A recent decision from the Illinois First District Appellate Court highlights the dangers posed by the technological advances in mobile banking. In West & Lake Check Cashers, LLC v. Propane Pete, LLC, 2023 IL App (2d) 220291 (May 16, 2023) the maker of a check was liable to a currency…
Read More »On April 25, 2022, the CFPB announced that it intends to begin using a largely unused authority to examine nonbank/non-depository financial companies, that operate nationally including fintechs (“nonbanks”) that “pose risks to consumers”. The CFPB’s announcement appears to be in response to the banking industry criticism that nonbanks’ activities are…
Read More »On February 24, 2020, the FDIC, through its FDiTech initiative, released a guide (“Guide”) to assist fintech companies working with banks understand the process that banks must undertake in entering and maintaining business relationships with fintech providers. The Guide provides an executive style overview of the vendor management and risk…
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