The move becomes effective on October 1, 2023, with the Supreme Court soon to decide on the agency’s rule-writing authority. By Barrie VanBrackle, Marifiel Gonzalez, and Deric Behar On February 1, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule (the Proposal) to amend Regulation Z, which implements the Truth in Lending Act (the Act) … Continue Reading
New laws implement regulatory standards and licensing requirements for fintechs seeking to improve employee access to wages. By Parag Patel, Mik Bushinski, and Deric Behar On June 13, 2023, Nevada enacted a law that regulates earned wage access (EWA) services provided to state residents. Missouri followed by enacting an EWA law on July 7, 2023 … Continue Reading
The rule requires that lenders collect and report extensive applicant data to the CFPB, intended to deter discrimination and promote economic growth. By Parag Patel, Victor Razon, and Deric Behar On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) finalized a regulation implementing Section 1071 of the 2010 Dodd-Frank Act. The regulation requires lenders, including … Continue Reading
The agency just revived its dormant authority to supervise nonbank financial entities that it determines pose risk to consumers. By Matt Hays, Benjamin Naftalis, Parag Patel, Barrie VanBrackle, and Deric Behar On April 25, 2022, the Consumer Financial Protection Bureau (CFPB) — the US government agency established under the Dodd-Frank Wall Street Reform and Consumer … Continue Reading
A new Executive Order could help open the door for the portability of consumer financial data. By Charles Weinstein and Deric Behar Definitive regulation for open banking may be on the horizon in the US. On July 9, 2021, President Biden issued an Executive Order on Promoting Competition in the American Economy (the Order), which … Continue Reading
As third-party access to consumer financial data expands, regulators balance innovation, customer choice, and data protection. By Brett Carr, Charles Weinstein, and Deric Behar Consumers’ rights to access and use their personal financial information has been a key focus of innovators and regulators over the past decade. The development of “open banking” fintech models has … Continue Reading
