What progress has the Conference of State Bank Supervisors (CSBS) made in implementing the 2019 recommendations of the Fintech Industry Advisory Panel (the “Advisory Panel”) related to Vision 2020, its bold approach to...more
Has the Secure and Fair Enforcement (SAFE) Banking Act hit a snag in Congress?
After making it farther than any prior legislation enabling financial services to be provided to legitimate marijuana businesses, the bill...more
In the latest battle over the Office of the Comptroller of the Currency’s (OCC’s) plan to issue special purpose national bank (SPNB) charters, a D.C. federal judge has for a second time dismissed a lawsuit brought by the...more
Shining the light on previously undisclosed examination practices, federal banking regulators and other entities issued an important joint statement addressing their risk-focused approach to BSA/AML examinations....more
A recently released report from the Office of the Comptroller of the Currency (OCC) identified key areas of risk that pose a threat to the safety and soundness of the federal banking system....more
Support continues to build for the Secure and Fair Enforcement (SAFE) Banking Act, with a coalition of 38 state and territorial Attorneys General as well as the American Bankers Association (ABA) writing to lawmakers to urge...more
Lawmakers recently met to consider cannabis banking, discussing two different bills that have been introduced to solve the problem of providing financial services to an industry that operates under a cloud imposed by federal...more
The future of financial services for marijuana businesses may be brighter if current nominee for attorney general William Barr is confirmed by the U.S. Senate for the position....more
A new study has cast a shadow on plans for a state-owned bank to service the cannabis industry in California.
After recreational pot became legal in the state last year, regulators considered the option of a state-run bank...more
Just a few weeks after the New York Department of Financial Services (DFS) filed its second lawsuit challenging the decision by the Office of the Comptroller of the Currency (OCC) to offer a federal bank charter for fintech...more
In an effort to facilitate real-time interbank settlement of faster payments, the Federal Reserve Board (FRB) is asking for input from industry stakeholders on the best options.
In a request for comment, the FRB outlines...more
Community banks and smaller financial institutions take note: the five federal banking agencies are encouraging banks and credit unions to enter into collaborative arrangements to share resources to more effectively and...more
Here we go again: The New York Department of Financial Services (DFS) has filed its second lawsuit against the Office of the Comptroller of the Currency (OCC) over the agency’s plan to permit fintech companies to apply for...more
In the latest state-level communication directed toward the federal government, more than a dozen state banking supervisors encouraged congressional leadership to enact a safe harbor for financial institutions working with...more
States are pushing to allow or encourage banking services to be provided to marijuana-related businesses, with efforts spreading from California to New York....more
As the Consumer Financial Protection Bureau (CFPB or Bureau) withdraws from enforcement, activity continues in the courts and with certain other regulators. In Texas, a federal court denied a stay of the looming compliance...more
The U.S. Supreme Court denied a request to review the U.S. Court of Appeals for the Second Circuit's ruling overturning a $7.25 billion settlement agreement in a case brought by retailers against the card networks and banks,...more