FINCEN’s final rule (RRE Rule), effective December 1, 2025, will require disclosure of the transferor and transferee(s) and the individuals and the beneficial owners of entities involved as transferee in the transfer of...more
9/10/2024
/ Bank Secrecy Act ,
Beneficial Owner ,
Corporate Transparency Act ,
Disclosure Requirements ,
Exemptions ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Real Estate Transfers ,
Reporting Requirements ,
Residential Real Estate Market
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a rule that extends the deadline from 30 days to 90 days for reporting companies created or registered in 2024 to file initial beneficial...more
The expansive final rule overhauls how banks are evaluated for lending to low- and moderate-income customers.
The federal banking regulators issued a joint final rule that will govern Community Reinvestment Act (CRA)...more
On September 29, 2022, the U.S. government took an important step in its efforts to increase transparency, combat shell companies, and limit abuse of entities and trusts formed under U.S. state law. The U.S. Treasury...more
American Data Privacy and Protection Act would require organizations to limit collection of personal information, grant consumers access to their own data, enhance data protections for children, mandate implementation of...more
7/11/2022
/ California Consumer Privacy Act (CCPA) ,
Corporate Counsel ,
Data Privacy ,
Data Protection ,
Enforcement ,
Federal Data Privacy ,
Federal Trade Commission (FTC) ,
General Data Protection Regulation (GDPR) ,
Personal Information ,
Privacy Policy ,
Private Right of Action ,
Proposed Legislation ,
Small Business ,
Third-Party Service Provider
Regulators took a first step toward modernizing CRA regulations with a joint Notice of Proposed Rulemaking.
The proposed rule would add more standardized metrics for regulators’ CRA examinations and more clearly delineate...more
On February 27, 2022, the U.S., UK, and EU announced their agreement that certain Russian banks would be delisted from the Belgian-based Society for Worldwide Interbank Financial Telecommunication (SWIFT). ...more
3/8/2022
/ Delisting ,
Economic Sanctions ,
EU ,
Financial Institutions ,
Financial Transactions ,
Foreign Relations ,
General Licenses ,
Military Conflict ,
Russia ,
SWIFT ,
UK ,
Ukraine
As CFPB Director, Rohit Chopra will vigorously apply the CFPB’s authority to promulgate rules, conduct examinations, and bring enforcement actions.
CFPB Acting Director Uejio has laid the groundwork for Director Chopra to...more
10/4/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Enforcement ,
Federal Trade Commission (FTC) ,
Senate Confirmation Hearings ,
Small Business Loans ,
Small Dollar Lenders ,
UDAAP
The Senate has voted to repeal the True Lender Rule using the Congressional Review Act, a measure allowing Congress to disapprove of agency actions and nullify recently adopted administrative rules.
The True Lender Rule...more
Virginia is the first in 2021 to codify a new data privacy law.
The newly signed Virginia Consumer Data Protection Act (CDPA) has parallels to the California Consumer Privacy Act of 2018 (CCPA) and the California Privacy...more
3/4/2021
/ California Consumer Privacy Act (CCPA) ,
California Privacy Rights Act (CPRA) ,
Corporate Counsel ,
Cybersecurity ,
Data Protection ,
General Data Protection Regulation (GDPR) ,
Personal Data ,
Popular ,
Privacy Legislation ,
Private Right of Action ,
State Privacy Laws ,
Virginia
Fintechs and other nonbanks will be required to provide consumer-style disclosures when offering to extend small business financing in New York.
In late December 2020, New York Governor Andrew Cuomo signed into law...more
In this election cycle, technology and internet policy is a persistent factor across multiple issue areas. With implications for national security, economic equality, infrastructure and market regulation, the next...more
11/4/2020
/ California Consumer Privacy Act (CCPA) ,
China ,
Communications Decency Act ,
Data Privacy ,
Data Protection ,
Department of Defense (DOD) ,
Department of Justice (DOJ) ,
Donald Trump ,
Fair Labor Standards Act (FLSA) ,
FCC ,
Federal Trade Commission (FTC) ,
General Data Protection Regulation (GDPR) ,
Gig Economy ,
Internet ,
Joe Biden ,
PACT Act ,
Popular ,
Remote Learning ,
Research and Development ,
SHIELD Act ,
Standard Contractual Clauses ,
Telehealth
OCC grants national banks the authority to provide cryptocurrency custody services for customers.
