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CSBS Emerging Payments Task Force Issues Virtual Currency Policy Framework

The recently formed Emerging Payments Task Force of the Conference of State Bank Supervisors (CSBS) issued a proposed policy on state virtual currency regulation on Dec. 16, 2014 (the “Policy”). The Policy identifies core...more

12/22/2014 - Bitcoins BitLicense BSA/AML CSBS Licensing Rules Regulatory Agenda Virtual Currency

State Virtual Currency Regulatory Heat Map

As we approach the end of a very active year in the emergence of virtual currency regulation, we developed a heat map of the regulatory climate faced by virtual currency wallet providers and exchanges – entities who maintain...more

12/22/2014 - Bank Secrecy Act Regulatory Standards Virtual Currency

California Adds Limited Agent of A Payee Exemption to Its Money Transmitter Licensing Requirement; Relaxes “Right To Refund”...

Following an extended period of public comment and modifications to the bill beginning in March of 2013, the California legislature recently amended its Money Transmission Act to exempt from licensure companies that process...more

10/9/2014 - Agents Licensing Rules Money Transmission Act Money Transmitter

CFPB Issues Consumer Advisory on the “Wild West” of the Virtual Currency Economy

The Consumer Financial Protection Bureau (“CFPB”) recently issued a consumer advisory summarizing the purported risks of virtual currencies, and announced that it would begin collecting complaints from the public regarding...more

8/21/2014 - Bitcoins CFPB Popular Virtual Currency

New York Becomes First State to Propose Virtual Currency Regulations

On July 17, 2014, the New York State Department of Financial Services (DFS) became the first state agency to release proposed regulations specifically governing the crypto-currency industry. The proposed regulations were...more

8/14/2014 - Administrative Procedure Act Bitcoins Financial Regulatory Reform Popular Virtual Currency

Virtual Currency Round-Up: NY Mulls Bitcoin License; FinCEN Issues Opinion Letters on Bitcoin Mining, Software Providers and...

New York Department of Financial Services Superintendent Benjamin Lawsky said the agency is considering a “BitLicense” in hearings held Jan. 28-29 in New York City. The Department will develop a virtual currency regulatory...more

2/7/2014 - Bitcoins FinCEN Virtual Currency

Virtual Currency Resources

Decentralized virtual currencies (also called math-based, crypto-, or alt-currencies) harness the Internet’s distributed architecture and vast processing power to provide an entirely new platform for payments innovation....more

1/15/2014 - Bitcoins Internet Retailers Online Gaming Virtual Currency

Virtual Currency Year-In-Review: Bitcoin and Beyond

Bitcoin and other decentralized, math-based virtual currencies emerged in 2013 as nascent challenges to traditional payment systems, drawing widespread public attention, venture capital investment, and regulatory scrutiny....more

1/2/2014 - Bitcoins DHS FinCEN GAO Hedge Funds Money Laundering SEC Silk Road U.S. Treasury Virtual Currency

Overdraft Confusion: CFPB White Paper and Pew Center Survey highlight consumer misunderstanding

The Consumer Financial Protection Bureau recently published a whitepaper resulting from a year-long inquiry into the overdraft programs for consumer checking accounts, outlining the incidence of consumer overdrafts, the high...more

6/13/2013 - Banks CFPB Overdraft Fees

CFPB Charts Course for Dodd-Frank Enforcement Coordination with State Financial Regulators

The Consumer Financial Protection Bureau (“CFPB”) and the Conference of State Bank Supervisors recently published a road map for coordination of enforcement powers between the CFPB and state regulators (the “Framework”) over...more

6/10/2013 - CFPB Consumer Financial Products Dodd-Frank Jurisdiction Memorandum of Understanding State Regulators

FTC Solicits Input on Possible Ban of Payment Methods Preferred by Fraudsters

The Federal Trade Commission (“FTC”) announced today that it is seeking public commentary on proposed changes to the Telemarketing Sales Rule (“TSR”) that would ban the use of the following types of payments by telemarketers...more

5/22/2013 - Fees Fraud FTC Money Transfer Payment Methods Payment Processors RCCs RCPOs Telemarketing Telemarketing Sales Rule

California Money Transmitter Law Resources – Legislative Hearings and Public Comment

The California legislature recently held public hearings to discuss forthcoming California Money Transmission Act regulations. Amendments to the Act in 2010 have caused significant confusion in the marketplace because the act...more

3/25/2013 - Money Transmission Act

Georgia’s New Merchant Acquirer Bank Charter: “Wait and See”

The creation of a first-of-its-kind merchant acquirer bank charter in Georgia last March generated considerable initial interest within the payment processing industry, but non-bank payment processors that want to establish...more

12/4/2012 - Merchant Acquirer Banks

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