Articles

FDIC Makes Public June Enforcement Actions

The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in June 2024.  There are no administrative hearings scheduled for August 2024. The FDIC issued 10 safety and soundness orders and two Notices in June 2024.

Bank-Fintech Arrangements: Request for Information on Arrangements Involving Banking Products and Services Distributed to Consumers and Businesses

Today the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) released a request for information (RFI) on arrangements in which one or more financial technology (fintech) companies, as defined in the RFI, engage with banks1 to distribute banking products and services to consumers and businesses (referred to as bank-fintech arrangements).

FTC Announces Tentative Agenda for August 1 Open Commission Meeting

Today, Federal Trade Commission Chair Lina M. Khan announced that an open meeting of the Commission will be held virtually on Thursday, August 1, 2024. The open meeting will commence at 10 a.m. ET and will begin with time for members of the public to address the Commission.

How Fudge Factors Distort Vendor Measurement

In the world of data and metrics, the integrity of measurement methods can be easily compromised by various fudge factors, especially when dealing with third-party vendors. These subtle manipulations or adjustments, whether intentional or inadvertent, can significantly skew the results and paint an inaccurate picture of vendor performance. 

We Don’t Use Dark Patterns!? FTC and Consumer Protection Networks Review Suggests You Might

In its ongoing concern with “dark patterns,” the FTC recently announced results of two reviews of sites and apps purportedly engaging in the practice. As a reminder, the FTC views as “dark patterns” practices or web designs that “get consumers to part with their money or data” using deceptive or manipulative means.

CFPB Tries to Stretch Section 1057 of the CFPA to Reach Nondisclosure Agreements

Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued Circular 2024-04 warning financial institutions about the potential illegality of nondisclosure agreements (NDAs) that could deter whistleblowing. Specifically, the Bureau addressed whether requiring employees to sign broad confidentiality agreements violates § 1057 of the Consumer Financial Protection Act (CFPA). 

CFPB Proposes Interpretive Rule that EWAs Are Credit; Expedited Funding Fees and Tips May Be Finance Charges under Regulation Z

On August 13th, 2024, from 1:30 p.m. to 3:00 p.m. ET, we will hold a webinar covering the CFPB’s BNPL interpretive rule and its proposed earned wage access (“EWA”) interpretive rule.  For more information and to register, click here.

Exploring the Impact of AI on Consumer Protection: FCC’s Upcoming Inquiry 

The FCC is gearing up to tackle a critical issue: the impact of emerging AI technologies on protecting consumers from unwanted and illegal phone calls and texts under the Telephone Consumer Protection Act (TCPA). As complaints about robocalls and robotexts top the charts, it’s more crucial than ever to stay updated on technologies that could influence consumer privacy. 

Mastercard Deploys AI to Combat Card Fraud

Mastercard has unveiled a new approach to identify compromised payment cards, leveraging a combination of generative artificial intelligence and graph technology. The company reports that this method has doubled its detection rate for compromised cards before they can be used fraudulently.

Judge Pittman (N.D. Texas) questions whether Fort Worth Chamber of Commerce has standing to pursue claims seeking to invalidate the CFPB’s credit card late fee rule

We recently reported that on July 18 the CFPB, upon remand from the Fifth Circuit, re-filed its notice of supplemental authority in support of its motion to dismiss or transfer the case, motion to dissolve the preliminary injunction, and brief in support of its motion