On July 22, 2020, the Office of the Comptroller of the Currency (OCC) issued an interpretive letter (the letter) granting...more
Recently, Pillsbury’s Deborah Thoren-Peden sat down with a panel of experts that included Millicent Calinog Tracey (former Wells Fargo SVP), Samantha Ettus (founder and CEO of Park Place Payments) and Pillsbury partner John...more
As COVID-19 fuels technological adoption and adaptation in all walks of life, the CCPA and New York SHIELD Act are front and center in the minds of both government enforcers and the private plaintiffs’ bar.
The increased...more
Information collected in employment or business-to-business contexts is exempt for one year.
For the first year it is in effect, the CCPA will not apply to personal information collected about employees or in B2B...more
10/15/2019
/ Amended Legislation ,
B2B Organizations ,
B2B Transactions ,
California Consumer Privacy Act (CCPA) ,
Consumer Privacy Rights ,
Data Collection ,
Duty to Delete ,
Employee Rights ,
Exemptions ,
Fair Credit Reporting Act (FCRA) ,
Governor Newsom ,
Motor Vehicles ,
Personal Information
On July 23, 2019, the New York Department of Financial Services announced creation of a Research and Innovation Division to keep pace with FinTech advances.
NYDFS Research and Innovation Division created to keep pace with...more
8/5/2019
/ Administrative Agencies ,
Banking Sector ,
BitLicense ,
Consumer Watchdog ,
Cybersecurity ,
Financial Services Industry ,
FinTech ,
NYDFS ,
Popular ,
Regulatory Agencies ,
Virtual Currency
New law in New York State extends requirements on companies doing business with New York residents to have cybersecurity programs and expands New York’s breach notification requirements.
New law extends the reach of New...more
The 2018 Midterm Election played out as most poll forecasters speculated. Although several races have yet to be decided, Republicans have retained control of the Senate, but lost at least 29 seats, allowing the Democrats to...more
11/8/2018
/ Corporate Counsel ,
Critical Infrastructure Sectors ,
Cross-Border ,
Cybersecurity ,
Department of Homeland Security (DHS) ,
Department of Transportation (DOT) ,
Deregulation ,
Energy Sector ,
Environmental Policies ,
Financial Services Industry ,
Food and Drug Administration (FDA) ,
Healthcare ,
Legislative Agendas ,
Popular ,
State and Local Government ,
Tax Reform ,
Trade Relations ,
Trump Administration
South Carolina Anti-Money Laundering Act becomes effective May 25, 2018. Applications must be filed by June 29, 2018.
Implementing regulations become effective May 25, 2018. ...more
In an order issued November 2, 2016, the Federal Communications Commission for the first time imposed privacy requirements on providers of broadband internet access services (“BIAS”). The much-anticipated order was an...more
11/9/2016
/ Broadband ,
Broadband Internet Access Services (BIAS) ,
Communications Act 2003 ,
Consent ,
Data Privacy ,
Data Security ,
FCC ,
Federal Trade Commission (FTC) ,
Internet Service Providers (ISPs) ,
Notice Requirements ,
Opt-In ,
Opt-Outs ,
Privacy Laws ,
Telecommunications ,
Transparency ,
VoIP
A Florida criminal court has exonerated a defendant charged with violating state money transmission and money laundering laws.
In Florida v. Espinoza, the State of Florida charged Michell Abner Espinoza with one count...more
Commencing on September 1, 2015, Texas will join several other states in requiring that certain stored value cards be redeemable for cash.
Texas House Bill 2391, which becomes effective September 1, 2015, requires cash...more
Texas renews effort to require that certain stored value cards be redeemable for cash if the balance on the card is less than $2.50.
In early March, Texas House Bill 2391 was introduced. It would require a cash refund...more
Pennsylvania may be joining the several states that require that certain gift cards and gift certificates be redeemable for cash. Senate Bill 150 would require that a gift card or gift certificate be redeemable for cash when...more