In 2025, debanking initiatives continued to intensify, with new guidance, legislation, and other actions at both the federal and state levels aimed at so-called “discriminatory debanking.”
Continue Reading Federal and State Efforts Intensify Focus on ‘Debanking’
On Feb. 25, the CFTC’s Division of Enforcement released an advisory highlighting the benefits of self-reporting, cooperation, and remediation for violations of the Commodities Exchange Act. It refines the Division’s approach, guiding how these factors influence enforcement recommendations.
On Nov. 5, 2024, the Federal Trade Commission (FTC) filed a lawsuit against Dave, Inc., a U.S. fintech company that offers short-term cash advances through a mobile banking application. The
Continue Reading FTC Alleges Fintech Dave, Inc. Deceived Consumers
The Securities and Exchange Commission’s Division of Examinations (Division) announced its 2025 examination priorities (Exam Priorities) Oct. 21, 2024. These priorities address areas of concern based on recent examinations, and
Continue Reading SEC Division of Examinations 2025 Priorities
The Corporate Transparency Act (CTA) has been in effect since Jan. 1, 2024, requiring non-exempt U.S. entities and non-exempt foreign entities that are registered to do business in the United
Continue Reading CTA Countdown: Upcoming FinCEN Filing Deadlines
On July 18, 2024, the Consumer Financial Protection Bureau (CFPB) issued a Proposed Interpretive Rule and Request for Comment (Proposed Rule) addressing credit products in the paycheck advance marketplace, such
Continue Reading CFPB Proposes Interpretive Rule for Earned Wage Access Products
On June 28, 2024, FinCEN issued a Proposed Rule to amend BSA regulations that prescribe the minimum requirements for AML/CFT programs for “financial institutions.” Financial institutions subject to AML/CFT program
Continue Reading FinCEN, Federal Banking Agencies Propose Rules to Amend Financial Institutions’ AML/CFT Program Requirements
The Consumer Financial Protection Bureau’s interpretive rule for Buy Now, Pay Later products classifies them as “credit cards” and their providers as “card issuers” and “creditors” under the Truth in
Continue Reading ‘Buy Now, Pay Later’ Rule Adds to Retailer Compliance Obligations
On Aug. 15, 2024, a federal court dismissed a proposed class action against financial analysis website Seeking Alpha, Inc. (Seeking Alpha). The lawsuit was brought in July 2023
Continue Reading No Need for Seeking Alpha to Seek Registration
In the latest installment of its ongoing “off-channel” communications sweep, on Aug. 14, 2024, the Securities and Exchange Commission announced settlements totaling $393 million with 26 investment advisers and brokers-dealers
Continue Reading SEC Collects $390 Million in Latest Crackdown on ‘Off-Channel’ Communications in the Financial Industry