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CFTC Launches FinTech Innovation Initiative “LabCFTC”

by Reed Smith on

On May 17, 2017, Commodity Futures Trading Commission (“CFTC”) Acting Chairman J. Christopher Giancarlo announced an “important step forward” in bringing the CFTC’s regulations into the “digital world of the 21st century.” ...more

DocuSign Breach Leads to Email Malware Campaign Requesting Wire Transfers

Electronic signature technology company DocuSign has admitted that it suffered a breach of one of its computer systems resulting in stolen data including customer and user email addresses. The breach has allowed the hackers...more

This Week in FCPA-Episode 53, the I left my heart in San Francisco edition [Video]

by Thomas Fox on

This week, Jay and I have a wide-ranging discussion on some of the week’s top compliance related stories. We discuss: 1. Brazilian President Temer comes under corruption fire? 2. The turmoil at FIFA continues as FIFA’s...more

DocuSign Breach a Strong Reminder for the Mortgage Industry to Manage Third-Party Service Provider Risks

by Ballard Spahr LLP on

On May 16, DocuSign confirmed that a data breach resulted in widespread malware phishing attacks targeting its customers. DocuSign provides electronic signature solutions for many companies in the mortgage banking industry...more

Members Of Congress Question IRS’s Digital Currency Strategy Including “John Doe” Summons To Coinbase

by Fox Rothschild LLP on

Three influential members of Congress have questioned the Internal Revenue Service’s strategy for addressing the tax treatment of digital or virtual currencies, such as Bitcoin, and its efforts to uncover the identities of...more

Challenge and Counter-Proposal

by Moskowitz LLP on

In Part I, we outlined the scope of the November 2016 summons served on Coinbase to identify its users and their transaction activity and the IRS’ justification for requesting this data under 26 U.S. Code § 7602. Section 7602...more

Financial Services Weekly News - May 2017 #3

by Goodwin on

Editor's Note - The Dual Banking System is Working. In the April 26 edition of the Roundup, we noted that the Conference of State Bank Supervisors (CSBS) had sued the Office of the Comptroller of the Currency (OCC),...more

Settlement in Home Depot Class Action Provides Data Security Corporate Governance Framework for Companies

by Nossaman LLP on

The latest settlement in Home Depot’s data breach litigation provides a data security framework for corporate governance that may be used by other companies as a template. Based on claims arising from a massive data breach...more

Spokeo: On the One-Year Anniversary of the Pivotal Case, Insights for Retailers

by Morgan Lewis on

Dear Retail Clients and Friends, Many of you are likely familiar with the US Supreme Court’s decision in Spokeo, Inc. v. Robins. On the one-year anniversary of Spokeo, data shows that retailers’ chances of success in...more

[Webinar] Exploring Special Purpose National Bank Charters for Fintech Companies - May 24th, 1:00pm ET

Kilpatrick Townsend is pleased to present our inaugural Fintech Webinar Series designed to discuss timely topics involving the fintech industry. Please invite others from your organization and stay tuned for future fintech...more

The Summons

by Moskowitz LLP on

Coinbase is a San Francisco-based cryptocurrency exchange company that operates bitcoin and other digital asset transactions and storage for over one million users in 190 countries....more

Mexican Agency Seeks Interested Parties for Backbone Network Project

by Holland & Knight LLP on

Telecomm, a Mexican government agency, issued an international Request for Expression of Interest (RFEI) on May 12, 2017, for parties seeking to participate in the Backbone Network Project (Red Troncal). Background -...more

Brooks Brothers Reports Payment Card Data Breach

A lawyer’s nightmare: retailer Brooks Brothers announced late last week that it has become the newest retailer to suffer a payment card data breach. According to Brooks Brothers, which is calling it a “data incident”,...more

Yesterday, #WannaCry. Today, #DocuSignPhish

Another day, another data incident. If you use DocuSign, you’ll want to pay attention. The provider of e-signature technology has acknowledged a data breach incident in which an unauthorized third party gained access to...more

State-chartered fintech banking and financial services: What solutions will states pursue?

by Thompson Coburn LLP on

State-chartered banks and non-banks alike face a challenging 50-state regulatory regime when offering interstate internet banking and financial services, which puts them at a competitive disadvantage when compared to national...more

European Commission Final Report on E-Commerce Sector Inquiry

by McDermott Will & Emery on

On 10 May 2017, the European Commission published its final report on the e-commerce sector inquiry. The report is divided into two sections, covering e-commerce issues in relation to consumer goods and digital content. It...more

Bank of England Launches Blueprint on New RTGS Service

by Latham & Watkins LLP on

RTGS service to be interoperable with distributed ledger technology, to allow greater access and to provide sophisticated data interface for liquidity management. There is an important opportunity for early-stage...more

Vision 2020: an alternative to an OCC fintech charter?

by Ballard Spahr LLP on

On May 10, the Conference of State Bank Supervisors (CSBS) announced a series of initiatives (branded as Vision 2020) designed to modernize state regulation of non-banks. The announcement specifically calls out financial...more

New York DFS files lawsuit challenging OCC special purpose national bank charter for fintech companies

by Ballard Spahr LLP on

The New York Department of Financial Supervision (DFS) has filed a complaint in a New York federal district court to stop the Office of the Comptroller of the Currency (OCC) from implementing its proposal to issue special...more

Consumer Financial Services Newsletter - May 2017

by Hinshaw & Culbertson LLP on

Southern District of California Denies Certification of Wrong Number TCPA Class - On March 28, 2017, the Southern District of California denied class certification in a case arising under the TCPA. Plaintiff alleged that...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A series of cyberattacks featuring ransomware rocked the world this weekend, and the aftershocks “could linger” for a while....more

State Regulation of Distributed Ledger Technology

by Goodwin on

While the federal government has taken a variety of different positions in regulating distributed ledger technology, there are several important trends that are emerging in states’ regulation of such technology...more

OCC to Move Forward with Considering Fintech Charter Applications

The OCC’s announcement to move forward considering fintech charter applications has potentially significant industry, policy and practical implications. This presentation explores industry reaction to the OCC’s decision,...more

State Regulators Seek to Reduce Regulatory Burden for Money Services Businesses

by Stinson Leonard Street on

A new Money Services Business (MSB) Call Report was released on April 18, 2017 and is the next step for state regulators towards standardization of MSB regulation, including regulation of certain FinTech companies. The...more

Blog: GAO Releases Fintech Report

by Cooley LLP on

In April, the Government Accountability Office (GAO), an independent agency that oversees government spending, released a report on fintech to help Congress better understand the industry. The report focused on the...more

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