Why it matters - Some bank vendors may cautiously smile when the FDIC makes a point that providing accounts and other services to payday lenders is fine, the Federal Deposit Insurance Corporation (FDIC) told banks by...more
Why it matters - A D.C. federal court judge issued a mixed ruling in a suit brought on behalf of payday lenders against the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board of Governors, and the...more
In a June 2014 alert, we discussed Community Financial Services Association vs. Federal Deposit Insurance Corporation, a payday loan industry suit challenging on various grounds certain supervisory and interpretive statements...more
Regulatory Developments - NYDFS Announces Approval of First BitLicense Application from a Virtual Currency Firm: The New York State Department of Financial Services (NYDFS) announced Sept. 22 that it has approved...more
During 2014, the number of enforcement actions brought by federal banking agencies1 continued a downward trend that began in 2011. Federal banking agencies issued 661 formal enforcement actions, representing more than a 55...more