FDIC: Cease and Desist Letters Issued to Five Companies For Making Crypto-Related False or Misleading Representations about Deposit Insurance
The Federal Deposit Insurance Corporation (FDIC) today issued letters demanding five companies and their officers, directors, and employees cease and desist from making false and misleading statements about FDIC deposit insurance and take immediate corrective action to address these false or misleading statements. Based upon evidence collected by the FDIC, each of these companies made…
FDIC: Supervisory Guidance Issued on Multiple Re-Presentment NSF Fees
Summary: The FDIC is issuing guidance to FDIC-supervised institutions to address certain consumer compliance risks associated with assessing multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction. Additionally, the FDIC is sharing its supervisory approach when a violation of law is identified, as well as expectations for full corrective action. …
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: Agency Moves to Reduce Junk Fees Charged by Debt Collectors
Advisory opinion explains that most “pay-to-pay” fees charged by debt collectors violate federal law Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion affirming that federal law often prohibits debt collectors from charging “pay-to-pay” fees. These charges, commonly described by debt collectors as “convenience fees,” are imposed on consumers who want to make…
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…