The CFPB Intends to Begin Examining Fintechs Whose Financial Activities, Products or Services Pose…

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…

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FDIC Released A Guide For Fintech Companies Doing Business With Banks

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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