Fintech, Electronic Payments and Remittances

HOT TOPICS Report: Fintech and Consumer Protection: A Snapshot, March 2019; Press Release NCLC and coalition comments opposing CFPB no-action letter and product sandbox proposal, Feb. 11, 2019 Op-ed: Are fintech sandboxes a consumer protection desert? by NCLC Associate Director Lauren Saunders Nov. 29, 2018 Press release: New OCC “Fintech” Charter Could Open the Floodgates to Predatory Lending, July 31, 2018 Letter: AZ HB 2434, Innovation Regulatory Sandbox, Jan. 24, 2018 NCLC comments to the U.S. Department of Treasury’s request for information on online marketplace lending, Sept. 30, 2015

Letters || Policy Briefs, Reports and Press Releases || Testimony and Comments

Letters

• Letter to Congress urging moratorium on Facebook’s Libra virtual currency, July 2, 2019
• Group letter urging Congress to address civil rights and privacy, April 19, 2019
• AZ HB 2434, Innovation Regulatory Sandbox, Jan. 24, 2018
• Letter opposing Calif. AB 1326 (Dababneh), which permits licenses for virtual currency providers without consumer protections, August 11, 2016
• Coalition opposition letter to H.R. 766 the Financial Institution Customer Protection Act of 2015. Feb. 2, 2016

Policy Briefs, Reports & Press Releases

• Report: Fintech and Consumer Protection: A Snapshot, March 2019; Press Release
• Press release: Consumer Bureau’s Shocking New “No Consumer Protection” Policy, Dec. 11, 2018
• Press release: New OCC “Fintech” Charter Could Open the Floodgates to Predatory Lending, July 31, 2018
• Press Release and Report: Paper Statements: An Important Consumer Protection, March 2016

Testimony and Comments

• Comments on OCC’s proposed Innovation Pilot Program, June 14, 2019
• Group comments to the FDIC re: Request for Information on FDIC’s Deposit Insurance Application Process, March 29, 2019
• NCLC and coalition comments opposing CFPB no-action letter and product sandbox proposal, Feb. 11, 2019
• Statement for U.S. House Financial Services Committee hearing on Examining Opportunities for Financial Markets in the Digital Era, Sept. 28, 2018
• Comments in Response to CFPB’s Request for Information Regarding the Bureau’s Inherited Regulations and Rulemaking Authorities – electronic disclosures, statements, records and other communications, June 25, 2018
• Group comments  in response to the Consumer Financial Protection Bureau (“CFPB”)’s Request Information regarding its adopted regulations and new rulemaking authorities: Remittances Rule, June 19, 2018
• Group comments to the CFPB re: Request for Information Regarding Remittance Rule Assessment, May 23, 2017
• NCLC comments to CFPB on consumers’ access to their own financial account data, Feb. 21, 2017. Coalition comments.
• Comments of NCLC et al. to OCC on special purpose national bank charters. Short coalition comments, Jan. 17, 2017
• To the OCC re: implementation of a framework for receivership of an “uninsured bank” (i.e., a nonbank that is granted an OCC charter under a new regime the OCC is considering). Consumer Comments and Press release, Nov. 14, 2016.
• Comment on proposed NACHA rules increasing the monitoring of payment processors. Consumer Comments, Oct. 9, 2015.
• Consumer comments on Fed  proposal to adopt a same day ACH service, July 2, 2015
• Comments responding to the OCC’s white paper about how to support responsible financial innovation. Consumer comments and exhibits, May 31, 2015.
• Comments to NACHA on same day electronic payments, Feb. 6, 2015.
• Comments to CSBS on model framework for virtual currencies, Feb. 6, 2015
• NCLC comments to CFPB on mobile financial services, Sept. 10, 2014.
• Comments to Fed in connection with 10 year review of regulations under Economic Growth and Regulatory Paperwork Reduction Act,  on remotely created checks and check deposits under Regulation CC., Sept. 2, 2014
• Comments to the CFPB re: Extending Bank Exemption from Remittance Rules, June 6, 2014
• Comments to California on the role of electronic payments, remotely created checks and prepaid cards in making payday loans, May 19, 2014
• Comments to the CFPB re: Defining “Larger Participants” of the International Money Transfer Market, April 1, 2014
• Group comments re: Operating Rules Amendments to Improve Network Quality to NACHA-the Electronic Payment Association, January 13, 2014

Additional Resources

• Video: Urban Institute: Next-Generation Innovations to Increase Financial Inclusion for Consumers, June 20, 2018 (NCLC Associate Director Lauren Saunders, panelist, begins at 37:06)

 

Fintech, Mobile and Electronic Payments Archive (- 2013)

 

“In a shocking, brazen, and unlawful move, the @CFPB has proposed a ‘no action’ policy and ‘product sandbox’ that could wipe out consumer protection laws for entire industries.” @lsaundersnclc Learn more: https://www.nclc.org/media-center/pr-consumer-bureau-s-shocking-new-no-consumer-protection-policy.html… #ProtectConsumers