FDIC orders bank to plan termination of relationships with “significant” fintech partners
The Tennessee bank must also engage an independent firm for completion of a comprehensive Banking-as-a-Service Risk Assessment Report.
The Tennessee bank must also engage an independent firm for completion of a comprehensive Banking-as-a-Service Risk Assessment Report.
The guidance addresses assumption fees, specifically permitting a loan holder to charge an additional assumption-related fee based on the location of the relevant property when the assumption of a VA-guaranteed loan closes.
Under the terms of the settlement, the entity and its subsidiaries can no longer lend to Minnesota residents nor advertise or market those loans.
Jonathan Mayer will head the DOJ’s first Chief Science and Technology Advisory and Chief Artificial Intelligence Officer roles.
Topics include financial system vulnerabilities, nonbank financial intermediation, digitalization of finance, climate change effects, and cross-border payment efficiency.
The executive order was preceded by a fact sheet which included provisions to protect data on genomic and biometric information, personal health, geolocation, and finances, among others.
This is the first time the CFPB has used its authority under the CFPA to designate a company for supervision based on a determination that the company’s conduct poses “risk to consumers” after a contested proceeding.
Learn more about this topic and others in the NMLS Resource Center.