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29 Nov 2022, 10:08 am
As we also previously blogged, the FDIC’s March 2022 edition of Consumer Compliance Supervisory Highlights addressed fraudulent P2P payments and recommended that banks mitigate risk by: (1) reviewing account agreements and disclosures (including those with P2P payment providers) to ensure they do not attempt to limit consumers’ rights under Regulation E, and (2) implementing effective fraud detection and prevention measures, such as monitoring geographic data, spending… [read post]
29 Nov 2022, 4:13 am
Can an agency properly invoke the deliberative process privilege to shield internal deliberations over a sham memo requesting that another agency take action, knowing that the recipient agency will use the request to hide the real reason for its contemplated action? [read post]
22 Nov 2022, 11:30 am
” In response to these complaints, the CFPB provided a list of steps that consumers can take to protect themselves, including being vigilant for signs of a scam, reporting any suspicious claims of FDIC insurance, knowing the best way to contact a platform in the event of an issue, and knowing the owners of any crypto-asset platforms used. [read post]
22 Nov 2022, 11:01 am
Given that IDIs frequently rely on credit models provided or supported by a third party, it may be important for regulators to clarify or reiterate expectations for the levels of model validation and monitoring documentation sufficient to evaluate compliance of third-party credit scores and models with consumer laws and other risk management standards applicable to IDI activities.Continue to coordinate with the CFPB and other relevant federal agencies regarding principles and practices for… [read post]
8 Nov 2022, 1:03 pm
They are either held at Prime Trust, LLC, a Nevada trust company, for the benefit of Binance's customer or in an omnibus BAM Fiat Wallet account at Silvergate Bank, which is supposed to be eligible for FDIC pass-through insurance. [read post]
8 Nov 2022, 11:43 am
That decision has already resulted in defendants in several CFPB actions seeking dismissal of their cases on constitutional grounds, and it paves the way for potential challenges for other federal agencies that are funded outside of the Congressional appropriations process, including the Federal Reserve, the OCC, FDIC, NCUA, and FHFA. [read post]
31 Oct 2022, 9:37 am
The CFPB cited prior Federal Reserve and FDIC guidance and its recent consent order related to ASPN overdraft fees. [read post]
27 Oct 2022, 1:24 pm
It has nothing to do with the constitutional requirement that Congress authorize the executive to spend money.The Bureau’s funding is not meaningfully different from numerous other agencies such as the Federal Reserve Board, OCC, and FDIC that are funded in ways other than annual spending bills. [read post]
21 Oct 2022, 11:33 am
Other regulators, like FDIC or OCC or NCUA, regulate a narrower set of entities than the CFPB, but they regulate those entities more broadly, not just for compliance with consumer financial laws, but for “safety and soundness” throughout their operations. [read post]
20 Oct 2022, 9:47 pm
” The Federal Deposit Insurance Corporation (FDIC) issued a final rule raising the amount lenders must contribute to a fund that protects consumers against bank failures. [read post]
A new dark cloud descends: Fifth Circuit panel rules that CFPB funding mechanism is unconstitutional
20 Oct 2022, 11:46 am
With the dark cloud over the CFPB that was the constitutional challenge to the for-cause limit on removal of its Director having mostly lifted, a new and even darker cloud has descended in the form of another constitutional challenge. [read post]
19 Oct 2022, 2:14 pm
" The problem is that describes the Fed, the FDIC, and the OCC. [read post]
18 Oct 2022, 11:20 am
He noted that the FDIC and Federal Reserve have adopted a similar approach, helping to maintain a level playing field across the banking system. [read post]
17 Oct 2022, 3:37 pm
In the past, the CFPB seemingly deferred to other regulators, such as the Federal Reserve Board and the FDIC, which entered into settlement agreements with service providers and banks over their allegedly unfair and deceptive practices in connection with the solicitation and operation of student accounts. [read post]
13 Oct 2022, 9:26 am
We discuss the FDIC’s final rule on misuse of the FDIC name or logo, advisory to insured banks on deposit insurance and dealings with crypto companies, and cease and desist letters to five crypto companies alleging they made false and misleading statements about deposit insurance. [read post]
11 Oct 2022, 8:06 am
”[1] And unlike bank accounts which are insured by the FDIC for amounts up to $250,000 per account, this insurance currently is limited to monies (viz., legal tender) in checking, savings and money market accounts at banks and does not extend to cryptocurrency holdings.[2] As in any marketplace, some companies are fully self-insured (or bare), some are partially self-insured, and some have considerable amounts of insurance though the nature, scope and amount vary widely. [read post]
6 Oct 2022, 5:45 pm
The FDIC’s view at that time was that [read post]
29 Sep 2022, 10:22 am
Populus contrasts the narrower missions and authority of the Federal Reserve, FDIC, and OCC, which are also self-funded. [read post]
27 Sep 2022, 9:04 pm
Congress specified that institutions that are unsafe and unsound may be subject to losing access to FDIC deposit insurance or their ability to stay in business. [read post]
27 Sep 2022, 11:45 am
A bi-partisan group of nine Senators (five Republicans and four Democrats) recently sent a letter to Acting FDIC Chairman Martin Gruenberg to express their support for the industrial loan company (ILC) charter and to remind him “to ensure the [FDIC] continues to follow the laws that Congress carefully designed for the FDIC to consider new deposit insurance applicants, including ILCs. [read post]
