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Weekly Fintech Focus Federal financial regulators issue an RFI to better understand financial institution usage of AI models and its implications on current regulations. CFPB rescinds policy statements that provided regulatory flexibility in response to pandemic challenges. National Futures Association issues regulatory outsourcing guidance. Lina Kahn announced as nominee for FTC commissioner position. FinCEN Director meets with a number of groups to discuss SAR filing. Prepared Remarks of FinCEN Director delivered at the Florida International Bankers Association AML Compliance Conference CFP...

To embed, copy and paste the code into your website or blog: The law creating a new California mini-CFPB took effect on January 1, 2021, and a few weeks later, the California Department of Financial Protection and Innovation (DFPI) entered into “first-of-their kind” memoranda of understanding (MOUs), by which the DFPI will regulate earned wage access (EWA) products offered by five companies in California. These MOUs follow the CFPB’s issuance of an advisory opinion for EWA products, but they go much further in imposing pricing limitations and reporting and examination obligations for pr...