In the latest edition, our attorneys discuss updates and developments from federal regulators, including those related to cryptocurrencies, cybersecurity in financial markets, and the intersection of fintech and AI. They also...more
Companies that provide consumer financial services and products be warned—a careful review of your fine print may be in order. Although broad disclaimers, liability waivers, and releases tend to be commonplace in general...more
Providers of Buy Now, Pay Later (BNPL) payment plans are, for purposes of consumer financial protection laws, lenders subject to some of the same regulatory requirements as credit card issuers, under a recent interpretive...more
In this latest edition, our attorneys discuss updates and developments from federal regulators, including those related to the intersection of fintech and artificial intelligence, cryptocurrency and virtual currency updates,...more
The firm is pleased to distribute the Q1 2024 edition of All Eyes on AI: Regulatory, Litigation, and Transactional Developments, which closely follows the evolving regulatory landscape for artificial intelligence (AI) in the...more
5/24/2024
/ Antitrust Division ,
Artificial Intelligence ,
Biden Administration ,
Canada ,
EU ,
Executive Orders ,
FCC ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
New Legislation ,
Securities and Exchange Commission (SEC) ,
Technology Sector ,
U.S. Treasury ,
USPTO
In the highly competitive payments space, where safety and efficiency tools are table stakes, financial institutions are increasingly employing artificial intelligence (AI) solutions....more
Large technology companies and innovators in the consumer financial services space should expect to see stepped up regulatory attention ahead. The Consumer Financial Protection Bureau (CFPB) continues to increase its focus on...more
As payments innovation continues to accelerate, Wilson Sonsini is publishing a series of pragmatic playbooks to help companies navigate the legal complexities in the highly regulated payments space. In this first installment,...more
In this issue, we discuss updates and developments from federal regulators, including those related to the intersection of fintech and artificial intelligence, crypto-asset and central bank digital currencies, and consumer...more
Creative, attention-grabbing marketing is an art mastered by many fintech companies. However, federal financial and consumer protection regulators are ramping up scrutiny of marketing materials related to financial services,...more
Where will the fintech industry head in 2024? Our fintech and financial services partners make a few predictions below....more
1/16/2024
/ Artificial Intelligence ,
Banking Sector ,
CFTC ,
Cryptoassets ,
Cryptocurrency ,
Financial Institutions ,
Financial Services Industry ,
Financial Transactions ,
FinTech ,
Machine Learning ,
Popular ,
Securities and Exchange Commission (SEC)
In this most recent issue, we discuss a number of updates and developments from federal regulators, including those related to novel banking arrangements, misrepresentations in advertisements and marketing, the intersection...more
In a shot across the bow to the digital payments industry, the U.S. Consumer Financial Protection Bureau (the Bureau) has issued a proposed rule to expand its oversight authority to nonbank providers of consumer payment apps....more
The Federal Reserve Board has proposed a new rule for public comment that would significantly lower the cap on interchange fees that debit card issuing banks (issuers) may charge a merchant’s bank (an acquiring bank) for...more
The legal landscape for marijuana-related businesses (MRBs) has seen significant change and challenges in recent years. Despite the legalization of marijuana for medical or recreational use in various states, it remains a...more
10/19/2023
/ Agribusiness ,
Banking Sector ,
Banks ,
Cannabis Products ,
Cannabis-Related Businesses (CRBs) ,
Controlled Substances Act ,
Dispensaries ,
Financial Institutions ,
Financial Services Industry ,
Marijuana Cultivation ,
Marijuana Related Businesses
In this most recent issue, we discuss a number of federal banking agency updates, including the long-awaited Final Interagency Guidance on Third-Party Relationships and the Federal Reserve Bank of New York’s report on the...more
8/23/2023
/ Banking Sector ,
Banks ,
Cryptoassets ,
Cryptocurrency ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
OCC ,
UK
The head of the Federal Reserve’s New York Innovation Center (NYIC), Per von Zelowitz, joined Wilson Sonsini partner Jess Cheng for a conversation on the central bank’s payments innovation initiatives regarding the future of...more
The Board of Governors of the Federal Reserve System (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the Agencies) issued the long-awaited...more
M&A transactions involving financial services providers—including tech-based providers or “fintechs”—raise a host of unique questions based on the types of services they provide, which are often highly regulated and may...more
6/16/2023
/ Acquisitions ,
Anti-Money Laundering ,
Banking Sector ,
Banks ,
Cybersecurity ,
Data Privacy ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Foreign Investment ,
Mergers ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Agencies
In this latest issue of the firm’s Focus on Fintech newsletter, our attorneys discuss the dissolution of Silicon Valley Bank and Signature Bank and the increased scrutiny on banking activity, as well as a number of updates...more
As marketplaces have become digital and more technology platforms are integrating payment solutions into the customer experience, there has been increased interest among technology companies in potentially becoming money...more
With the announcement of charges against and a settlement with two subsidiaries of a prominent crypto exchange, Kraken, the U.S. Securities and Exchange Commission (SEC) appears to have a new target within the blockchain...more
The last few years had started to see a convergence between crypto and banking, with bitcoin appearing to rapidly grow mainstream. That momentum hit a wall with the spectacular crypto market failures of 2022, including the...more
2/7/2023
/ Banking Sector ,
Banks ,
Cryptoassets ,
Cryptocurrency ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
OCC ,
Popular
On January 18, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) designated Bitzlato Limited (Bitzlato), a crypto asset exchange business incorporated in Hong Kong, as a “primary money...more
In this latest issue of Wilson Sonsini's Focus on Fintech newsletter, we discuss the FTX bankruptcy and the increased federal regulatory scrutiny of crypto assets, and new rules and innovations in the payments...more
2/1/2023
/ Banking Sector ,
Banks ,
Central Bank Digital Currency (CBDCs) ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
OCC ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury ,
UK