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  Third Circuit adopts ‘reasonable reader’ standard for credit reportingFriday, 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. |
 Wells Fargo wins “secret agreement” arbitration appealFriday, 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. |
 Trade groups petition CFPB to supervise data aggregatorsFriday, 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 dealFriday, 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. |
SEC charges 11 in $300M crypto pyramid schemeFriday, 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.
 SEC files insider trading action against former crypto exchange managerTuesday, 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.
 Senate holds hearing on risks in crypto and securities marketsTuesday, 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.
Democrats seek DEI data from fintech industryTuesday, 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.
 US Chamber files suit against FTCFriday, 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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