The Securities and Exchange Commission (SEC) held an open meeting of its Investment Advisory Committee on June 6, 2024, which featured a panel to review the use of artificial intelligence in investment decision making....more
6/10/2024
/ Analytics ,
Artificial Intelligence ,
CFTC ,
Financial Services Industry ,
Innovative Technology ,
Investment ,
Investment Adviser ,
Investment Management ,
Machine Learning ,
Regulatory Agenda ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On May 15, 2024, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-P (the “Data Privacy Amendments”), which were published in the Federal Register on June 3, 2024, starting the clock...more
Sens. Cynthia Lummis (R. Wyo.) and Kristen Gillibrand (D. N.Y.) have reintroduced their landmark bipartisan crypto bill known as the Lummis-Gillibrand Responsible Financial Innovation Act (“Lummis-Gillibrand Act” or “LG...more
7/18/2023
/ Blockchain ,
CFTC ,
Commodity Exchange Act (CEA) ,
Cryptocurrency ,
Digital Assets ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Investment ,
Popular ,
Proposed Legislation ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC)
The Infrastructure Investment and Jobs Act (the Act), H.R. 3684, commonly referred to as the infrastructure bill, was signed into law by President Biden on November 15, 2021. ...more
1/26/2022
/ Anti-Money Laundering ,
Biden Administration ,
Bitcoin ,
Blockchain ,
Brokers ,
Cryptoassets ,
Cryptocurrency ,
Digital Currency ,
Disclosure Requirements ,
Financial Instruments ,
Financial Services Industry ,
Financial Transactions ,
Infrastructure Investment and Jobs Act (IIJA) ,
Investment Opportunities
When Michael Hsu became acting U.S. Comptroller of the Currency earlier this month, banking industry experts predicted a shift away from the aggressive innovation pushed by fintech-friendly Brian Brooks, who resigned as the...more
Non-fungible tokens (NFTs) have been trending since the start of the year, and more companies and artists are getting involved with the latest blockchain innovation. Join us to dive deeper than the headlines as our presenters...more
5/7/2021
/ Artists ,
Blockchain ,
Continuing Legal Education ,
Entertainment Industry ,
Financial Services Industry ,
Internet Auctions ,
Investors ,
Non-Fungible Tokens (NFTs) ,
Smart Contracts ,
Token Sales ,
Tokenization ,
Webinars
It’s already been an epic year for blockchain, and it’s only March. As blockchain technology and digital currency companies are dominating today’s headlines, and more traditional companies get involved, what’s next for this...more
3/17/2021
/ Blockchain ,
Capital Raising ,
Continuing Legal Education ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Currency ,
Entertainment Industry ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Financial Transactions ,
Investment Management ,
Investors ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Startups ,
Tangible Property ,
Tokenization ,
Webinars
As we prepare to put 2020 in the rearview mirror, many of us will not have fond memories of the year. Quarantines, masks, social distancing, unspeakable tragedy, economic ruin for some industries. But the fintech world proved...more
1/7/2021
/ Banking Sector ,
Blockchain ,
Cryptocurrency ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Lenders ,
Madden v Midland Funding ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securitization
On the heels of finalizing its Madden-fix rule, the Office of the Comptroller of the Currency (OCC) on July 20, 2020, issued a proposed regulation to address bank-partnership uncertainty arising from the so-called true lender...more
7/28/2020
/ Consumer Financial Products ,
Consumer Protection Laws ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Madden v Midland Funding ,
OCC ,
Regulatory Standards ,
True Lender
On May 29, 2020, the Office of the Comptroller of the Currency (OCC) issued its final rule affirming the “valid when made” doctrine for national banks and federal savings associations. Adopted as proposed, the final rule...more
In one of two closely watched New York class actions asserting usury claims against national bank securitization vehicles based on the Second Circuit’s decision in Madden v. Midland Funding, 786 F.3d 246 (2d Cir. 2015), a...more
2/27/2020
/ Capital Markets ,
Class Action ,
Financial Services Industry ,
Madden v Midland Funding ,
Market Participants ,
Motion to Dismiss ,
National Bank Act ,
Preemption ,
Proposed Regulation ,
Securitization Vehicles ,
Usury
Bank transaction activity has picked up as small and midsize banks look to adjust their business models to the digital economy. Some fintech companies have chosen to acquire or form their own banks. The clash between the new...more
2/24/2020
/ Acquisitions ,
Banking Sector ,
Blockchain ,
Continuing Legal Education ,
Cryptocurrency ,
Financial Services Industry ,
FinTech ,
Fintech Charter ,
Investment Funds ,
Investors ,
Lenders ,
Libor ,
Mergers ,
Online Marketplace Lending ,
Opportunity Zones ,
Partnerships ,
Popular ,
Regulatory Requirements ,
Syndicated Loans ,
Tax Credits ,
Webinars
What progress has the Conference of State Bank Supervisors (CSBS) made in implementing the 2019 recommendations of the Fintech Industry Advisory Panel (the “Advisory Panel”) related to Vision 2020, its bold approach to...more
As expected, the Office of the Comptroller of the Currency (OCC) has requested a federal appeals court to reverse a decision by a lower court denying the OCC’s motion to dismiss a lawsuit challenging its plans to issue...more
Taking a break after eight brisk years of regulatory and litigious turbulence, the world of fintech and marketplace lending in 2019 was notable for being more business as usual, or what some might call a “ho hum” year of...more
PayPal, Inc., filed suit against the Consumer Financial Protection Bureau (CFPB) recently, challenging the Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z)...more
In a welcome development for fintechs, lenders and investors, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) separately have proposed regulations to address the...more
The newly formed House Financial Services Committee’s Task Force on Financial Technology (Committee) recently held its first hearing, and it included some interesting perspectives from both U.S. and U.K. regulators....more
In a White House news conference Monday, July 15, Treasury Secretary Steven Mnuchin expressed serious concerns about cryptocurrency and digital investments and raised national security implications of large technology...more
On June 12, 2019, three holders of credit cards issued by a national bank brought a putative class action in the Eastern District of New York directly attacking the bank’s securitization of its credit card receivables based...more
A recently released report from the Office of the Comptroller of the Currency (OCC) identified key areas of risk that pose a threat to the safety and soundness of the federal banking system....more
In a surprising decision, a New York federal district court not only refused to dismiss the New York Department of Financial Services’ (DFS) challenge to the Office of the Comptroller of the Currency’s (OCC) plans to issue...more
The U.S. Court of Appeals, Second Circuit has ruled that an online tribal lender must comply with state interest rate and licensing laws, allowing a pair of borrowers to move forward with their suit against tribal officials....more
Continuing to fill in gaps at the federal level, state attorneys general are keeping busy with enforcement actions, and on issues that might have received more CFPB attention under the old Cordray regime....more
An online lender recently agreed to pay a $3.85 million settlement to the Federal Trade Commission (FTC) for allegedly engaging in deceptive and unfair acts and practices relating to its consumer loans....more