In its continued focus on so-called illegal “junk fees,” the CFPB issued an Advisory Opinion on the obligations of large banks and credit unions. The CFPB’s actions arise at a time when many large banks are moving away from a relationship-focused model to a tech-driven one that streamlines customer services, a shift the CFPB asserts
On Aug. 1, 2023, the Maryland Office of Financial Regulation (OFR) published new guidance on Earned Wage Access (EWA) products, intending to provide clarity on how EWA products are viewed under Maryland law and requirements those offering EWA products should follow.
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* Greenberg Traurig is not licensed to practice
Big Tech companies, fintechs, and traditional financial institutions are paying attention to the Consumer Financial Protection Bureau’s (CFPB) September 2023 issue spotlight, which focuses on tap-to-pay or contactless payment technology. The CFPB’s report highlights the role of Big Tech companies in the mobile payment space.
On Nov. 9, 2022, the New York Department of Financial Services (NYDFS) issued a proposed second amendment to its 2017 cybersecurity regulation for financial service companies.[1] In July 2022, NYDFS issued a draft version of the changes, but the current amendment has significant changes. Most of the proposed changes will take effect 180 days