Popular, No-Action Letters

FinCEN’s Proposed Rule to Regulate Investment Advisers: The Questions Industry Should Be Following

Pillsbury Winthrop Shaw Pittman LLP on 3/15/2024

FinCEN is focused on customer due diligence, and both the 2024 Investment Adviser Risk Assessment and proposed rule indicate that investment advisers will be expected to assess customer identity, business model, and sources...more

Wiley Consumer Protection Download (June 21, 2022)

Wiley Rein LLP on 6/22/2022

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

CFPB Takes Adverse Action Against Machine Learning

McGlinchey Stafford on 6/6/2022

The Consumer Financial Protection Bureau (CFPB) has been contemplating data, algorithms, and machine learning for years. In 2017, as part of a field hearing on alternative data, the CFPB issued a request for information in...more

2020 Digital Asset Regulatory Lookback (US Edition)

Latham & Watkins LLP on 1/22/2021

Regulators once again offered piecemeal guidance, while focusing on risks and enforcement. Meanwhile, innovation and institutional adoption took off. Last year, Latham & Watkins sounded a hopeful note that 2020 would provide...more

Wiley Consumer Protection Download (December 7, 2020)

Wiley Rein LLP on 12/7/2020

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

CFPB Issues No Action Letter Related to Use of Artificial Intelligence Underwriting Model

Goodwin on 12/3/2020

On November 30, 2020, the Consumer Financial Protection Bureau (CFPB) granted a no-action letter to an online loan marketplace company for its artificial intelligence (AI) loan origination and underwriting platform. ...more

Time to Do the Foxtrot (Three Step) SEC Establishes Improved Process for Settlement of Digital Asset Securities

Polsinelli on 10/1/2020

The U.S. Securities and Exchange Commission (“SEC”) Division of Trading and Markets recently issued a no action letter to FINRA that may help to streamline the settlement of digital asset securities transactions by...more

CFPB Introduces New No-Action Letter Templates

Davis Wright Tremaine LLP on 6/1/2020

On May 22, 2020, the Consumer Financial Protection Bureau (CFPB) introduced two new No-Action Letter (NAL) "templates," described as part of the Bureau's ongoing efforts to both spur the introduction of new personal finance...more

2019 Digital Asset Regulatory Look Back (US Edition)

Latham & Watkins LLP on 1/9/2020

It was a year filled with tantalizing tidbits and many loose ends. 2019 marked the 10th year since blockchain technology was released into the wild by its still unknown inventor, Satoshi Nakamoto, who mined the first bitcoin...more

Financial Services Weekly News: Regulators Prepare for End of LIBOR

Goodwin on 1/9/2020

I’m Dreaming of . . . LIBOR Cessation and Transition. While many of us were enjoying the holiday season, federal and state financial regulators were focused on the transition away from the London Interbank Offered Rate...more

Wind of Change - The Year FinTech Came in From the Cold - Polsinelli BitBlog: Year End Edition

Polsinelli on 1/3/2020

Digital assets and Blockchain technologies which were once described as the tools of criminals, are now a key part of efforts by traditional financial services firms to transform their businesses and innovative firms looking...more

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - September 2019

Skadden, Arps, Slate, Meagher & Flom LLP on 9/23/2019

In this issue of The Distributed Ledger, we discuss the IRS' warning letters for over 10,000 cryptocurrency holders, the SEC's settlement with a blockchain company regarding unregistered ICO transactions, and a European...more

Fintech in Brief: CFPB Blog Updates First No-Action Letter Results

Nutter McClennen & Fish LLP on 8/12/2019

On August 4, 2019, the Consumer Financial Protection Bureau (“CFPB”) published a blog summarizing some of the results of simulations and analyses on an alternative data and credit model developed by Upstart Network, Inc....more

CFPB gives boost to use of alternative data and machine learning

Ballard Spahr LLP on 8/8/2019

A new CFPB blog post titled “An update on credit access and the Bureau’s first No-Action Letter” provides a boost to lenders using alternative data and machine learning in their underwriting models....more

Blockchain Week in Review - July 2019 #3

Perkins Coie on 8/1/2019

U.S. Developments - Regulatory Developments - SEC Issues Second No Action Letter for Blockchain-Based Project - On July 25, 2019, the staff of U.S. Securities and Exchange Commission (SEC) issued its second ever...more

Meet Me at the Arcade: SEC Provides No-Action Relief for Ethereum-Based Gaming Token

Latham & Watkins LLP on 7/30/2019

The SEC issues second no-action letter for a digital token, but will “utility” token offerings reach the next level? Gamers, rejoice! In only its second no-action letter to date for digital tokens, the SEC cleared the way...more

SEC Issues No Action Letter, Pilots Announced Across Industries, U.S. Enforcement Agencies Remain Active

BakerHostetler on 7/29/2019

SEC Issues No-Action Letter, Financial Services Firms and Major Exchanges Make Moves, New Products Launched in Europe - This week, the U.S. Securities and Exchange Commission (SEC) issued to Pocket Full of Quarters Inc....more

Investment Management Update - June 2019

Skadden, Arps, Slate, Meagher & Flom LLP on 6/18/2019

In the inaugural issue of Investment Management Update, we summarize regulatory, litigation and industry developments from February 2019 to May 2019 impacting the investment management sector....more

The Current State of Cryptocurrency Enforcement and Securities Litigation

Skadden, Arps, Slate, Meagher & Flom LLP on 4/30/2019

On April 24, 2019, Skadden hosted a webinar titled “The Current State of Cryptocurrency Enforcement and Securities Litigation.” The presented topics largely focused on the SEC’s evolving regulatory approach to cryptocurrency...more

Fintech in Brief: SEC Staff Provides Additional Clarity on Digital Assets as Securities

Nutter McClennen & Fish LLP on 4/19/2019

Earlier this month, the Securities and Exchange Commission (“SEC”) provided additional guidance on digital assets, which include “tokens” and “coins.” The SEC’s Strategic Hub for Innovation and Financial Technology (“FinHub”)...more

Regulatory Update and Recent SEC Actions - April 2019

Blank Rome LLP on 4/19/2019

REGULATORY UPDATES - Financial Industry Regulatory Authority (“FINRA”) Releases Its 2019 Priorities - On January 22, 2019, FINRA released its Annual Risk Monitoring and Examination Priorities Letter, which highlighted the...more

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - April 2019

Skadden, Arps, Slate, Meagher & Flom LLP on 4/16/2019

In this issue, we examine the release of the much-anticipated Strategic Hub for Innovation and Financial Technology (FinHub) guidance for analyzing how U.S. federal securities laws apply to initial coin offerings, the...more

Blockchain Week in Review - April 2019

Perkins Coie on 4/15/2019

U.S. Developments - Regulatory Updates - SEC Releases “No-Action Letter” Stating Turnkey Jet ICO Tokens Are Not Securities and Releases “Framework for ‘Investment Contract’ Analysis of Digital Assets” - The U.S....more

How Far We Haven't Come: The Revolution Will Not Be Securitized

King & Spalding on 4/11/2019

While SEC FinHub’s new framework announced last week for identifying crypto-securities suggests continued resistance for those using digital assets to access capital markets, an SEC no-action letter issued the same day to...more

State Attorneys General Criticize the CFPB’s Proposal to Create a Fintech Regulatory Sandbox and Revise its No-Action Letter...

Kilpatrick on 2/14/2019

We have previously reported on the initiatives of the Consumer Financial Protection Bureau (CFPB or Bureau) to foster innovation in the fintech sector. In December 2018, the CFPB issued proposed revisions to its 2016 final...more

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