Today the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) released a request for information (RFI) on arrangements in which one or more financial technology (fintech) companies, as defined in the RFI, engage with banks1 to distribute banking products and services to consumers and businesses (referred to as bank-fintech arrangements).
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in June 2024. There are no administrative hearings scheduled for August 2024. The FDIC issued 10 safety and soundness orders and two Notices in June 2024.
In the world of data and metrics, the integrity of measurement methods can be easily compromised by various fudge factors, especially when dealing with third-party vendors. These subtle manipulations or adjustments, whether intentional or inadvertent, can significantly skew the results and paint an inaccurate picture of vendor performance.
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued Circular 2024-04 warning financial institutions about the potential illegality of nondisclosure agreements (NDAs) that could deter whistleblowing. Specifically, the Bureau addressed whether requiring employees to sign broad confidentiality agreements violates § 1057 of the Consumer Financial Protection Act (CFPA).
In its ongoing concern with “dark patterns,” the FTC recently announced results of two reviews of sites and apps purportedly engaging in the practice. As a reminder, the FTC views as “dark patterns” practices or web designs that “get consumers to part with their money or data” using deceptive or manipulative means.
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