The last few years have thrown many surprises at businesses. Organizations across all sectors have faced inflation, global conflicts, supply chain challenges, a pandemic, and continually changing government policies. In 2023,...more
1/23/2023
/ Automotive Industry ,
Capital Markets ,
Cryptocurrency ,
Energy Sector ,
EU ,
False Claims Act (FCA) ,
FDIC ,
Financial Services Industry ,
FinTech ,
Food and Drug Administration (FDA) ,
Life Sciences ,
Tax Credits
The FDIC Board of Directors issued a proposal on December 13 amending and updating the rules regarding the use of the official FDIC sign and advertising statements to better reflect the modern consumer banking landscape. As...more
The three federal banking agencies (i.e., the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency—collectively, the Agencies) published a final rule (the Rule)...more
12/3/2021
/ Bank Service Company Act ,
Banking Sector ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Data Security ,
Final Rules ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
FinTech ,
Popular
The Federal Trade Commission recently finalized a long-discussed update to its cybersecurity Safeguards Rule that includes more specific criteria for what financial institutions must implement as part of their information...more
11/22/2021
/ California Consumer Privacy Act (CCPA) ,
Cybersecurity ,
Data Breach ,
Data Security ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Gramm-Leach-Blilely Act ,
New Rules ,
Personal Information ,
Safeguards Rule ,
State Privacy Laws
US President Joe Biden’s Working Group on Financial Markets (PWG), along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), released a report on the risks and...more
11/8/2021
/ Banking Sector ,
Biden Administration ,
CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Depository Institutions ,
FDIC ,
Financial Services Industry ,
FinTech ,
OCC ,
Securities and Exchange Commission (SEC) ,
Stablecoins
Three federal banking agencies (the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency – collectively Agencies) issued proposed risk management guidance on July...more
Congress has enacted and President Joseph Biden has signed a joint resolution of disapproval under the Congressional Review Act (CRA) of the Office of the Comptroller of the Currency’s (OCC’s) “true lender” rule, which, as we...more
On June 24, the US House of Representatives voted to join the US Senate in a joint resolution of disapproval under the Congressional Review Act (CRA) of the Office of the Comptroller of the Currency’s (OCC’s) “true lender”...more
The OCC granted preliminary conditional approval on April 23 to an application to charter Paxos National Trust (Paxos) as an uninsured national trust bank. Paxos, which currently operates as a New York state-charted limited...more
Recently proposed regulations could present significant compliance burdens for the banks and money service businesses that engage in cryptocurrency transactions with unhosted wallets or wallets held in jurisdictions specified...more
1/20/2021
/ Anti-Money Laundering ,
BSA/AML ,
Cryptocurrency ,
Financial Crimes ,
Financial Services Industry ,
Financial Transactions ,
FinCEN ,
FinTech ,
Money Services Business ,
Peer-to-Peer ,
Popular ,
Regulatory Agenda ,
Virtual Currency
The California Department of Financial Protection and Innovation (DFPI) announced in its January 2021 monthly bulletin that it will begin exercising its enhanced powers under the California Consumer Financial Protection Law...more
California Governor Gavin Newsom submitted his $222 billion budget proposal for the 2020-2021 fiscal year on January 10. Among other priorities identified, the budget earmarks tens of millions of dollars for the creation and...more
The Financial Crimes Enforcement Network (FinCEN) recently issued guidance consolidating current FinCEN regulations, rulings, and guidance about cryptocurrencies and money services businesses (MSBs) under the Bank Secrecy Act...more
5/21/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Blockchain ,
Broker-Dealer ,
CFTC ,
Cryptocurrency ,
Digital Wallets ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Money Services Business ,
Securities and Exchange Commission (SEC)