Within the past two months, three states have adopted the Money Transmission Modernization Act (MTMA). The governors of Virginia, Mississippi, and most recently Colorado, signed bills that implement the MTMA, and two other...more
5/13/2025
/ Cryptocurrency ,
Digital Assets ,
Financial Services Industry ,
FinTech ,
Money Transmitter ,
New Legislation ,
Payment Systems ,
Regulatory Reform ,
Regulatory Requirements ,
State Legislatures ,
Virtual Currency
Will the Consumer Financial Protection Bureau’s (CFPB) recently promulgated open banking rule survive under the new Congress and incoming presidential administration? Two upcoming proceedings may hold the answer....more
The Consumer Financial Protection Bureau (CFPB) finalized its “open banking” rule in late 2024. As required by Section 1033 of the Consumer Financial Protection Act, the CFPB promulgated the rule to require certain financial...more
On 2 January 2025, Massachusetts went from being one of the least regulated states for money transmission to becoming one of the more highly regulated states. Formerly, only entities engaging in foreign money transmission...more
When a new president is elected, the incoming administration often engages in an intense review of its predecessor’s policy actions, particularly when there has been a shift in party control. This process typically begins...more
12/23/2024
/ Administrative Authority ,
Chevron Deference ,
Donald Trump ,
Executive Orders ,
Government Agencies ,
Joe Biden ,
Legislative Agendas ,
Loper Bright Enterprises v Raimondo ,
Political Campaigns ,
Political Candidates ,
Presidential Elections ,
Public Policy ,
Regulatory Agenda ,
Statutory Authority
On 21 November 2024, the US District Court for the Northern District of Texas (Court) ruled against the US Securities and Exchange Commission (SEC) in two separate cases, vacating its rule which expanded the definition of...more
In a landmark ruling on 28 June 2024, the US Supreme Court expressly overruled the 40-year-old Chevron doctrine with its decision in Loper Bright Enterprises v. Raimondo, eliminating the requirement that courts defer to...more
11/13/2024
/ Administrative Agencies ,
Administrative Authority ,
Chevron Deference ,
Government Agencies ,
Judicial Authority ,
Judicial Review ,
Loper Bright Enterprises v Raimondo ,
Public Policy ,
Regulatory Authority ,
SCOTUS ,
Statutory Interpretation
The Seventh Circuit recently issued one of the first appellate decisions to apply the US Supreme Court’s decision in Loper Bright Enterprises v. Raimondo, 144 S. Ct. 2244 (2024). In Loper Bright, the Supreme Court ended...more
8/12/2024
/ Chevron Deference ,
Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Discrimination ,
ECOA ,
Financial Services Industry ,
Government Agencies ,
Loper Bright Enterprises v Raimondo ,
Mortgage Lenders ,
Reasonable Interpretations ,
Regulatory Authority ,
SCOTUS ,
Statutory Interpretation
In its last opinion of this term, the US Supreme Court in Corner Post v. Board of Governors of the Federal Reserve System significantly extended the timeframe in which courts can review certain current and future regulations....more
7/16/2024
/ Administrative Agencies ,
Administrative Authority ,
Administrative Procedure Act ,
Chevron Deference ,
Chevron v NRDC ,
Corner Post Inc v Board of Governors of the Federal Reserve System ,
Government Agencies ,
Judicial Authority ,
Loper Bright Enterprises v Raimondo ,
Regulatory Authority ,
SCOTUS ,
Statutory Interpretation
The financial services and banking industry landscape continues to evolve in the face of new and emerging technologies. This phenomenon is especially prevalent in the sharing of consumer data between financial institutions...more
6/21/2024
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Customer Information ,
Data Collection ,
Data Security ,
E-Commerce ,
Financial Institutions ,
Financial Services Industry ,
Information Sharing ,
Open Banking ,
Regulatory Agenda ,
Third-Party
Dapper Labs (Dapper) has agreed to settle a putative class action suit brought by private plaintiffs, subject to court approval, putting to rest allegations that its NBA-endorsed nonfungible tokens (NFTs) were offered and...more
On 16 May 2024, in a much-anticipated decision, the US Supreme Court held the funding mechanism for the Consumer Financial Protection Bureau (CFPB) is constitutional. The decision, Consumer Financial Protection Bureau v....more
The BarnBridge decentralized autonomous organization (the DAO), along with its founders, agreed to a cease-and-desist order (Order), settling charges brought by the US Securities and Exchange Commission (SEC) finding that its...more