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Navigating Regulatory Waters: Recent Enforcement Actions in BaaS — Payments Pros – The Payments Law Podcast [Audio]

In the latest episode of Payments Pros, hosts Carlin McCrory and Keith Barnett are joined by James Stevens to discuss recent enforcement actions in the banking as a service (BaaS) space. They delve into regulatory trends,...more

2024 State Legislative Review: Key Payment Laws and Their Impacts — Payments Pros – The Payments Law Podcast [Audio]

In this episode of Payments Pros, host Keith Barnett reviews state legislative actions in 2024 related to payments, focusing on the Money Transmission Modernization Act (MTMA), earned wage access (EWA), and peer-to-peer...more

Instant Decline, Instant Relief? Unpacking the CFPB's Proposed Rule on NSF Fees — Payments Pros: The Payments Law Podcast [Audio]

In this episode of Payments Pros, co-hosts Keith Barnett and Carlin McCrory discuss the Consumer Financial Protection Bureau's (CFPB) latest proposed rule. This rule aims to prohibit covered financial institutions from...more

2023 Payments Year in Review: CFPB and FTC Regulatory Trends — Payments Pros – The Payments Law Podcast [Audio]

In the first installment of a two-part Payments Year in Review series, Keith Barnett, Carlin McCrory, and Josh McBeain delve into the payments landscape of 2023 and share their predictions for 2024. Our co-hosts discuss the...more

Redefining Banking: A Conversation on the CFPB's Proposed 1033 Rule — Payments Pros: The Payments Law Podcast [Audio]

In this episode of Payments Pros, Keith Barnett and Carlin McCrory are joined by Jordan Wright, CEO of Atomic Financial, to discuss the Consumer Financial Protection Bureau’s (CFPB) proposed 1033 rule. This rule aims to limit...more

CFPB Report Focuses on Big Tech’s Impact on “Tap-to-Pay”

On September 7, the Consumer Financial Protection Bureau (CFPB) released an issue spotlight focusing on the role that mobile device operating systems play in determining consumer’s payment options. According to the CFPB,...more

FDIC Publication Focuses on Key Consumer Compliance Issues Identified During 2022

On April 5, the Federal Deposit Insurance Corporation (FDIC) released its Consumer Compliance Supervisory Highlights report, providing a high-level overview of consumer compliance issues identified by the agency during 2022...more

Banking Industry Requests 18 Month Extension to Comply with Amended Regulation II

In a letter dated February 10, the American Bankers Association (ABA), Consumer Bankers Association (CBA), Credit Union National Association (CUNA), National Association of Federally‐Insured Credit Unions (NAFCU), and The...more

Federal Reserve Board Rejects Application by SPDI That Is Not Federally Regulated

On January 27, the Federal Reserve Board (Fed) announced that it denied the application of Custodia Bank, a Wyoming special purpose depository institution (SPDI), for member status on the basis that its novel business model...more

Fed Declares Supervised Banks Will be Subject to Activity Limitations, Including Crypto-Asset and Other Novel Banking Activities

The Federal Deposit Insurance Act (FDIA) generally prohibits insured state banks, but not uninsured state member banks, from acting as principal in activities that are not permissible for national banks. Relying on its...more

Federal Banking Regulators Warn Against Crypto Risks

On January 3, The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (the Agencies) issued a joint statement to banking organizations...more

Under the Fed’s Tiered System, Requests for Master Account Access by Cryptocurrency Companies Will Be Subject to the Strictest...

On August 15, the Federal Reserve Board (Fed) issued final guidelines, outlining the tiered approach it will use when evaluating the growing requests from fintech firms and cryptocurrency companies for access to master...more

A Conversation with Third Party Payment Processors Association President Marsha Jones - The Crypto Exchange Podcast [Audio]

In this episode of The Crypto Exchange, Troutman Pepper attorneys Keith Barnett and Carlin McCrory welcome Marsha Jones from the Third Party Payment Processors Association to discuss a portion the ENABLERS Act, which proposes...more

New Virginia Law Permits Banks to Provide Virtual Currency Custody Services

On April 11, Virginia enacted a new law (HB 263), which goes into effect on July 1, 2022, permitting “banks” to provide customers with “virtual currency custody services so long as the bank has adequate protocols in place to...more

Senate Banking Committee Holds Hearing on Digital Assets and Illicit Finance

On March 17, the Senate Committee on Banking, Housing and Urban Affairs conducted a hearing titled, “Understanding the Role of Digital Assets in Illicit Finance,” which focused extensively on whether and how Russia could use...more

Fed Launches FedNow Service Provider Showcase

On March 8, the U.S. Federal Reserve Banks launched the FedNow Service Provider Showcase (Showcase) to show financial institutions and users the various services to assist them in implementing the FedNow Service (Service)....more

Federal Reserve Board Proposes Supplemental Guidelines To Evaluate Requests For Accounts and Payment Services At Federal Reserve...

The Board of Governors of the Federal Reserve System (the Board) recently issued a supplemental notice and request for comment to the guidelines proposed in May 2021 for use by Federal Reserve Banks (Reserve Banks) in...more

CFPB Requests Public Input on Fees for Financial Products

On January 26, the Consumer Financial Protection Bureau (CFPB or Bureau) announced its request for the public to share its input on “exploitative junk fees charged by banks and financial companies” to form its rulemaking and...more

Power Struggle at the FDIC Board Becomes Public

In a CFPB blog post from December 9, the CFPB stated that the FDIC Board of Directors (FDIC Board) had promulgated a request for information (RFI) regarding a review of the Bank Merger Act criteria for approving bank mergers...more

CSBS Releases Money Transmission Model Law

On September 9, the Conference of State Bank Supervisors (CSBS) released the Model Transmission Modernization Act (model law) in efforts to replace the 50 state-specific money transmitter laws with a nationwide standard....more

Chime Financial Fintech Cannot Claim it is a Bank

The Department of Financial Protection and Innovation (DFPI) of California entered a settlement agreement with Chime Financial, Inc. (Chime), a neobank company that is not licensed to operate as a bank or otherwise exempt...more

2020 Consumer Financial Services Year in Review & A Look Ahead

2020 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation, Troutman Pepper is uniquely positioned to help its clients find successful resolutions...more

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