News & Analysis as of

Money Transmission Act Department of Financial Protection and Innovation (DFPI)

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - December 2023

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

WilmerHale

Crypto Currently: California Enacts Landmark Crypto Licensing Law

WilmerHale on

On October 13, Governor Gavin Newsom signed into law a comprehensive licensing regime for digital asset companies operating in California. Until this point, California had refrained from taking a definitive position on...more

Orrick, Herrington & Sutcliffe LLP

DFPI concludes MTA licensure not required for data processor

On July 25, the California Department of Financial Protection and Innovation (DFPI) released a new opinion letter concluding that a company that merely receives payment instructions, orders, or directions to transmit money or...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - May 2023 #5

Troutman Pepper on

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

Orrick, Herrington & Sutcliffe LLP

DFPI examines whether some payment services are exempt from MTA

The California Department of Financial Protection and Innovation (DFPI) recently released a new opinion letter covering aspects of the California Money Transmission Act (MTA) relating to whether certain payment services are...more

Orrick, Herrington & Sutcliffe LLP

DFPI says escrow trust accounts are not stored value under MTA

The California Department of Financial Protection and Innovation recently released a new opinion letter covering aspects of the California Money Transmission Act (MTA) and the Escrow Act related to persons engaging in...more

Troutman Pepper

Crypto and Beyond: California DFPI Opinions on Money Transmission and the Money Transmission Act - The Crypto Exchange Podcast

Troutman Pepper on

In second episode of The Crypto Exchange, Troutman Pepper Consumer Financial Services Partner Ethan Ostroff welcomes back Keith Barnett and Carlin McCrory to discuss opinions released over the past year involving money...more

Sheppard Mullin Richter & Hampton LLP

DFPI: Virtual Currency Platform is not Money Transmitter

On March 23, the California Department of Financial Protection and Innovation (DFPI) responded to a request for an interpretative legal opinion as to whether the virtual currency services offered by a company require it to...more

Cooley LLP

Alert: California Finalizes Rulemaking for Agent-of-a-Payee Exemption in Money Transmission Licensing

Cooley LLP on

The California Department of Financial Protection and Innovation (DFPI) has finally adopted final rules relating to the scope of the agent-of-a-payee exemption under the California Money Transmission Act (MTA), Cal. Fin. Code...more

Cooley LLP

Alert: Who is an Agent of a Payee in California? With Rulemaking Pending, Possible Scope Suggested by Opinion Letters

Cooley LLP on

Any company that intermediates payments for other parties ─ such as a marketplace platform, a billing service, a payment facilitator or a B2B platform provider ─ must take into consideration the applicability of money...more

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