The Federal Trade Commission has settled with a payment processor and four affiliated entities over allegations that the companies knowingly enabled deceptive merchants, including foreign tech-support operations, to access the U.S. card-payment system. Beyond the $4.85 million monetary judgment, the case is notable for an accompanying Joint Statement from Chairman Andrew Ferguson and Commissioner Mark
On April 16, 2025, the CFPB’s Chief Legal Officer, Mark R. Paoletta, issued a memorandum to CFPB staff that sets out the agency’s 2025 supervision and enforcement priorities.
Continue Reading CFPB Memo Details Less Oversight on Fintechs, Shift to State-Led Enforcement
On April 16, 2025, the CFPB’s Chief Legal Officer, Mark R. Paoletta, issued a memorandum to CFPB staff that sets out the agency’s 2025 supervision and enforcement priorities.
Continue Reading CFPB Memo Details Less Oversight on Fintechs, Shift to State-Led Enforcement
On March 27, 2025, the Federal Trade Commission (FTC) filed a lawsuit and proposed settlement order resolving claims against Cleo AI, a fintech that operates a personal finance mobile banking application through which it offers consumers instant or same-day cash advances.
Continue Reading FTC Alleges Fintech Cleo AI Deceived Consumers
On Nov. 18, 2024, the Federal Deposit Insurance Corporation (FDIC) announced a 45-day extension to the public comment period for its proposed rule making (Proposed Rule) that would establish new recordkeeping requirements and related compliance obligations for insured depository institutions that offer certain “custodial deposit accounts with transactional features.”
As we detailed in a prior
On Oct. 2, 2024, the Federal Deposit Insurance Corporation (FDIC) published a notice of proposed rulemaking (Proposed Rule) designed to strengthen recordkeeping requirements for custodial deposit accounts with transactional features, like those often used in banking-as-a-service (BaaS) models and other bank-fintech partnerships. The Proposed Rule is intended to ensure the FDIC’s ability to promptly make
On Nov. 7, 2023, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would, if finalized in its present form, establish the CFPB’s supervisory authority over certain “larger participant” nonbank companies that provide digital wallets and payment applications. The proposed rule, called the “Defining Larger Participants of a Market for General-Use Digital Consumer
On Oct. 25, 2023, the Fed proposed a rule to lower the interchange fee cap in Regulation II, which is largely applicable to debit card issuers with at least $10 billion in consolidated assets. The proposed rule would be the first time that the debit interchange cap has been adjusted since its implementation via the
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