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Licenses Financial Services Industry

Orrick, Herrington & Sutcliffe LLP

New Hampshire enacts a new money transmission law

On August 23, New Hampshire Governor Chris Sununu signed HB 1241 (the “Act”) into law, creating new money transmitter licensing requirements, and adjusting renewal procedures for certain consumer credit entities. The Act...more

Goodwin

California DFPI Revokes Company's Lending License for Failing to Comply with Regulatory Exam

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On July 10, 2024, the California Department of Financial Protection and Innovation (DFPI) issued an order revoking the California Financing Law license of a company that had offered both individual and business loans in the...more

Allen Matkins

California Bill Would Require Licensing Of Commercial Financing Providers

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Last week, Senator Steven M. Glazer introduced a bill, SB 1482,  that would require licensing of "commercial financing providers" and "commercial financing brokers" with the Department of Financial Protection & Innovation...more

Seyfarth Shaw LLP

The Week in Weed: January 2023 # 3

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Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. This week, we turn our attention to Europe, where we have an update on the German legalization situation. Closer to...more

K2 Integrity

Sanctions Against Russia: U.S. Introduces New Russia-Related Sanctions Targeting Foreign Financial Institutions And Tightens Other...

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On 22 December 2023, the Biden administration issued Executive Order 14114, “Taking Additional Steps with Respect to the Russian Federation’s Harmful Activities” (EO 14114), thereby amending EOs 14024 and 14068. The new EO...more

Allen Matkins

DFPI Invites Comments On DFAL Rulemaking

Allen Matkins on

In October, I reported on the Governor's signing of AB 39 which creates the Digital Financial Assets Law.   On or after July 1, 2025, the DFAL will prohibit a person from engaging in digital financial asset business activity...more

Troutman Pepper

New Jersey Federal Court Dismisses FDCPA Claim Based on Alleged Failure to Obtain Proper License for Lack of Standing

Troutman Pepper on

In Valentine v. Mullooly, Jeffrey, Rooney & Fylnn LLP the U.S. District Court for the District of New Jersey found that the plaintiff had not suffered an injury in fact and therefore lacked standing to assert a claim under...more

Pullman & Comley, LLC

Connecticut's Highly-Anticipated Canna-Business Revolving Loan Fund is Launched: Informational Webinars this Week

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On August 28, 2023 the Social Equity Council (SEC) and Connecticut’s Department of Economic and Community Development (DECD) announced the launch of the much anticipated Canna-Business Revolving Loan Fund that will provide...more

Walkers

Regulation of virtual asset service providers (VASPs) in Guernsey

Walkers on

This briefing is the fourth in a series of briefings by Walkers on the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the "LCFL"), and provides an overview of the licensing regime applicable to Virtual Asset...more

Walkers

Regulation of financial firm business in Guernsey

Walkers on

This briefing is the third in a series of briefings by Walkers on the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the "LCFL"), and provides an overview of the licensing regime applicable to "financial firm...more

Walkers

Regulation of consumer lending and credit business in Guernsey

Walkers on

This briefing is the second in a series of briefings by Walkers on the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “LCFL”), and provides an overview of the licensing regime applicable to consumer...more

Nelson Mullins Riley & Scarborough LLP

[Webinar] FinTech University: FinTech and International Law - June 6th, 2:00 pm - 3:00 pm EDT

Join us for the next edition of FinTech University as we focus on FinTech and International Law. This webinar will provide an overview of recent developments and the legal framework for companies operating in FinTech -...more

Orrick, Herrington & Sutcliffe LLP

California Dept. of Real Estate reminds licensees of fiduciary duty requirements

The California Department of Real Estate (DRE) recently reminded real estate licensees with a mortgage loan origination (MLO) endorsement of their fiduciary duty to borrowers. ...more

Orrick, Herrington & Sutcliffe LLP

OCC revises guidance on branch closings

On February 7, the OCC released an updated version of the “Branch Closings” booklet of the Comptroller’s Licensing Manual. According to OCC Bulletin 2023-6, the revised licensing booklet, which outlines policies and...more

Orrick, Herrington & Sutcliffe LLP

OCC revises Comptroller’s Licensing Manual

On January 19, the OCC announced an updated version of the “Branches and Relocations” booklet of the Comptroller’s Licensing Manual. According to Bulletin 2023-04, the revised booklet replaces booklet of the same title issued...more

Shipkevich PLLC

New York Issues New Guidance on Crypto Currency Custodial Structures

Shipkevich PLLC on

On January 23, 2023, New York Department of Financial Services (DFS) released regulatory guidance to better protect customers in the event of virtual currency insolvency. The guidance is not binding, but rather persuasive...more

Orrick, Herrington & Sutcliffe LLP

Ohio will grant occupational licenses to applicants experienced in another state

On January 2, the Ohio governor signed SB 131, which, among other things, requires “an occupational licensing authority to issue a license or government certification to an applicant who holds a license, government...more

White & Case LLP

New York State Department of Financial Services and Coinbase reach $100 Million Settlement

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The New York State Department of Financial Services ("NYDFS") announced on January 4 that it had reached a $100 million settlement with Coinbase, Inc. ("Coinbase") for failures in its Bank Secrecy Act and anti-money...more

Orrick, Herrington & Sutcliffe LLP

Washington issues work from home regulations

Recently, the Washington Department of Financial Institutions adopted regulations implementing amendments to the Consumer Loan Act and the Mortgage Broker Practices Act. ...more

Sheppard Mullin Richter & Hampton LLP

Connecticut Stops FinTech from Unlicensed Lending Activities

On May 4, the Connecticut Department of Banking issued a temporary cease and desist order directing a peer-to-peer lending platform that connected borrowers with third-party lenders to cease its lending-related activities on...more

McGlinchey Stafford

Practical Tips for Launching a Consumer Finance Product in the U.S.

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Whether you are an existing domestic company expanding to offer a consumer finance product or service, a new domestic company looking to enter the space as a start-up, or a foreign company looking to expand into the U.S....more

Sheppard Mullin Richter & Hampton LLP

DFPI Approves EWA Provider

On February 11, the California DFPI issued an opinion letter in response to an EWA provider’s request for a specific ruling from the DFPI about whether the company’s EWA solution is subject to licensure under the California...more

Sheppard Mullin Richter & Hampton LLP

DFPI Extends NMLS Transition for CFL Licensees to March 15, 2022

On December 16, the DFPI announced that it is extending the deadline for CFL licensees to transition onto NMLS until March 15, 2022. CFL licensees not on NMLS may now transition onto NMLS. To begin the process of...more

White & Case LLP

Fintech solutions for the financial services sector

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Challenges and opportunities in the US, UK and Europe - "Many Fintechs that previously avoided bank-like regulation in the US are now actively seeking that status." The digital revolution was well underway long before most...more

Akin Gump Strauss Hauer & Feld LLP

Insurtech Companies Not Invited to Play in Arizona’s Fintech Sandbox

Last month Arizona became the first U.S. state to enact a law (H.B. 2434) establishing a fintech regulatory sandbox program to facilitate the growth of innovative financial products and services. The Arizona law charges the...more

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