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ARTICLE · 23 FEBRUARY 2024

2023 Year In Review: Fintech

Goodwin Procter LLP
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The CFPB is expected to finalize rulemaking authorizing supervision of payment application and digital wallet providers, with examinations of certain providers to follow.

United StatesTechnology
Sabrina Rose-Smith
Sabrina Rose-Smith
W. Kyle Tayman
W. Kyle Tayman
Levi Swank
Levi Swank
Matthew L. Riffee
Matthew L. Riffee
Christina L. Hennecken
Christina L. Hennecken
Courtney L. Hayden
Courtney L. Hayden
Viona J. Harris
Viona J. Harris
Kelsey Pelagalli
Kelsey Pelagalli
Chenxi (CC) Jiao
Chenxi (CC) Jiao
+2 more

Welcome to the Fintech chapter of our annual report Consumer Financial Services 2023 Year in Review.

Looking Ahead to 2024

The CFPB is expected to finalize rulemaking authorizing supervision of payment application and digital wallet providers, with examinations of certain providers to follow.

The CFPB is expected to provide additional guidance on TILA's application to earned wage access (EWA) products.

Prudential regulators will continue to focus on risks arising from banks' failure to adequately supervise the activities and control environments of their nonbank partners.

The CFPB is expected to implement a rule requiring nonbanks subject to the CFPB's supervisory authority to "register each year in a nonbank registration system . . . information about their use of certain terms and conditions in form contracts for consumer financial products and services that pose risks to consumers."

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