December 6, 2023
Top Lines The Office of the Comptroller of the Currency (OCC) is issuing a bulletin to assist banks in effectively managing risks associated with “buy now, pay later” (BNPL) lending and in offering BNPL loans in a responsible manner. The bulletin provides background information on BNPL loans, discusses risks associated with BNPL lending, and provides […]
Navigating Trust with Identity Verification: Insights from Money20/20 Webinar
Trevor Tanifum
December 1, 2023
Top Lines The House of Representatives voted 221-202 to nullify via a Congressional Review Act resolution the Consumer Financial Protection Bureau’s small business data collection rule requiring lenders to report demographic data on small business loan recipients (Section 1071 of the Dodd-Frank Act). The White House has threatened to veto the resolution that would block […]
November 29, 2023
Top Lines We hope everyone had a happy and restful holiday weekend! Please find news from last week at the bottom of this newsletter. The U.S. Department of the Treasury (Treasury) is proposing establishing a new crypto-related category of “financial institution” under the Bank Secrecy Act that would subject exchanges, token trading platforms, wallet providers, DeFi […]
November 17, 2023
Top Lines President Biden signed a short-term funding bill Thursday to avert a government shutdown Saturday. The bill passed the House on Tuesday and the Senate on Wednesday with overwhelming bipartisan support. The continuing resolution, or CR, will fund part of the government — including the Agriculture, Transportation, Housing and Urban Development and Veterans Affairs […]
November 15, 2023
Top Lines The House passed a short-term funding bill Tuesday that would avert a government shutdown Saturday. The vote was 336-95, with 209 Democrats and 127 Republicans voting to support it. The continuing resolution, or CR, would would fund part of the government — including the Agriculture, Transportation, Housing and Urban Development and Veterans Affairs […]
November 8, 2023
Top Lines The Consumer Financial Protection Bureau (CFPB) proposed supervising large nonbank companies that offer services like digital wallets and payment apps via a notice of proposed rulemaking for consumer payments. The proposed rule would require nonbank financial companies – specifically those companies handling more than 5 million transactions per year – to adhere to […]
November 3, 2023
Top Lines The Financial Stability Oversight Council (FSOC) unanimously voted to issue final versions of a new analytic framework for financial stability risks and updated guidance on the Council’s nonbank financial company determinations process. The updated Guidance for Nonbank Financial Company Determinations (Nonbank Designations Guidance) sets forth the Council’s procedures for considering whether to designate […]
November 1, 2023
Top Lines The Biden Administration issued its Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence (EO). The EO issues directives to over twenty federal agencies to monitor the risks of artificial intelligence (AI) and develop new use cases for AI while aiming to protect workers and consumers. The Office […]
October 27, 2023
Top Lines The White House on Monday will host an event on “safe, secure, and trustworthy artificial intelligence,” and officials are expected to announce the Artificial Intelligence Executive Order during the event, scheduled for 2:30 pm ET. Consumer Financial Protection Bureau (CFPB) Enforcement Director Eric Halperin delivered remarks at the NCLC Consumer Rights Litigation Conference. […]