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Florida Lawmakers Seek to Bring Virtual Currency into the Fold

by Ballard Spahr LLP on

On Monday, the state of Florida moved a step closer towards amending its money laundering statute to include the nefarious use of bitcoin and other virtual currencies. The bill, H.B. 1379, has sailed through a committee vote...more

New Mexico becomes 48th state to enact data breach notification law

by Ballard Spahr LLP on

New Mexico recently became the 48th state to enact a data breach notification law. This continues the accelerated pace of state data breach legislative activity in the last two years. Since 2015, at least 41 states have...more

Colorado Regulator Proposes New Cybersecurity Rules for Financial Institutions

Increasingly, states are enacting cybersecurity regulations for financial institutions and investment advisors. Following New York’s groundbreaking regulation, Colorado recently proposed changes to its state...more

Controversial NY lender and student loan servicer licensing proposals removed from budget bill

by Ballard Spahr LLP on

A New York lender licensing proposal that threatened to create new regulatory burdens for financial service providers and to potentially adversely affect credit availability to New York residents and businesses, has been...more

House Republicans Challenge OCC Fintech Charter

Bank charters for FinTech companies have become a point of contention between Congress and the Office of the Comptroller of the Currency. However, in response to concerns that the OCC is moving too quickly, FinTech attorney...more

OCC won’t allow fintech national bank charters for commercial firms, addressing potential Walmart fintech bank concerns

by Thompson Coburn LLP on

The Office of the Comptroller of the Currency issued guidance this week stating that it will not approve any fintech national bank application that would “inappropriately commingle banking and commerce,” citing potential...more

Lawmaker seeks CFPB fair lending investigation of fintech small business lenders

by Ballard Spahr LLP on

A Democratic congressman has raised concerns about potentially discriminatory lending practices used by fintech companies that extend credit to small businesses, calling on the CFPB “to vigorously investigate whether [such...more

Legislative Proposal Addresses Use of Blockchain Technology by Delaware Corporations

The Corporate Council of The Corporation Law Section of the Delaware State Bar Association has prepared proposed amendments to the Delaware General Corporation Law to facilitate the use of block chain technology for...more

Proposed Federal Cybersecurity Regulations for Financial Institutions Face an Uncertain Future

Last year’s proposed comprehensive framework for cybersecurity rules for large financial institutions is suddenly facing an uncertain future. With the comment period having closed as of February 2017, the framework was facing...more

News Round Up - March 2017

by Morrison & Foerster LLP on

Changes Afoot? - President Trump has issued a number of orders that have as their aim reducing regulatory burdens. For example, there is the January 30, 2017 “two for one” order, which contemplates that, for each new rule...more

Seeking to Restrict Chinese Investment in the U.S., Congress Considering CFIUS Reforms

by Hogan Lovells on

Lawmakers in both the U.S. House of Representatives and Senate are examining ways to restrict Chinese investment in the United States by reforming national security reviews conducted by the Committee on Foreign Investment in...more

Spring has Sprung — and so have New York Cybersecurity Regs

The beginning of March, and a spell of unseasonably warm weather, graced the Northeast this week. So too did New York’s first-in-the-nation cybersecurity regulations. As we reported here in January, the initial launch of...more

Rollback of SEC Regulations Promulgated Under Dodd-Frank Has Begun

by Cozen O'Connor on

In several uncoordinated actions, the dismantling of Securities and Exchange Commission (SEC) regulations promulgated under The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) has begun. In two...more

"Despite Aversion to Regulation, Trump May Expand Cybersecurity Efforts"

President Donald Trump’s statements to date on regulation in general and cybersecurity regulation in particular suggest a conflict between his desire to strengthen the country’s cybersecurity efforts and his general antipathy...more

New York State Department of Financial Services Superintendent Submits Comment Letter to US Office of the Comptroller of the...

by Shearman & Sterling LLP on

NYSDFS Superintendent Maria T. Vullo submitted a comment letter opposing the OCC’s proposal to create a new national bank charter for FinTech companies. Vullo noted that a one-size-fits-all federal charter will not work to...more

NY Department of Financial Services Joins Opposition to the OCC’s Proposed FinTech Charter

by Goodwin on

On January 17, 2017, Maria Vullo, the Superintendent of the New York State Department of Financial Services (NY DFS) sent a letter to the Office of the Comptroller Currency (OCC), opposing the OCC’s proposed special purpose...more

Parting Shot: Outgoing Administration Releases FinTech White Paper

by Morrison & Foerster LLP on

On January 13, 2017, a week before the change in Administration, the Obama White House issued a white paper entitled “A Framework for FinTech” (“White Paper”). The White Paper highlights various financial technology...more

French Legal and Regulatory Update – December 2016

by Hogan Lovells on

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for December 2016. Please see full...more

Obama Administration Issues Changes to Iran Sanctions Regulations That Benefit Exporters of Medicine, Medical Devices and...

by Hogan Lovells on

On December 23, 2016, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) published a number of changes to the Iranian Transactions and Sanctions Regulations (“ITSR,” 31 C.F.R. Part 560) that expanded the...more

Cannabis Banking – (Perhaps) There Is An App For That

Simply stated, voter approval of Prop. 64 did not solve the California Cannabis Industry’s banking problem. It does not matter that cannabis – recreational or medicinal – is legal in California. In order to participate in the...more

Obama Administration Issues a Fintech Policy Whitepaper

On January 13, 2017, the National Economic Council published a whitepaper that articulates the Obama Administration’s perspective on and vision for FinTech. The whitepaper builds upon the June 2016 White House FinTech Summit,...more

The Obama Administration Eases Sanctions Against Sudan

by Hogan Lovells on

On January 13, 2017, the White House, the U.S. Department of Treasury ’s Office of Foreign Assets Control (OFAC) , and the U.S. Department of Commerce ’s Bureau of Industry and Security (BIS) announced a host of policy...more

Fintech Advocacy Group Reaches Out To Trump

A financial technology advocacy group has reached out to President-elect Donald J. Trump, encouraging him to create a new position at the Treasury Department to support fintech. The position that the President-elect and his...more

Senior MP Calls for Regulatory Crackdown on Banks’ IT Systems: 3 Things You Can do to Prepare

by Latham & Watkins LLP on

The recent cyberattack on Tesco Bank’s IT systems has prompted Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, to call on regulators to take action against vulnerable bank IT systems... ...more

Recent Developments on Review of Foreign Investment into Germany: Is the German Government Tightening the Rules?

by Dechert LLP on

A brief orientation on the German foreign investment approval procedure - Highlights - - For the first time ever the German Federal Ministry for Economic Affairs and Energy has withdrawn an already granted...more

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