Unsurprisingly, the Federal Regulators under the Biden Administration have a strong Consumer Protection focus. The Federal Trade Commission (FTC) continues to purse companies that are not complying with its Marketing Practices guidance emphasizing unsubstantiated or false product claims, proper use of endorsements and blocking negative reviews. Additionally, the FTC continues to pursue companies with inadequate data security and privacy controls and other companies that offer financial products and services to consumers. The CFPB continues to pursue an aggressive Consumer Protection agenda under the Biden Administration, particularly since the confirmation of Director Chopra, and is delving into various matters related to the payments industry including, fees, Buy Now Pay Later and an enforcement action against a payment processor. The CFPB is also interested in data security, and in case you missed it, published Compliance Management System guidance related to Information Technology. The Department of Justice (DOJ) and States Attorneys General are also pursuing companies that violate consumer protection laws, rules and regulations.
Federal Banking Regulators and FinCEN continue to be concerned about money laundering and the impact of emerging technologies and forms of digital currency. The Federal Reserve continues to work with industry participants related to technology and faster/real-time payments.
The FTC and the DOJ continue their joint and separate efforts to pursue Anti-Competition, although the links gathered focus primarily on Consumer Protection and topics of interest directly related to the payment industry.