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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
A California federal district court recently granted the motion for summary judgment filed by the California Department of Financial Protection and Innovation (DFPI) in the lawsuit filed by an advocacy organization seeking to...more
Editor's Note - The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency,...more
November 20, 2023- The Department of Financial Protection and Innovation announced it is seeking public comment prior to engaging in formal rulemaking for the new Digital Financial Assets Law, which was signed into law by...more
The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more
March 23, 2022- The Federal Reserve Board released a paper titled, "Moldy Lemons and Market Shutdowns," addressing market operations in times of stress. March 23, 2022- The Federal Reserve Board released a paper...more
September 7, 2023- The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Perspectives on Challenges in the Property Insurance Market and the Impact on Consumers."...more
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more
June 1, 2023- The California Department of Financial Protection and Innovation (DFPI) and the Board of Governors of the Federal Reserve System (Federal Reserve) issued a joint consent order to facilitate the implementation...more
May 10, 2023- The House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, alongside the House Committee on Agriculture Subcommittee on Commodity Markets, Digital Assets, and...more
May 1, 2023- The California Department of Financial Protection and Innovation (DFPI) announced today that regulators have taken possession of First Republic Bank and appointed the Federal Deposit Insurance Corporation (FDIC)...more
On March 10, 2023, the United States suffered the first major bank failure since the 2008 economic collapse. It was the nation’s 16th largest bank, with over $200 billion in assets....more
March 17, 2023- U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Biden Administration announced new accountability...more
On March 10, 2023, the California Department of Financial Protection and Innovation (DFPI) closed Silicon Valley Bank (SVB). Upon closure, the DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The...more
February 16, 2023- The U.S. Department of the Treasury, in consultation with the Office of Management and Budget, released the fiscal year 2022 (FY 2022) Financial Report of the U.S. Government today....more
Federal Agencies- Federal Reserve Board- Beige Book - June 1, 2022- The Federal Reserve Board published its June 2022 Beige Book....more
Federal Reserve Seeks Comments on Guidelines for Fintechs Receiving Fed Accounts and Services - The Federal Reserve System (the Fed) issued a request for comment on new guidelines for the Fed’s Regional Banks to use when...more
Weekly Fintech Focus - • The California DFPI issued new opinions on the scope of its money transmission laws, including the agent of the payee exemption, addressing virtual currency transactions, and pay-in/pay-out...more
Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more
In this Issue. The U.S. Securities and Exchange Commission (SEC) was very active this week, having (i) issued no-action relief allowing registered funds to engage in self-custody of interests in loans that are originated,...more