News & Analysis as of

Digital Currency Banking Sector

Allen Matkins

California Court Upholds Daily Transaction Limits On Bitcoin ATMs

Allen Matkins on

A year ago, Governor Gavin Newsom signed two bills,  Assembly Bill 39 and Senate Bill 401, that created the California Digital Financial Assets Law.  SB 401 added Section 3902 to the Financial Code to prohibit an operator of...more

Holland & Knight LLP

Banco de la República analiza beneficios y riesgos de emitir una moneda digital en Colombia

Holland & Knight LLP on

Con una visión estratégica sobre el futuro del sistema financiero colombiano, el Banco de la República ha publicado un análisis exhaustivo de los beneficios y riesgos asociados a la emisión de una moneda digital de banco...more

Awatif Mohammad Shoqi Advocates & Legal...

New Amendments to the UAE Banking Law: Enhancing Efficiency and Stability

In recent years, the UAE has continuously updated its legal framework to enhance regulatory oversight and adapt to global financial trends. One significant development is the amended Federal Decree-Law No. 14/2018 on the...more

Awatif Mohammad Shoqi Advocates & Legal...

Navigating New Rules: Challenges for Investors and Banks in UAE Banking Law Amendments

The Federal Decree-Law No. 14/2018 on the Central Bank and the Organisation of Financial Institutions and Activities, along with its recent amendments outlined in Federal Decree-Law No. 54/2023, has introduced significant...more

Morgan Lewis

The Trends—and Traps—that Will Shape 2024

Morgan Lewis on

At a time marked by themes of “push” and “pull,” organizations across all sectors and jurisdictions are grappling with the pursuit of innovation within an increasingly complex regulatory framework. Over the next 12 months,...more

American Conference Institute (ACI)

[Event] 24th National Forum on Prepaid Accounts Compliance - April 8th, New York, NY

The 24th National Forum on Prepaid Accounts Compliance will address the latest developments impacting the prepaid industry and provide answers to the most pressing questions and challenges being faced by practitioners in this...more

Orrick, Herrington & Sutcliffe LLP

Chopra foreshadows expanding oversight over digital payments

On October 6, CFPB Director Rohit Chopra spoke at a digital payments event where he described the risks posed by private digital currencies and digital payments systems and provided steps that would increase the CFPB...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: What is FedNow and its Role in the U.S. Payments System?

Ballard Spahr LLP on

Our special guest is Professor Dan Awrey of Cornell Law School. In July 2023, the Federal Reserve launched FedNow, its instant payments system. After reviewing what FedNow is (and is not), we discuss FedNow’s design features...more

Orrick, Herrington & Sutcliffe LLP

Fed suggests enhancing supervision of “novel activities” by banks

On August 8, the Federal Reserve Board announced the issuance of two supervision letters that elaborate on the its program to supervise “novel activities” such as fintech partnerships, crypto-related activities, and...more

Morgan Lewis - All Things FinReg

Federal Reserve Announces Supervisory Developments for Dollar Tokens and ‘Novel Activities’ – But What’s New?

The Board of Governors of the Federal Reserve System (Federal Reserve) took another tepid step into the digital asset space on August 8, announcing that it has established a program to “enhance the supervision of novel...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, V 4, Issue 1, June 2023

CFPB - Regulators Take Aim at AI to Protect Consumers and Workers - “In the past year, the Consumer Finance Protection Bureau said it has fined banks over mismanaged automated systems that resulted in wrongful home...more

Brownstein Hyatt Farber Schreck

Crypto Policy Questions Linger Weeks After Historic Banking Crisis

The crypto industry is at a critical juncture: As it continues to operate absent clear regulatory guidance (other than by enforcement) and prospects dim for legislation that would create a roadmap for regulation—the...more

Harris Beach PLLC

Bank Collapses Shake Financial and Tech Sectors

Harris Beach PLLC on

The past week delivered three major shocks to the financial and tech worlds: first, the March 8 failure of Silvergate Bank; second, the sudden, March 10 failure of Silicon Valley Bank (“SVB”); and third, the weekend collapse...more

