On March 2, 2026, the Office of the Comptroller of the Currency (OCC) finalized amendments to its existing rule on national bank chartering to affirm the authority of national trust banks to engage in non-fiduciary...more
The Federal Reserve Board (the Board) has issued a Request for Information and Comment (RFI) on the development of a special purpose Reserve Bank account prototype, being referred to colloquially as a "skinny master account"...more
1/14/2026
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Comment Period ,
Federal Pilot Programs ,
Federal Reserve ,
Financial Services Industry ,
FinTech ,
Nonbank Firms ,
Payment Systems ,
Proposed Rules ,
Regulatory Oversight ,
Regulatory Requirements ,
Request For Information
The Federal Deposit Insurance Corporation (FDIC) has issued a Notice of Proposed Rulemaking (NPR) to establish procedures for an insured depository institution (state-chartered insured banks that are not members of the...more
On October 28, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying that the Fair Credit Reporting Act (FCRA) generally preempts state laws that broadly address consumer credit reporting....more
The California Department of Financial Protection and Innovation (DFPI) has issued modified proposed regulations implementing certain portions of the state’s Digital Financial Assets Law (DFAL) and aimed at clarifying the...more
The Guiding and Establishing National Innovation for U.S. Stablecoins Act (the GENIUS Act) was recently signed into law by President Trump, establishing a regulatory framework for payment stablecoins and their issuers. The...more
Continuing the war on fraud and the attendant financial losses for U.S. businesses, consumers and government alike, the U.S. Department of the Treasury and federal banking agencies have launched a wide-ranging initiative...more
7/11/2025
/ Banking Sector ,
Digital Assets ,
Digital Currency ,
Executive Orders ,
Financial Crimes ,
Financial Services Industry ,
Fraud ,
Fraud and Abuse ,
Payment Systems ,
Trump Administration ,
U.S. Treasury
As this year’s legislative session is wrapping up, two states, Virginia and Oklahoma, enacted legislation to reform their laws related to surcharges. May 2, 2025, Virginia Gov. Glenn Youngkin signed Senate Bill 1212 to amend...more
On April 4, 2025, the California Department of Financial Protection and Innovation (DFPI) issued proposed regulations to implement certain aspects of the state’s Digital Financial Assets Law (DFAL), which establishes a...more
Many have been left wondering whether there will be material changes by the Trump administration to the recently released proposed and final rules, policy statements and requests for public comments on various initiatives by...more
With the passage of H.B. 4840 (the Act), the Commonwealth of Massachusetts becomes the 49th state to regulate domestic money transmission and repeals the existing money transmission law, which solely regulated foreign...more
Time will tell whether the Consumer Financial Protection Bureau's (CFPB) stated goals of accelerating "open banking" and competition will come to fruition as a result of the long-awaited final rule implementing Section 1033...more
The Consumer Financial Protection Bureau (CFPB ) has issued an interpretive rule stating that Buy Now, Pay Later (BNPL) loan providers are "card issuers" under Subpart B of Regulation Z and are thus subject to certain...more
6/4/2024
/ Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interpretive Rule ,
Loans ,
Regulation Z ,
Truth in Lending Act (TILA)
On April 4, 2024, the State of Wisconsin enacted S.B. 668 (the Act), repealing the state’s existing Seller of Checks Act, which solely regulated money transmitters with a physical presence in Wisconsin, and replacing the...more
On February 13, 2024, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury (Treasury) issued a "Notice of proposed rulemaking" (proposed rule) that would require Securities Exchange Commission...more
2/23/2024
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Comment Period ,
FinCEN ,
Investment Adviser ,
Money Laundering ,
NPRM ,
Proposed Rules ,
Registered Investment Advisors ,
Regulatory Agenda ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Traders ,
Securities Transactions ,
Suspicious Activity Reports (SARs) ,
U.S. Treasury
On December 13, 2023, the State of New York enacted Assembly Bill No. 2672 (Act), which modifies New York’s ban on credit card surcharges. The revised law takes effect on February 11, 2024....more
While all states except Montana currently require licensure at the state level for entities seeking to act as a money transmitter, generally defined as an intermediary receiving money or monetary value for transmission to...more
The Consumer Financial Protection Bureau (CFPB) is seeking comment on a proposed rule under which the CFPB would require non-bank covered entities that are subject to certain public agency and court orders to register with...more