Navigating New Compliance Challenges: The Impact of the Money Transmitter Modernization Act on Payroll Processing - Payments Pros – The Payments Law Podcast
Crypto and Beyond: California DFPI Opinions on Money Transmission and the Money Transmission Act - The Crypto Exchange Podcast
On January 5, the Maine Bureau of Consumer Credit Protection (BCCP) announced it has entered into a consent agreement with a virtual currency kiosk operator, resolving its dispute over alleged unlicensed money transmission...more
California, Louisiana, and Illinois have established comprehensive crypto licensing frameworks that mirror New York’s BitLicense regime. With multiple rulemaking processes now established or soon-to-be adopted and critical...more
On October 15, the Oklahoma State Banking Department issued a memo detailing new licensing and compliance obligations for digital kiosk operators. The memo details the requirements under Senate Bill 1083, enacted in May under...more
On October 24, the Massachusetts Division of Banks (DOB) released a comprehensive set of regulatory changes, effective November 7, to align with the commonwealth’s Money Transmission Act (MTA) enacted in January....more
On July 9, 2025, money-transmission regulators for six states entered a coordinated consent order with Wise US, Inc. following a multistate examination to ascertain Wise’s compliance with applicable state and federal laws and...more
Recently, the California DFPI announced, and requested comment on, proposed modifications to regulations implementing the Digital Financial Assets Law (DFAL) and the California Money Transmission Act (MTA). The revised...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
On September 29, the California Department of Financial Protection and Innovation (DFPI) announced significant modifications to the proposed regulations under the Digital Financial Assets Law (DFAL) and the Money Transmission...more
Two states have recently finalized significant updates to their money transmission laws, signaling continued nationwide alignment with the Conference of State Bank Supervisors’ Model Money Transmission Modernization Act...more
On June 26, the Conference of State Bank Supervisors (CSBS) released new guidance regarding the treatment of virtual currency in the calculation of a licensee’s tangible net worth under the Money Transmission Modernization...more
The California Department of Financial Protection and Innovation (DFPI) has released proposed regulations implementing the Digital Financial Assets Law (DFAL), creating a formal licensing regime for businesses engaging in a...more
On April 14, Arkansas enacted HB 1467 (the “Act”) to amend the Arkansas Uniform Money Services Act to enhance consumer protection and transparency in virtual currency transactions, particularly those through kiosks. The Act...more
April 4, 2025 - The commissioner of the Department of Financial Protection and Innovation (DFPI) has proposed regulations to implement provisions of the Digital Financial Assets Law and amend the Money Transmission Act....more
Recently, the Governor of Massachusetts signed into law H.4840 creating Chapter 169B: The Money Transmission Act. The Act is designed to regulate money transmission especially through payment apps. The bill repeals...more
On January 1, 2025, Massachusetts Gov. Maura Healey approved House Bill No. 4840, which repeals and replaces Massachusetts’ money transmission law with a revised law (MTL Law), which is based in part on the model Money...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
On January 2, 2025, Massachusetts Governor Maura Healey signed the state’s new Money Transmission Act (“MTA” or the “Act”), Bill H4840, into law, introducing more stringent money transmission regulations for transmitters...more
As of August 9, 2024, Illinois joins Maryland, South Dakota, Wisconsin, Kansas, Maine, Vermont, South Carolina, Missouri, and Connecticut as the latest state this year to have enacted legislation or regulations stemming from...more
So far in 2024, nine states1 – Maryland, South Dakota, Wisconsin, Kansas, Maine, Vermont, South Carolina, Missouri and Connecticut – have passed legislation or enacted regulations based, to varying degrees, on the Model Money...more
In this episode of Payments Pros, Keith Barnett is joined by Eli Polanco, founder and CEO of Nivelo, to discuss critical issues in payroll processing. They highlight the significant impact that the Money Transmitter...more
The digital age has ushered in innovative forms of entertainment and commerce, including through the development of in-game economies. In recent years, the digital landscape of gaming has expanded beyond mere entertainment,...more
In April 2024, Wisconsin and Maine enacted the Model Money Transmission Modernization Law (“MTML”) to implement the Conference of State Bank Supervisors’ Model Money Transmission Modernization Act. As of April 22, 2024,...more
In February 2019, the Pennsylvania Department of Banking and Securities (DoBS) issued public guidance on the applicability of the Money Transmitter Act (MTA) to virtual currency exchanges by means of a link entitled “Money...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, specifically...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