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Fintech Week in Review: December 2020 | Perkins Coie


Weekly Fintech Focus
FTC files suit against a mobile app that advertised high-interest deposit accounts and easy access to customer funds but failed to deliver.
OCC proposes rule to ensure fair access to financial services and to codify the reversal of policies imposed under Operation Choke Point.
CFPB issues an advisory opinion clarifying that certain earned wage access services are not credit under Regulation Z.
FTC Alleges Mobile App’s Deposit Promises Were Deceptive
Following a May 2020, civil investigative demand, the Federal Trade Commission (FTC) filed suit against the operators of a mobile banking app, alleging that they falsely promised users high interest rates on their deposit accounts and failed to provide customers with their requested funds within the represented time frames in violation of the prohibitions against deceptive acts or practices under the FTC Act. ....

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