Search Results: FinTech

California Department of Financial Protection Issues Consent Order Against Fintech Company

On January 9, 2024, the California Department of Financial Protection and Innovation (DFPI) announced that it entered into a consent order with a Delaware fintech company that provided California consumers with access to an internet-based platform for merchants to offer installment payments for the purchase of outdoor-adventure equipment. According to the consent order, since at…

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CFPB Issues Consent Order Against Fintech for Enabling Merchants to Secure Loans for Consumers Without Their Authorization

On July 12, 2021, the Consumer Financial Protection Bureau (CFPB) issued a consent order (the Consent Order) against a Fintech company that facilitates home improvement loans (the Fintech).  The CFPB claims that the Fintech enabled “contractors and other merchants to take out loans on behalf of thousands of consumers who…

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California’s DFPI Launches Investigation and First Formal Enforcement Action

On February 3, 2021, California’s Department of Financial Protection and Innovation (DFPI) announced that it has commenced its first formal enforcement action and launched a separate investigation into student loan debt relief companies.  Goodwin previously provided an overview of three new California consumer finance laws that became effective in January 2021,…

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California's Mini-CFPB Enters into Memorandums of Understanding with Earned Wage Access Fintech Companies

In January 2021, the new California Department of Financial Protection and Innovation (DFPI) entered into memorandums of understanding (MOUs) with five earned wage access fintech companies so that these companies can continue to operate in California while providing consumers with protection against abusive practices.  The DFPI, often referred to as…

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CFPB Signals Interest in Regulating the Use of Consumer Financial Data

The Consumer Financial Protection Bureau’s (CFPB) recently-released Request for Information Regarding Consumer Access to Financial Records (RFI) suggests that the agency is considering making a new rule to set requirements and protections for the use of consumers’ financial information.  In publishing the RFI, the CFPB notes that the Dodd-Frank Act “provides…

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CFPB Steps Up Scrutiny of Fintech Companies

On March 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will begin collecting complaints from consumers about online marketplace lenders, signaling its intention to increasingly regulate the evolving and growing Financial Technology (Fintech) industry.  The CFPB announcement emphasized that marketplace lending is “a relatively new kind of…

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Should Companies Trust New Cyber Security Bill En Route to Passage in Senate?

On March 12, 2015, the Senate Intelligence Committee took an important step in advancing a comprehensive bill titled the Cybersecurity Information Sharing Act of 2015 (“CISA”) aimed at bolstering U.S. companies and the federal government’s cyber security protections.  But some privacy watchdogs and other government officials are openly wondering whether…

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NY Attorney General Aims To Make New York A Leader on Data Security

  On January 15, 2015, New York’s attorney general, Eric Schneiderman, proposed a new law that NY hopes will balance business and consumer interests while establishing New York as a leader in data security.  The main effect of the proposed legislation would be to expand the definition of private information to…

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Mobile Banking in the 21st Century: More Freedom for Consumers, More Red Tape for Financial ...

On June 11, as a result of the growing use of mobile banking services across the country, the CFPB announced that it was conducting a request for information into the benefits and consequences of expanding mobile financial services.  Its focus is underserved and remote communities, but any actions the CFPB…

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