Federal Reserve: Board Provides Additional Information for Banks on Crypto-Asset-Related Activities
The Federal Reserve Board on Tuesday provided additional information for banking organizations engaging or seeking to engage in crypto-asset-related activities. The emerging crypto-asset sector presents potential opportunities to banking organizations, their customers, and the overall financial system; however, crypto-asset-related activities may also pose risks related to safety and soundness, consumer protection, and financial stability. The…
CFPB: Agency Takes Action to Protect the Public from Unsafe Data Security Practices
Financial companies may be held liable for unfairly putting customers’ data at risk The Consumer Financial Protection Bureau (CFPB) confirmed in a circular published today that financial companies may violate federal consumer financial protection law when they fail to safeguard consumer data. The circular provides guidance to consumer protection enforcers, including examples of when firms…
CFPB: Agency Warns that Digital Marketing Providers Must Comply with Federal Consumer Finance Protections
Tech firms that use behavioral targeting of individual consumers regarding financial products are liable for violations Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law. Digital marketers that are involved in the identification or selection of…
ABA: New Multicultural and Financial Inclusion Training Launched
New online courses to help bank employees meet the needs of increasingly diverse customer base and expand access to banking As part of the American Bankers Association’s ongoing commitment to financial inclusion, ABA today launched three new online courses for bank employees designed to enhance multicultural banking services, promote diversity, equity and inclusion, and reduce…
OCC: Research Solicited on Implications of Financial Technology for Banking
The Office of the Comptroller of the Currency (OCC) is soliciting academic-and policy-focused research on the impact of financial technology (fintech) entities and nonbanks on banking and the markets for lending, deposit-taking, and payment services through August 21, 2022. The OCC will invite authors of selected papers to present to OCC staff and invited guests…
CFPB: Advisory Issued to Protect Privacy When Companies Compile Personal Data
Advisory affirms that “permissible purposes” are required to use and share credit reports and background reports Today, the Consumer Financial Protection Bureau (CFPB) issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act. The CFPB’s new advisory opinion…
CFPB: New Final Rule Issued with Credit Reporting Protections to Aid Survivors of Human Trafficking
CFPB Helps Survivors Mitigate the Financial Consequences of Human Trafficking Today, the Consumer Financial Protection Bureau (CFPB) issued a final rule to help survivors avoid some of the financial consequences of human trafficking. The CFPB has established, among other things, a method for survivors of trafficking to submit documentation to credit reporting companies that identifies…
CFPB: ANPR Issued and Review Initiated of Credit Card Company Penalty Policies
The Consumer Financial Protection Bureau (CFPB) is taking the first step toward addressing credit card company penalty policies costing consumers $12 billion each year, starting by looking at excessive late fees. In an Advance Notice of Proposed Rulemaking published today, the CFPB asks for information on the Federal Reserve Board of Governors’ 2010 immunity provision…
FDIC: Summary of Deposits Survey and Filing for June 30, 2022 Begins
The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices are required to submit the survey; institutions with only a main office are exempt. All survey responses are required by July 31,…
CFPB: Agency Acts to Protect the Public from Black-Box Credit Models Using Complex Algorithms
Companies relying on complex algorithms must provide specific and accurate explanations for denying applications Today, the Consumer Financial Protection Bureau (CFPB) confirmed that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying an application for credit or taking other adverse actions, even if the creditor is relying on credit models…