News & Analysis as of September 26, 2024

Financial Institutions

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

CFPB Report Highlights Challenges Facing Servicemembers and Veterans, Including Student Loans and Money Transfer/Virtual Currency...

Troutman Pepper on 9/25/2024

Yesterday, the Consumer Financial Protection Bureau (CFPB or Burau) released its annual report detailing the financial challenges faced by servicemembers, veterans, and military families. In 2023, this group submitted nearly...more

[Event] 24th National Forum on Prepaid Accounts Compliance - April 8th, New York, NY

American Conference Institute (ACI) on 1/29/2024

The 24th National Forum on Prepaid Accounts Compliance will address the latest developments impacting the prepaid industry and provide answers to the most pressing questions and challenges being faced by practitioners in this...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - December 2023

Troutman Pepper on 12/5/2023

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

Troutman Pepper Weekly Consumer Financial Services Newsletter - October 2023 # 4

Troutman Pepper on 10/25/2023

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

Focus on Fintech - Wilson Sonsini Quarterly Fintech Update - July 2022

Wilson Sonsini Goodrich & Rosati on 7/19/2022

Welcome to Wilson Sonsini’s Focus on Fintech quarterly newsletter. This quarterly newsletter provides ongoing analysis and commentary on regulatory developments impacting the fintech industry....more

FinCEN Warns Against Evasion of Russian Sanctions

Goodwin on 3/14/2022

In this Issue. The Financial Crimes Enforcement Network (FinCEN) published an alert warning financial institutions of possible efforts to evade U.S.-imposed sanctions on Russia and Belarus; the U.S. Department of the Treasury...more

SEC Releases 2021 Examination Priorities

Goodwin on 3/8/2021

In this Issue. The U.S. Securities and Exchange Commission (SEC) Division of Examinations released its 2021 Examination Priorities and issued a risk alert noting that “Digital Asset Securities” entail characteristics and...more

Current Developments in Bank Deposits and Payment Systems (Spring 2019)

Hudson Cook, LLP on 6/10/2019

This survey summarizes several recent developments affecting bank deposits and payment systems. The U.S. department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued new guidance concerning the customer...more

Financial Services 2018 Year-End Report

BakerHostetler on 3/27/2019

Welcome to the 2018 Year-End Report from BakerHostetler’s Financial Services Industry Team . We are pleased to share our analysis of some of the key developments in the financial services industry in 2018 and our expectations...more

Washington State Updates Money Services Rules

Davis Wright Tremaine LLP on 7/9/2018

On June 19, 2018, the Washington State Department of Financial Institutions (the “DFI”) amended the DFI’s money services rules to conform to updates to the Washington Uniform Money Services Act signed into law last year....more

Financial Services Weekly News - March 2018

Goodwin on 3/8/2018

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) issued a request for information regarding the consumer complaint reporting process, marking the sixth request in a series of RFIs; the House...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 8/7/2017

Wells Fargo has reportedly uncovered another trove of unauthorized accounts, according to a regulatory filing on Friday. The bank also disclosed a CFPB investigation over potential harm to customers over its practice of...more

Blockchain Week in Review – April 2017 #3

Perkins Coie on 5/5/2017

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Financial Services Report, Summer 2016

Morrison & Foerster LLP on 6/8/2016

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

Your daily dose of financial news The Brief – 5.6.16

Robins Kaplan LLP on 5/6/2016

And just as quickly as he was back on the scene, now he’s gone. With a wipe of the evidence purporting to show he invented Bitcoin and a new post entitled “I’m sorry,” Craig Steven Wright appears poised to fade back into the...more

Virtual Currencies and the Risks They Bring to Community Banks and the Financial Industry

Spilman Thomas & Battle, PLLC on 1/7/2016

Virtual currencies are once again at the forefront of discussion about top issues facing community banks and the financial industry as a whole. The Independent Community Bankers of America (“ICBA”), a trade association...more

Digital Currency Corner - What FinCEN’s Denial of Payment Processing Exemption for Virtual Currency-Related Businesses Means for...

Manatt, Phelps & Phillips, LLP on 11/24/2014

Why it matters - The rapid evolution of virtual and digital currencies has spawned significant activity in several federal agencies with implications potentially for traditional entities in certain cases. In addition to...more

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