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State Regulators Financial Services Industry

Troutman Pepper

Will Resiliency Carry the Digital Asset Sector Through 2024: State-Level Developments — The Crypto Exchange Podcast

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In the third episode of this four-part series, Ethan, Addison, and Trey discuss several state-level developments that occurred in the digital asset sector during 2023. The group discusses the inception of New York Department...more

Troutman Pepper

State AGs and State Money Transmission Regulators Settle With Payment Processor Over Unauthorized Mortgage Withdrawals

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On October 17, 52 state and territorial attorneys general, in addition to state money transmission regulators, entered into settlements amounting to more than $20 million with ACI Worldwide (ACI), to resolve claims involving...more

Burr & Forman

New Front in ESG Wars: Securities Industry Sues Missouri

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On August 10, 2023, the Securities Industry and Financial Markets Association (“SIFMA”) – a leading Wall Street industry association – filed suit to enjoin new Missouri regulations requiring investment advisors (“IA’s”) and...more

Orrick, Herrington & Sutcliffe LLP

Arizona amends licensing provisions

On May 19, the Arizona governor signed HB 2010 to amend certain sections of the Arizona revised statutes relating to the Department of Insurance and Financial Institutions. Amendments make changes to several licensing...more

Orrick, Herrington & Sutcliffe LLP

NYDFS to impose supervision fees on virtual currency licensees

On April 17, NYDFS announced the adoption of a final regulation establishing how certain licensed virtual currency businesses will be assessed for supervision and examination costs. Under 23 NYCRR Part 102, licensed virtual...more

Perkins Coie

Fintech Week in Review - June 2021

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Federal Financial Regulators Extend Deadline for RFI on AI - On May 17, 2021, five financial regulatory agencies announced a deadline extension for the ongoing comment period on financial institutions’ use of AI from June...more

McDermott Will & Emery

Climate Change and State Insurance Regulation: What Could Change After President Biden’s May 20 Executive Order

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US President Joe Biden’s May 20, 2021, executive order laid out an aggressive, whole-of-government plan to address climate change risk, including a set of directives that will have a major impact on the operations of the...more

Manatt, Phelps & Phillips, LLP

[Webinar] Key Issues for Small Business Finance in 2021 - March 24th, 2:00 pm - 3:00 pm ET

State and federal financial regulators increasingly are focused on protecting small businesses, as illustrated by recent enforcement efforts and new state laws regulating both traditional and innovative small-business finance...more

Perkins Coie

Fintech Week in Review - February 2021 #2

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California DFPI Enters MOUs with Multiple Earned Wage Access Companies- California’s Department of Financial Protection and Innovation (DFPI) has continued to expand its jurisdiction over financial service providers under...more

Hudson Cook, LLP

The Different Flavors of RegTech and SupTech: How Companies and Regulatory Agencies Are Leveraging Technology to Improve...

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When the calendar turned to 2020, my first thought was about how futuristic the year sounded and what kind of interesting things it had in store. At that time, no one could possibly have imagined that some of those...more

Ballard Spahr LLP

States Issue Work-From-Home Guidance for Mortgage Lenders (UPDATED)

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In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more

Carlton Fields

New York's Relaxed BitLicense Could Still Take Lessons From Wyoming's Permissive Approach

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New York’s slogan “if you can make it here, you can make it anywhere” seems like it was written specifically for cryptocurrency companies. Since 2015, the New York Department of Financial Services (NYDFS) established a...more

Proskauer - Blockchain and the Law

New York Proposes Conditional BitLicense Framework

The New York State Department of Financial Services (the “NYDFS”), as a part of a series of virtual currency initiatives, proposed in June a framework for applying for and obtaining a virtual currency Conditional BitLicense....more

Manatt, Phelps & Phillips, LLP

The Potential for Ultra Vires Regulatory Guidance During COVID-19

In response to the COVID-19 pandemic, federal and state governments and regulators have taken hasty actions that are arguably beyond the scope of their authority in order to provide assistance to businesses and consumers...more

Hinshaw & Culbertson - Consumer Crossroads

Interactive COVID-19 Regulatory Map for Consumer Financial Institutions

To assist consumer financial services lenders, servicers and investors, Hinshaw has developed an interactive tracker of state regulations related to the COVID-19 pandemic...more

McGlinchey Stafford

Federal and State Regulators Issue Joint Guidance Encouraging Financial Services Companies to Responsibly Accommodate Borrowers...

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We have been in close communication with our financial services clients to provide timely guidance on how to handle the evolving implications of coronavirus disease 2019 (COVID-19).  Many clients have raised concerns...more

McGlinchey Stafford

State Regulators Continue to Issue Special Guidance Allowing Financial Services Companies to Work Remotely Due to COVID-19

McGlinchey Stafford on

As noted in a previous alert, the ongoing global spread of coronavirus disease 2019 (COVID-19) has created a conflict between the legal requirements that financial services companies conduct regulated activity only from...more

McGlinchey Stafford

State Regulators Begin to Address Coronavirus Licensing Implications for the Financial Services Industry

McGlinchey Stafford on

The ongoing global spread of coronavirus disease 2019 (COVID-19) has created unique regulatory considerations for the financial services industry. One example of these considerations is the tension between the legal...more

White & Case LLP

Key Regulatory Developments Impacting the California Lending and Payments Space

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The State of California is home to almost 40 million consumers and the world’s fifth largest economy. It represents a key exposure to most financial services companies’ US footprint. In recent years nonbank financial services...more

Manatt, Phelps & Phillips, LLP

State AGs Settle Over PayPal’s Lacking Donation Disclosures

A group of 23 state regulators reached a deal with PayPal Giving Fund (PPGF) to settle allegations that it failed to provide adequate disclosures and information to consumers making donations through the platform. As a...more

Manatt, Phelps & Phillips, LLP

Regulators to Major Online Payments Platform: Fix Your Charity Disclosures

Twenty-three state regulators have now reached a deal with a prominent online payments processor to address that company’s insufficient disclosures on its platform. We explain why that matters to you....more

Dechert LLP

Financial Services Quarterly Report - First Quarter 2019: A U.S. Regulatory Patchwork Quilt: Cryptocurrency and Money Transmitter...

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According to its original design, Bitcoin was intended to reduce market participants’ need to rely on “financial institutions serving as trusted third parties to process electronic payments.”1 While Bitcoin and other...more

BCLP

Two More States Set to Make Agent of Payee Exemption to Money Transmitter Laws Effective

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Today, Michigan's "agent of payee" exemption to its money transmitter law is effective and West Virginia also passed an agent of payee exemption earlier this month that will be effective soon. These developments are part of a...more

Jones Day

Jones Day Presents: State Regulations and Blockchain

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Jones Day's Margaret Lyle discusses the approach various state legislatures are taking with respect to blockchain, which is to support the technology and foster entrepreneurship. She also describes how states are dealing with...more

K&L Gates LLP

FinTech Forward: State Money Transmitter Licensing Regime

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In this episode, Jennifer Crowder discusses the State Money Transmitter Licensing (“MTL”) Regime and the impacts of payment innovation. The episode also addresses MTL licensing exemptions, agent and authorized delegates, the...more

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