Poyner Spruill LLP

The Federal Reserve’s Rejection of SPDI Custodia Bank’s Applications

Poyner Spruill LLP on

On January 27, 2023, the Federal Reserve rejected Custodia’s August 2021 application to be a Federal Reserve member bank. On the same day, the Kansas City Federal Reserve denied Custodia’s October 2020 application for a...more

White & Case LLP

A New “Operation Choke Point”? The Quickly Changing Rules on Crypto Activities for Member Banks

White & Case LLP on

In an effort to align the permissibility of crypto activities for all member banks of the Federal Reserve System (the "FRS", which includes all national banks and state member banks), the Board of Governors of the Federal...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Edinburgh Reforms: Big Bang 2.0 or Thoughtful Change?

Following the recently introduced Solvency UK for insurers, the UK Chancellor of the Exchequer Jeremy Hunt (the UK finance minister) has announced the Edinburgh Reforms, a further series of reforms aimed at the UK financial...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: Issue 12, December 2022

US Senators Ask SoFi About Its Banking Law Compliance = “Four U.S. senators have signed a letter to SoFi Technologies CEO Anthony Noto expressing concerns about the online personal finance company and online bank’s digital...more

McGlinchey Stafford

OCC Advises “Careful and Cautious” Approach to FinTech-Bank Partnerships

McGlinchey Stafford on

On Wednesday, September 7, 2022, acting Comptroller of the Currency Michael J. Hsu gave remarks in New York City at the Clearing House + Bank Policy Institute Annual Conference. Hsu’s remarks, “Safeguarding Trust in Banking:...more

Venable LLP

ETA FinTech Policy Forum

Venable LLP on

​​​​​​​This note summarizes the federal regulator panels at ETA's annual FinTech Policy Forum, which was hosted by Venable in our Washington, DC office. We provide key takeaways from the discussions with (a) CFPB Director...more

Oberheiden P.C.

What Institutional Bankers Should Know About Cryptocurrency and Anti-Money Laundering Laws

Oberheiden P.C. on

For all of its upheaval, cryptocurrency seems like it is here to stay. This presents virtual currency businesses and institutional bankers with a dilemma: Do they capitalize on the increasingly powerful trend, or do they wait...more

A&O Shearman

Fed Imposes New Roadblock on Banks’ Crypto Activities

A&O Shearman on

Today, the Fed announced a new procedural requirement for banks seeking to engage in crypto activities. Going forward, a bank must provide formal notice to its lead supervisory contact at the Fed “prior to engaging in any...more

Seward & Kissel LLP

FDIC Adopts Rule Prohibiting Misleading Statements About FDIC Insurance that Impacts a Broad Range of Deposit Placement...

Seward & Kissel LLP on

Introduction - On May 17, 2022, the Board of Directors of the Federal Deposit Insurance Corporation (“FDIC”) adopted a final rule (“Rule”) setting forth its procedures for investigating and enforcing false advertising,...more

Alston & Bird

U.S. Government Steps Up Its Enforcement in the Digital Assets Space

Alston & Bird on

Our Blockchain & Digital Assets Team offers a snapshot sample of significant recent developments by a panoply of federal agencies and departments that represent the expanding array of enforcement tools used by federal...more

A&O Shearman

OCC Issues Consent Order Against A Digital Bank

A&O Shearman on

On April 21, 2022, the Office of the Comptroller of the Currency (OCC) issued a consent order against Anchorage Digital Bank, a digital asset bank based in South Dakota. Notably, Anchorage had previously become the first...more

A&O Shearman

European Commission Consults on Potential Digital Euro

A&O Shearman on

The European Commission has launched a targeted consultation on a possible digital euro. The EU is considering introducing a digital euro for retail payments, which would be available alongside cash. A decision has not yet...more

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