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New OCC Bank Merger Act (BMA) Guidance

The Office of the Comptroller of the Currency (OCC) released guidance regarding its planned changes to the Bank Merger Act (BMA).  The New Rule: Explicitly adds financial stability as a key factor for assessing mergers,...more

Who is Paying Who: The Employee or the Employer?

Since 2022, the Consumer Financial Protection Bureau (CFPB) has a stated priority of “protecting employees and their rights through conducting reports, inquiries, and issuing requirements for employers.” In July 2024, the...more

NCUA Announces New Cyber Threat Reporting Requirement

The NCUA stated the new rule, which was approved on Feb. 16, 2023, aims to mitigate cyber incidents “that [lead] to a substantial loss of confidentiality, integrity, or availability of a network or member information system...more

Banks and FinTechs Beware: Here Come the Sanctions - What We Can Learn from Previous OFAC Actions Involving FinTech Companies

With Russia’s invasion of Ukraine last week, we saw a swift response by the U.S. beginning with President Biden’s Executive Order 14024 (“The EO”) and followed quickly by the Office of Foreign Assets Control’s (“OFAC”) severe...more

[Webinar] FinTech University: FinTech and the Automotive Industry - December 7th, 3:00 pm - 4:00 pm EST

Continuing the FinTech University series, please join Richard Levin, Jody Porter, Brad Rustin, Craig Nazzaro, and Kevin Tran for a program focusing on FinTech and the automotive industry. The session will include 10 minutes...more

[Webinar] Fintech University: What is Fintech? - September 22nd, 11:00 am - 12:00 pm EDT

Launching the Nelson Mullins FinTech University series, join Richard Levin, Brad Rustin, Craig Nazzaro, and Kevin Tran for a program focusing on FinTech and how it is reshaping the world. This first one-hour CLE will...more

Bank-Model Partnerships: The New Banking Model for 2020 and Beyond

According to the FDIC, the most important factor contributing to the earnings gap between community and non-community banks is the ability to generate non-interest income from “activities that are typically not part of the...more

Continued Support for AI from the Financial Services Regulators

On March 29, 2021, the primary federal bank regulators (the Federal Reserve, CFPB, the FDIC, the NCUA, and the OCC) issued a request for information to gain input on the growing use of Artificial Intelligence (“AI”) by...more

Talking Custody of Digital Assets

I had the pleasure of presenting at Bank Director Magazine's Inspired By Acquire or Be Acquired: What Officers and Directors Need to Know Now virtual conference, along with Rick Levin, earlier this month. Our...more

Brian Brooks' Last Dance

So let’s dance this last dance. On Jan. 4, 2021, the Office of the Comptroller of the Currency (“OCC”) published a Chief Counsel’s Interpretative Letter (the “Letter”) ‎confirming the authority of national banks’ and federal...more

OCC Finalizes its “True Lender” Test: Paving the Way for Bank & Non-Bank Partnerships

The Office of the Comptroller of the Currency (“OCC”) issued its long-anticipated final rule on Oct. 27, to establish a “simple, bright-line test” to determine when a national bank or federal savings association has made a...more

CFPB Director Kraninger Signals More Enforcement Coming This Year

CFPB Director Kathleen L. Kraninger appeared Before the Senate Committee on Banking, Housing, and Urban Affairs on July 29 to deliver the Bureau’s most recent Semi-Annual Report to Congress. This report was particularly...more

[Webinar] In the Trenches: Developments and Best Practices in Payments - August 13th, 11:00 am - 12:30 pm EDT

Join Nelson Mullins attorneys Brad Rustin and Craig Nazzaro for a full overview of the developments and best practices within the Payments space. We will cover regulatory issues, solutions and common challenges for both those...more

CFPB Highlights the Growing Role of Artificial Intelligence in the Delivery of Financial Services

The Consumer Financial Protection Bureau ("CFPB") has published guidance on July 7, 2020 which highlights the potential use of Artificial Intelligence (“AI”) in the delivery of financial services—particularly in credit...more

[Webinar] In the Trenches: Operating During the Crisis -- CFPB Agenda for 2021 and Beyond - July 16th, 11:00 am - 12:00 pm EDT

The impact of the coming election, current pandemic and recent SCOTUS decision all have enormous impacts on the CFPB and the regulation of consumer finance. Join us for a review of the probable direction of the CFPB and what...more

Secretary Mnuchin Helps Financial Institutions on PPP Agent Fee Issues

During hearings before the House of Representatives on June 30, 2020, Representative Steve Stivers (R-OH), asked Treasury Secretary Mnuchin about financial institution’s payment of agent fees as part of the Paycheck...more

Financial Regulators Issue Principles for Financial Institutions Offering Responsible Small-Dollar Loans

The federal banking agencies recently issued principles to encourage financial institutions to offer small-dollar loans in a responsible manner (the “Small-Dollar Loan Principles”). This interagency guidance clarifies...more

Financial Institution Preparedness for Coronavirus Disease 2019 (COVID-19)

Coronavirus Disease 2019 (COVID-19) is the new disease currently disrupting travel and businesses across the globe. Its appearance indicates that now is a critical time for your financial institution to consider its readiness...more

States Launch Standardized Licensing Pilot Program for Money Services Businesses

Seven states have agreed to a multi-state compact standardizing key aspects of money services business (MSB) licensing. As of today, Georgia, Illinois, Kansas, Massachusetts, Tennessee, Texas, and Washington have joined into...more

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