Payward Ventures, Inc., d/b/a Kraken, the cryptocurrency exchange, has entered into a $30 million settlement agreement with the U.S. Securities and Exchange Commission (SEC) over allegations the company failed to register its...more
The cryptocurrency and blockchain industry has developed over the past decade with a large and increasingly glaring void: What regulations ultimately will apply and who will regulate the space? Much regulatory focus to date...more
3/4/2022
/ Alternative Trading System (ATS) ,
Blockchain ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Financial Fraud ,
FinTech ,
Howey ,
Investment Contract ,
Money Laundering ,
Popular ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Virtual Currency
In a recent article, SEC Commissioner Caroline A. Crenshaw encouraged decentralized finance (DeFi) participants to voluntarily comply with securities law regulations, in particular those governing risk disclosure, warning...more
11/12/2021
/ Bitcoin ,
Blockchain ,
Consumer Financial Products ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Currency ,
Financial Instruments ,
Financial Markets ,
Financial Services Industry ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Virtual Currency
New rules will simplify the notice filing process for private placements by requiring filings be made on a Form D via the North American Securities Administrators Association multistate Electronic Filing Depository,...more
On April 9, the Federal Reserve took the following actions to provide up to an additional $2.3 trillion in economic aid to support the economy during the coronavirus pandemic...more
As expected, the Office of the Comptroller of the Currency (OCC) has requested a federal appeals court to reverse a decision by a lower court denying the OCC’s motion to dismiss a lawsuit challenging its plans to issue...more
Taking a break after eight brisk years of regulatory and litigious turbulence, the world of fintech and marketplace lending in 2019 was notable for being more business as usual, or what some might call a “ho hum” year of...more
In the latest student lending happenings, a group of state attorneys general wrote to the Department of Education seeking confirmation of student loan discharge relief to thousands of borrowers, while a consumer group filed...more
In a welcome development for fintechs, lenders and investors, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) separately have proposed regulations to address the...more
A new bill introduced in both houses of Congress would extend the Military Lending Act’s (MLA’s) 36 percent per annum interest rate cap to all consumer borrowers, not just military service members. The change would affect all...more
Oversight of student loan servicing remains top of mind for state regulators, with new regulations taking effect in New York, California, Colorado and Maine, and with several other states considering similar measures.
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Student loan servicers should prepare for heightened regulation with the passage of a new law in New York and new regulations in effect in California.
In addition, the California legislature is considering a new bill that...more
After eight years of litigation—and a major ruling from the U.S. Court of Appeals for the Second Circuit that has spawned uncertainty and a chilling effect for lenders—the parties in Madden v. Midland Funding have reached a...more
Financial technology news includes the continuing battle over the Office of the Comptroller of the Currency’s (OCC) plan to issue special-purpose national bank (“fintech”) charters, with the agency seeking to dismiss lawsuits...more
State regulators have reached an agreement on multistate licensing and supervision standards for the financial technology industry, drawing from recommendations made by a group of several dozen fintech companies....more
In the financial technology industry (fintech), 2018 was a fascinating and fast-paced year. The digital finance industry has started to mature and flourish, with more creative niche originators than ever before, more...more
The Federal Deposit Insurance Corporation (FDIC) has signaled renewed interest in small-dollar lending. In a new Request for Information (RFI), the regulator sought input on how it can encourage its supervised institutions to...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 a sign that the California Department of Business Oversight (DBO) is contemplating new enforcement activity or possibly proposed regulations in the lending space, the DBO sent letters to 20 consumer installment lenders...more
A reminder from the New York Department of Financial Services (DFS): Beginning Sept. 4, all banks, insurance companies and other financial services institutions regulated by the DFS must begin complying with several...more
State regulators are keeping a close eye on cryptocurrency and digital lending activities, with a cease and desist order involving bitcoin and a new law targeting online lenders....more
In a decision long anticipated by the fintech industry and opposed by multiple state regulators, on July 31 the Office of the Comptroller of the Currency (OCC) announced it will accept applications for special purpose...more
The California Department of Business Oversight (DBO) released a pair of reports on installment consumer lending for 2017, finding that the combined dollar amount of installment consumer loans by nonbanks in the state fell...more
Top Five 2017 Takeaways From Manatt’s Digital Finance and Marketplace Lending Team -
2017 was a banner year for digital finance, as cryptocurrency made headlines, the SEC cracked down on ICOs, alternative lenders broadened...more
The SEC has filed charges against multiple ICO sponsors alleging securities law violations.
The Securities and Exchange Commission (the Commission) has put its digital money where its mouth is. After concluding in a July...more