is expected to usher in a regime of dramatically increased enforcement and creative, expansive regulation. Many financial institutions will have questions and … Read More
The U.S. Office of the Comptroller of the Currency Seeks Comment on Digital Innovation by Banks
The U.S. Office of the Comptroller of the Currency (OCC) has issued an Advance Notice of Proposed Rulemaking (ANPR)1 seeking input on how best to accommodate new technology and innovation in the business of banking, in connection with the OCC’s “comprehensive review” of its regulations at 12 C.F.R. part … Read More
California Department of Business Oversight December 2019 Actions
The California Department of Business Oversight (CDBO) recently concluded that the point of sale consumer financing programs offered by Sezzle, Inc., and another, unnamed party constituted making loans for purposes of the California Financing Law (CFL). A number of payment providers and technology companies have been developing innovative payment options, … Read More
Federal Banking Agencies Release Joint Statement on Use of Alternative Data for Credit Underwriting
On December 3, 2019, the five federal banking agencies1 issued a joint statement (the “Joint Statement”) regarding the use of alternative data for credit underwriting. The Agencies highlighted potential benefits that may arise from the use of alternative data, including the ability to make faster and more accurate credit … Read More
Federal Trade Commission Bans Certain Payment Methods Under Telemarketing Sales Rule
On November 18, the Federal Trade Commission (FTC) issued final amendments to the Telemarketing Sales Rule (TSR) banning payment methods that the FTC believes are disproportionately used by scammers (the Final Rule). The Final Rule follows the notice of proposed rulemaking (NPRM) that the FTC published on July 9, 2013… Read More
Financial Regulators Continue Focus on Cybersecurity; CFTC joins the Chorus
Cybersecurity attacks have increasingly garnered significant attention this summer—and financial regulators are taking notice and taking action. Earlier in August, the Securities and Exchange Commission (“SEC”) announced the indictment of nine players in a major hacking ring. The ring was designed to obtain corporate announcements prior to their public … Read More