On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) released its long-awaited "Required Rulemaking on Personal Financial Data Rights" (Proposed Rule) for public comment. The Proposed Rule was issued under...more
10/26/2023
/ Compliance ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumers ,
Data Privacy ,
Enforcement ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
FinTech ,
Gramm-Leach-Blilely Act ,
Liability ,
Open Banking ,
Proposed Rules ,
Shareholders
On August 29, 2023, the Board of Governors of the Federal Reserve System (FRB), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (collectively, FBAs) issued requests for...more
9/8/2023
/ Banking Sector ,
Bankruptcy Code ,
Debt ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
Foreign Banks ,
Global Systemically Important Banks (G-SIBs) ,
Interagency Guidance ,
NPR ,
OCC ,
Regulatory Standards
On July 27, 2023, the Board of Governors of the Federal Reserve System (FRB), the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, FBAs) issued their long-awaited...more
On June 6, 2023, the Federal Reserve Board of Governors, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly issued final third-party risk management guidance for supervised...more
On February 7, 2023, the Bank of England (BoE) released two documents concerning a central bank digital currency (CBDC), a prospective government-backed digital form of U.K. currency also known as the "digital pound." ...more
Is my money safe? It's a question that we haven't heard very much in over twelve years.
Most businesses and people have no experience with troubled banks and potential bank failures....more
On February 15, 2023, the Securities and Exchange Commission (SEC) voted 4-1 to propose amendments to the investment adviser custody rule, Rule 206(4)-2 under the Investment Advisers Act of 1940 (Act), and redesignate it as...more
Following the White House's Digital Assets Executive Order from March 2022 (summarized here), our September 2022 update provides an in-depth look at select follow-up reports issued by the U.S. Department of Justice and the...more
The U.S. Department of Treasury, in coordination with various federal entities, released three anticipated reports on digital assets: (i) a U.S. central bank digital currency (CBDC) report entitled "The Future of Money and...more
With founders and investors in the Project W community increasingly innovating with and investing in digital assets, we asked Alexandra Barrage, a partner in DWT's Financial Services Practice Group and the leader of Project...more
7/19/2022
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Executive Orders ,
FDIC ,
Federal Deposit Insurance Act ,
Stablecoins ,
Venture Capital ,
World Bank
On May 17, 2022, the FDIC board approved a final rule, effective July 5, 2022, addressing false advertising, misuse of the FDIC's name, and misrepresentations about deposit insurance, based on section 18(a)(4) of the Federal...more
On April 6, 2022, Ranking Member of the Senate Banking Committee Senator Toomey (R-PA) released the Stablecoin Trust Act of 2022 (Draft Bill), marking a milestone in his continued effort to provide clarity on a regulatory...more
Key developments in the United States over the past several months have kicked the digital currency transformation discussion into high gear. After the President’s Working Group on Financial Markets’ November 2021 Report on...more
Our team is pleased to announce an important publication on crypto developments and future stablecoin regulation in the United States. Here we provide a brief overview of stablecoins, outline various risks and policy concerns...more