On May 7, 2025, the Office of the Comptroller of the Currency (“OCC”) issued a follow up to its July 2020 Interpretative Letter 1170, which allowed national banks to provide cryptocurrency custody services to their customers.[1] The May 7 letter (Interpretive Letter 1184)[2] further clarified that banks can buy and sell cryptocurrency at
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Another Fintech Company Acquires a National Bank Charter through Merger
On March 17, 2025, the Office of the Comptroller of the Currency (OCC) announced that it conditionally approved a fintech business model for CenTrust Bank, N.A.’s (“CenTrust”), an Illinois based community bank chartered by the OCC.[1] CenTrust was acquired by SmartBiz Loans, which is a fintech company that provides an online platform to connect…
California Enacts New Bill to Strengthen Customer Protection on Automatic Renewals
On September 24, 2024, California enacted Assembly Bill 2863 (the “Bill”) to take effect on July 1, 2025.[1] The Bill updates California’s regulations governing automatic renewals and continuous services. An automatic renewal or continuous service (“auto renewal contract”) is defined as a contract that renews automatically at the end of a definite term or…
CFPB Establishes New Obligations for Covered Nondepository Institutions Subject to Judicial or Administrative Enforcement Orders
On June 3, 2024, the Consumer Financial Protection Bureau imposed a new set of regulatory obligations on nondepository consumer-financial companies that are subject to court or administrative orders enforcing federal or state consumer-protection laws. The Bureau’s new rule creates a public registry of such orders dating back to January 1, 2017. It requires covered entities…
CFPB Updates Process to Designate Nonbanks for Supervision
Yesterday, the Consumer Financial Protection Bureau updated its process for designating a nonbank for supervision. Initially issued in 2013, the revised rule specifically establishes the CFPB’s procedures in determining whether a nonbank “poses risk to consumers” and is thus subject to the Bureau’s supervisory authority. The CFPB has had the authority to supervise such nonbanks…
The FTC and CFPB Announce New Rules to Tackle Junk Fees
On October 11, 2023, President Biden, Federal Trade Commission (FTC) Chair Lina Khan, and Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra announced the latest developments in the government’s efforts to tackle junk fees. Junk fees are hidden, surprise fees imposed on customers without clear disclosure.[1] The CFPB and FTC have taken several measures…
Real-Estate Agents Who Participate in Joint Ventures Should Be Wary of the CFPB’s Recent Policy Statement on Abusive Conduct
Much has been written about the Consumer Financial Protection Bureau’s recent “Policy Statement on Abusive Acts or Practices,”[1] in which the Bureau analyzed the prohibition on abusive conduct in the Consumer Financial Protection Act of 2010 (CFPA). In response to the statement’s publication in the Federal Register, comments were submitted by banks,…
FinCEN Alert Highlights Potential U.S. Commercial Real Estate Investments by Sanctioned Russian Elites and Their Proxies
The Financial Crimes Enforcement Network (FinCEN) has recently issued an alert cautioning all financial institutions regarding potential investments in the U.S. commercial real estate (CRE) sector, by or on behalf of sanctioned Russian elites, oligarchs, their family members, and entities through which they act. This alert complements sustained efforts of the U.S. government, in response…
The CFPB’s Interest in Examining Fintechs Likely Means More Naming and Shaming by the Agency
On April 25, the Consumer Financial Protection Bureau announced that it will begin examining nonbank “covered persons” that it has determined pose risks to consumers. What is most striking about the announcement is not that the CFPB will start examining this category of nonbanks — it’s had that authority since its inception — but that…
Biden Administration Signals Focus on Cryptocurrency as President’s Working Group Issues Report on Stablecoin
On November 1, 2021, the President’s Working Group on Financial Markets (PWG), along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) (collectively, the Agencies) issued a Report on Stablecoins (the Report).[1] Stablecoins “are digital assets that are designed to maintain a stable value relative…