Money Transmission Act

News & Analysis as of

Bitcoins and SAR Narratives

You probably know about Bitcoin, unless you have been living in total seclusion for the last few years. The big controversy usually centers on determining if it is legal tender. But imagine if you are confronted with a...more

Kansas Bank Commissioner Issues Virtual Currency Guidance

On June 6, the Kansas Office of State Bank Commissioner (OSBC) issued guidance on the regulatory treatment of virtual currencies under the Kansas Money Transmitter Act (KMTA). The guidance focuses on money transmission...more

Admin Rulings: FinCEN Clarifies Money Transmitter Exemptions for Virtual Currency and Payment-Related Services

On April 29, 2014, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a series of administrative rulings determining whether five different companies constitute money services...more

California Moves to Amend Money Transmitter Law and Regulation

The California Assembly’s Committee on Banking and Finance held a hearing to discuss several proposed amendments to California’s Money Transmission Act. According to the author of the bill, the amendments “provide[] for...more

Maryland Adds Training, Disclosure Requirements For Money Transmitters

On May 5, Maryland Governor Martin O’Malley signed HB 723, which requires state licensed money transmitters to (i) provide on transmittal forms a clear, concise, and conspicuous fraud warning that includes a toll-free...more

DBO Issues Guidance Regarding Virtual Currencies And Asks For Comments On Proposed Money Transmission Rules

Yesterday, the Department of Business Oversight issued this cautionary guidance for consumers regarding virtual currencies. However, amidst the warnings, the Department disclosed that “California has been working with...more

California Seeks Comments On Money Transmission Regulations

On March 26, the California Department of Business Oversight issued a request for comments on proposed changes to regulations impacting money transmitters. The Department is required to amend outdated regulations that...more

FinCEN Publishes Administrative Rulings Further Clarifying When Virtual Currency Activity Constitutes Money Transmission

On January 30, 2014, the Financial Crimes Enforcement Network (“FinCEN”) of the United States Department of the Treasury published two administrative rulings directly addressing when specific virtual currency activities...more

Money Transmission Act Petition Withdrawn/Initiative Would Presume Harm For Release Of “Personally Identifying Information”

Money Transmission Act Petition Withdrawn - Earlier this month, I wrote about a pending petition questioning the failure of the Department of Business Oversight to adopt regulations under the Money Transmission Act. ...more

FTC Advisory Opinion Supports Money Transmitters’ Proposed Information Exchange

On September 4, the FTC’s Bureau of Competition issued an advisory opinion responding to a national money transmitters’ trade association inquiry about its planned information exchange regarding terminated U.S. money...more

Petition Questions Lack Of MTA Regulations

Soon, the Office of Administrative Law will decide whether it will determine the merits of a petition for review of underground regulations allegedly being enforced by the Department of Business Oversight (fka Department of...more

Ever Wonder What Money Is? California Has Some Answers And I Have Some Questions

Yesterday’s post discussed virtual currencies (e.g., Bitcoin) and the General Corporation’s law prohibition on issuing or putting into circulation money. But what exactly is money? The General Corporation Law has no answer....more

California Considers Revisions To Its Money Transmission Act

On March 11, the California State Assembly Standing Committee on Banking and Finance held a hearing entitled “Emerging Technology and the California Money Transmission Act.” The hearing’s purpose was to discuss the MTA’s...more

Nebraska Enacts Money Transmitters Act

On March 20, Nebraska enacted LB 616, the Nebraska Money Transmitters Act. Based on a model legislative outline drafted by a trade group of money transmitter state regulators, the new law repeals and replaces the Sale of...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 29, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - PAYMENTS -...more

NMLS Proposes Uniformed Authorized Agent Reporting Processing Fee

On March 20, the NMLS proposed a processing fee to support a uniform and automated method for state-licensed money transmitters to report information concerning authorized agents/delegates to NMLS participating state...more

California Money Transmitter Law Resources – Legislative Hearings and Public Comment

The California legislature recently held public hearings to discuss forthcoming California Money Transmission Act regulations. Amendments to the Act in 2010 have caused significant confusion in the marketplace because the act...more

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