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Third Circuit adopts ‘reasonable reader’ standard for credit reportingSubscriber Access OnlyThird Circuit adopts ‘reasonable reader’ standard for credit reporting
Friday, August 12, 2022
In a consolidation of cases, the Third Circuit Court of Appeals has adopted a “reasonable reader” standard to determine if notations were misleading or inaccurate. The case derived from several student loan borrowers who had loans closed and transferred following the borrowers’ inability to make payments.
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Wells Fargo wins “secret agreement” arbitration appealSubscriber Access OnlyWells Fargo wins “secret agreement” arbitration appeal
Friday, August 12, 2022
A Georgia appellate court has reversed a lower court’s decision which vacated Wells Fargo’s arbitration following allegations the bank had a “secret agreement” with industry self-regulator FINRA to bar certain arbitrators from hearing the case.
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Trade groups petition CFPB to supervise data aggregatorsSubscriber Access OnlyTrade groups petition CFPB to supervise data aggregators
Friday, August 12, 2022
National trade groups petitioned the CFPB to begin rulemaking procedures to increase supervision and regulation of fintechs, tech companies and data aggregators. The CFPB has previously engaged in information gathering on the topic but has yet to engage in related rule making.
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Senators demand info from US Bank after CFPB deal
Friday, August 12, 2022
Senate Democrats are demanding more information from U.S. Bank about the account-opening activity that led to the settlement order with the Consumer Financial Protection Bureau.
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CFPB warns digital marketers to comply with consumer finance protection laws
Friday, August 12, 2022
The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule laying out when digital marketing providers for financial firms must comply which federal consumer financial protection laws.
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SEC charges 11 in $300M crypto pyramid scheme
Friday, August 12, 2022
The Securities and Exchange Commission charged 11 individuals for their alleged roles in creating a $300 million crypto pyramid scheme. The alleged fraudulent blockchain scheme spanned multiple countries including the U.S. and Russia.
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FDIC issues advisory to banks working with crypto companiesSubscriber Access OnlyFDIC issues advisory to banks working with crypto companies
Tuesday, August 9, 2022
The Federal Deposit Insurance Corp. (FDIC) has issued an advisory to FDIC-insured institutions regarding dealings with crypto companies.
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SEC files insider trading action against former crypto exchange managerSubscriber Access OnlySEC files insider trading action against former crypto exchange manager
Tuesday, August 9, 2022
The Securities and Exchange Commission filed a single-count complaint in the U.S. District Court for the Western District of Washington against a former manager at Coinbase. The complaint alleges the defendant provided material, non-public information about upcoming Coinbase listing announcements to his brother and a friend who used that information to buy and sell crypto assets for significant profits.
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Senate holds hearing on risks in crypto and securities marketsSubscriber Access OnlySenate holds hearing on risks in crypto and securities markets
Tuesday, August 9, 2022
The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing on the risks in crypto and securities markets. The committee heard testimony from witnesses about the efforts being made within the financial industries to reduce and prevent risk as well as what is being done when fraudulent activities do occur.
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House Republicans accuse Chopra of conspiring with states’ AGs
Tuesday, August 9, 2022
In a letter to CFPB Director Rohit Chopra, Republican members of the House Financial Services Committee accused him and the CFPB of conspiring with states’ attorneys general to pursue “duplicative enforcement actions.”
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Democrats seek DEI data from fintech industry
Tuesday, August 9, 2022
Democrats from the House Financial Services Committee sent a letter to 20 fintech companies requesting data regarding their diversity equity and inclusion efforts.
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US Chamber files suit against FTCSubscriber Access OnlyUS Chamber files suit against FTC
Friday, August 5, 2022
The United States Chamber of Commerce has filed a lawsuit against the Federal Trade Commission in the U.S. District Court of the District of Columbia. The complaint alleges the current commission has created a “black-box environment” which lacks transparency and accountability.
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CFPB fines US Bank $37.5M for using customer data to open fake accountsSubscriber Access OnlyCFPB fines US Bank $37.5M for using customer data to open fake accounts
Friday, August 5, 2022
The Consumer Financial Protection Bureau (CFPB) has fined U.S. Bank for illegally accessing customers’ credit reports and opening accounts without their permission.
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Dodd Frank Update August 2022

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SCOTUS fires warning shot at overreaching agencies


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