Latest Publications


BSA/AML Failures Prove Costly

Recent enforcement actions demonstrate just how expensive failures with regard to Bank Secrecy Act and anti-money laundering (BSA/AML) compliance can be and how intentional conduct can enhance the severity of a penalty, with...more

New Guidance From SEC, New York’s DFS

Hoping to help covered entities, the Securities and Exchange Commission (SEC) released an update on cybersecurity while New York’s Department of Financial Services (DFS) published guidance for licensed virtual currency...more

The Buzz in California: A State-Run Marijuana Bank

Spurred by the recent shift in federal policy, California appears to be inching closer to a state-run bank for the burgeoning marijuana industry....more

BSA/AML News: $29M Fine and BSA Changes Under Consideration

Anti-money laundering (AML) violations resulted in a Taiwanese bank and its U.S. branches being hit with a $29 million civil monetary penalty from the Board of Governors of the Federal Reserve System. Separately, the Senate...more

AG Kills the Buzz for Marijuana Businesses

Banks face even greater risks and are likely to back away from marijuana-related businesses after the U.S. Attorney General changed the federal government’s stance on legalized pot....more

Banking: Year in Review and What to Expect

2017 was a great year for banks across a wide spectrum, and we believe 2018 holds tremendous promise, so long as the credit condition of borrowers does not deteriorate and banks continue to lend prudently. Below we count down...more

Court Tosses DFS Challenge to Fintech Charters

Finding the action unripe, a federal court judge has dismissed the New York Department of Financial Services’ (DFS) challenge to the Office of the Comptroller of the Currency’s (OCC) decision to grant special purpose national...more

Retail and Consumer Products Law Roundup - December 2017

The Battle Over CFPB Leadership Continues - Although the first round in the battle over leadership of the Consumer Financial Protection Bureau went to President Donald Trump’s pick for the position, the fight continues,...more

Cybersecurity Guidance on SEC Horizon

In a push for increased cybersecurity vigilance, the Securities and Exchange Commission indicated its plans to amend existing data security guidance, including the reporting of data breaches....more

Noreika Weighs In on Separation of Banking and Commerce

In his last remarks as Acting Comptroller of the Office of the Comptroller of the Currency (OCC), Keith A. Noreika took on the “taboo” topic of removing the separation between banking and commerce....more

SEC Provides Greater Deference to Public Company Boards

On Nov. 1, 2017, the Securities and Exchange Commission (SEC) issued Staff Legal Bulletin No. 14I(CF), which articulates important interpretive guidance relating to shareholder proposals submitted to public companies for...more

OCC’s Noreika Continues Conversation on Innovation, Fintechs

Acting Comptroller of the Office of the Comptroller of the Currency (OCC) Keith Noreika continued speaking out on changes in the financial services industry—and the potential for fintech charters—in recent remarks....more

California Considers State-Run Bank for Marijuana Businesses

Is California starting a government-run bank for marijuana businesses? What happened - Last November, California joined the growing number of states to enact legislation legalizing the use of recreational marijuana....more

Research Finds Fintech Enhances Financial Inclusion at Lower Cost

In a new research paper, the Federal Reserve Bank of Philadelphia concluded that fintech lending has enhanced financial inclusion, often at lower cost to consumers....more

9/1/2017  /  FinTech , Lending , Popular

OCC Moves Forward With Fintech Charters, Seeks Lawsuit Dismissal

Holding the line on the future of fintech charters, Acting Comptroller Keith Noreika confirmed that the Office of the Comptroller of the Currency (OCC) will move forward with its plans to issue special purpose charters....more

Pot-Friendly Credit Union Gets Second Chance at Master Account

A credit union seeking to provide banking services to marijuana-related businesses is flying high after the U.S. Court of Appeals, Tenth Circuit, reversed an order dismissing its suit requesting a master account at the...more

Lawmaker Investigates Small-Business Fintech Lending

Expressing concern about potential discrimination, one federal lawmaker has decided to take a closer look at small-business financial technology lending, sending letters to several fintechs with a series of questions....more

Curry Defends OCC's Fintech Charter, New York's DFS Sues

Stepping down as the leader of the Office of the Comptroller of the Currency (OCC), Thomas J. Curry highlighted the efforts of the agency to encourage financial innovation, particularly the agency's decision to grant fintech...more

CSBS Looks Forward With Vision 2020

Seeking to modernize the state regulation of nonbanks—and perhaps in response to the Office of the Comptroller of the Currency’s decision to grant fintech charters—the Conference of State Bank Supervisors announced its plans...more

6/8/2017  /  CSBS , FinTech , OCC , Smartway Vision 2020

Fintech Advocacy Group Reaches Out To Trump

A financial technology advocacy group has reached out to President-elect Donald J. Trump, encouraging him to create a new position at the Treasury Department to support fintech. The position that the President-elect and his...more

Trump Administration Gears Up for Financial Services Changes

With the new administration weeks from taking over, President-elect Donald J. Trump's transition team is getting ready to make changes in the financial services industry, including a potential overhaul of the Dodd-Frank Act...more

OCC Embraces "Responsible Innovation" With New Office, Framework

The Office of the Comptroller of the Currency (OCC) announced plans to establish an office dedicated to responsible innovation, accompanied by a formal framework to "improve the agency's ability to identify, understand, and...more

Trump Election May Dramatically Change Landscape for Financial Institutions

Republicans retain the House and Senate and Donald Trump wins the presidential election, providing a Republican sweep of all the elected branches of the federal government. At this moment, it is unclear and uncertain what the...more

Growing Together: Collaboration Between Regional and Community Banks and Fintech

As the fintech revolution advances, U.S. regional and community banks stand at a critical juncture. On one side is an on-ramp to the fintech superhighway—a road that is built for great speed but has significant perils as...more

Lawmakers Question Regulators on Fintech Oversight

What are federal regulators doing with regard to oversight of emerging financial technology? That question is at the heart of a letter Sens. Sherrod Brown (D-Ohio) and Jeff Merkley (D-Ore.) recently sent to the leaders of the...more

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