Published Article

FinTech Regulation: Follow the Law . . . and All These New Laws

June 13, 2025

Read Time: 1 min

The financial technology (FinTech) industry has faced an increase in regulatory scrutiny at the federal level and a significant increase in proposed and enacted state legislation regulating bank partner programs. The federal prudential regulatory agencies have examined depositary institutions involved in FinTech programs and conveyed significant compliance expectations regarding the programs. State legislatures have continued to consider and adopt laws restricting or regulating FinTech-bank programs. For companies offering earned wage access or payroll advance products, a wave of new legislation imposes licensing and substantive compliance obligations while the Consumer Financial Protection Bureau (CFPB) has proposed a new interpretive rule that would reclassify those products as credit subjective to the federal Truth in Lending Act.

Robert Savoie and Rachael Aspery (Cleveland) co-authored an article on the regulatory scrutiny that FinTech companies face in the American Bar Association’s (ABA) Business Law Section’s The Business Lawyer, Volume 80, Issue 2, Spring 2025.

Read the full article here.

Insights

Presentation

Understanding the Basics of Payments Law

December 3, 2025

Aaron Kouhoupt will present a session on "Understanding the Basics of Payments Law" during the Nacha Payments Legal & Compliance Summit on Wednesday, December 3, 2025.

Presentation

Statehouses to Startups: Legislating the Future of Finance One State At a Time

November 18, 2025

Member Robert Savoie (Cleveland) will moderate a panel on legislating the future of finance on November 18, 2025, during the 2025 American FinTech Council (AFC) Policy Summit.

Presentation

AI in Action: Use Cases from the Leading Banks and FinTechs

September 30, 2025

Member Robert Savoie will moderate the "AI in Action: Use Cases from the Leading Banks and FinTechs" panel presentation at the AI-Native Banking and Fintech Conference at the University of Utah, Salt Lake City, on September 30, 2025.

Presentation

McGlinchey Attorneys to Participate in 2025 ABA Business Law Fall Meeting

September 18-19, 2025

McGlinchey attorneys will participate in multiple sessions during the upcoming American Bar Association (ABA) 2025 Business Law Fall Meeting in Toronto, Ontario, Canada.

Event

Deep Dive into Lending: Unsecured Lending Webinar

August 13, 2025

In this next installment of our Deep Dives into Lending series, McGlinchey attorneys Aaron Kouhoupt, Jim Sandy, and Robert Savoie will examine the latest developments shaping the space, with an eye toward both compliance and litigation trends in this interactive webinar.

Presentation

Future of Finance Webinar Series: Routing Payment Innovation Within Regulatory Checkpoints

July 24, 2025

Members Aaron Kouhoupt and Robert Savoie (Cleveland) will moderate a conversation with Ky Tran-Trong of Visa, Chris Rigoni of Axiom Bank, N.A. and Gary Stein of Accenture for an in-depth discussion on the US regulatory framework surrounding payment programs in American Fintech Council's the Future of Finance Webinar Series: Routing Payment Innovation Within Regulatory Checkpoints on July 24, 2025.

News Release

Kouhoupt Recognized Among Top 25 Financial Technology Attorneys of 2025

July 23, 2025

Aaron Kouhoupt, Chief Privacy Officer and Member of McGlinchey's Financial Institutions Compliance team, has been named as one of the Top 25 Financial Technology Attorneys of 2025 by Attorney Intel.

Published Article

FinCEN Order Allows Banks to Collect Taxpayer Information from Third Parties

July 9, 2025

In a significant move, on June 27, 2025 the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order granting banks and their subsidiaries an exemption from the Customer Identification Program (CIP) Rule of the U.S.A. PATRIOT Act.

News Release

Chambers USA 2025 Honors McGlinchey’s Financial Institutions Compliance Practice, 4 of its Attorneys

June 5, 2025

Four members are among the 49 attorneys ranked nationally in the Financial Services Regulation: Consumer Finance (Compliance) category of the 2025 Chambers USA Guide. The practice group sustained its nationwide ranking as one of 18 firms ranked in the category.

News Release

Chambers USA 2025 Recognizes 20 McGlinchey Attorneys, 7 Practices

June 5, 2025

McGlinchey Stafford is pleased to announce the recognition of 7 practices and 20 attorneys in the 2025 Chambers USA Guide. These honors span McGlinchey’s capabilities across seven offices in five states and Washington, DC.

Presentation

From Legal Obscurity to Innovation in Consumer Credit: The Shift Towards Responsible Access through Non-Traditional Methods

May 21, 2025

On Wednesday, May 21, 2025, Robert Savoie will participate in the panel session "From Legal Obscurity to Innovation in Consumer Credit: The Shift Towards Responsible Access through Non-Traditional Methods," during the NACCA 90th Annual Meeting and Regulators' Training Symposium.

Alert

FinCEN Drops Interim Rule on Reporting for U.S. Companies, But It Ain’t Over ‘Til It’s Over

March 25, 2025

Right on schedule, on March 21, 2025, FinCEN issued an Interim Final Rule that exempts U.S. companies and persons from the requirement to report, modify, or correct beneficial ownership information (BOI) under the Corporate Transparency Act (CTA).

Published Article

DIDMCA in the Age of True Lender Legislation and Opt-Outs

March 12, 2025

Member Robert Savoie (Cleveland) authored an article on the Depository Institutions and Monetary Control Act (DIDMCA) in the age of true lender legislation and opt-outs in the Conference on Consumer Finance Law (CCFL) Quarterly Report, Volume 78, No. 1.

Alert

BOI Reporting Penalties Suspended, No Need to File? Not So Fast

March 5, 2025

The U.S. Department of Treasury has suspended all penalties and fines for beneficial ownership information (BOI) reporting under the Corporate Transparency Act (CTA) for U.S. citizens and domestic reporting companies.

Published Article

The Earned Wage Access Boom: Sixteen States Propose Legislation to Regulate These Types of Products

March 3, 2025

Since the beginning of 2025, sixteen states have proposed legislation to regulate earned wage access.

Published Article

OCC Clarifies Bank Authority to Engage in Certain Cryptocurrency Activities

March 1, 2025

On March 7, 2025, the Office of the Comptroller of the Currency (“OCC”) published a new Interpretive Letter 1183 that reaffirms a range of cryptocurrency activities are permissible in the federal banking system.

Alert

Treasury Suspends CTA BOI Reporting Penalties for U.S. Companies, Individuals

March 3, 2025

On Sunday, March 2, 2025, the U.S. Department of Treasury announced, with respect to the Corporate Transparency Act (CTA), that it will not enforce penalties or fines for beneficial ownership information (BOI) reporting failures by U.S. citizens or domestic reporting companies.

Presentation

2024 Fall Conference on Consumer Finance Law

November 14-15, 2024

Members of McGlinchey’s Financial Institutions Compliance, Financial Services Litigation, and Enterprise Litigation and Investigations teams will participate in multiple sessions during the upcoming Conference on Consumer Finance Law (CCFL) Fall Consumer Financial Services Conference at SMU Dedman School of Law in Dallas, Texas.

News Release

McGlinchey Attorneys Named to Leadership Roles in ABA Business Law Section

November 28, 2023

McGlinchey Stafford is pleased to announce that several members of the firm have been appointed to leadership roles within the American Bar Association’s Business Law Section.