We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more
2/1/2024
/ Automotive Loans ,
Banks ,
Class Action ,
Consumer Bankruptcy ,
Consumer Financial Products ,
Debt Collection ,
Digital Assets ,
Fair Lending ,
Financial Services Industry ,
FinTech ,
Mortgages ,
Student Loans ,
Tribal Loans ,
Uniform Commercial Code (UCC)
The California Department of Financial Protection and Innovation, or DFPI, continued to have significant influence over legislative and regulatory developments in the third quarter of 2023.
Originally published in Law360 -...more
1/19/2024
/ California ,
Civil Penalty Fund ,
Consumer Loan Companies ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Digital Assets ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Lenders ,
Loans ,
Regulatory Requirements
On January 3, The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (the Agencies) issued a joint statement to banking organizations...more
On December 14, Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) introduced the Digital Asset Anti-Money Laundering Act of 2022 (the Act) that would extend anti-money laundering and countering of the financing...more
On October 3, the Financial Stability Oversight Council (FSOC) released its “Report on Digital Asset Financial Stability Risks and Regulation” (Report), concluding, among other things, that unregulated cryptocurrencies could...more
On June 6, Senators Kirsten Gillibrand (D-NY), member of the Senate Agriculture Committee, and Senator Cynthia Lummis (R-WY), member of the Senate Banking Committee, introduced a draft bipartisan bill, the Responsible...more
The New York State Department of Financial Services (NYDFS) recently issued guidance on the use of blockchain analytics for all virtual currency businesses that either have a BitLicense or are chartered as limited purpose...more
On May 4, following in the footsteps of President Biden’s recent executive order (Federal EO), California Governor Gavin Newsom issued his own blockchain-related executive order (CA EO), making California the first among the...more
On May 19, the Department of Commerce’s International Trade Administration issued a Request for Comment (RFC), seeking public input on the development of a framework for driving economic competitiveness and leadership in, and...more
On March 31, Idaho Governor Brad Little signed HB 583, the Digital Asset Act. The bill amends Title 28 of the Idaho Code, which governs commercial transactions generally, to include a new chapter dedicated to regulation of...more
Several recent releases of draft legislation, reports, and speeches highlight the federal government's efforts in the first quarter of 2022 to address the rapidly developing digital asset marketplace and its regulatory...more
On April 7, in front of American University’s Kogod School of Business Center for Innovation, Secretary of the Treasury Janet Yellen addressed the Biden administration’s forthcoming legislative approach to digital assets, as...more
On March 17, Senators Elizabeth Warren (D-MA), Jack Reed (D-RI), Mark Warner (D-VA), and Jon Tester (D-MT) introduced the Digital Asset Sanctions Compliance Enhancement Act (Act) in an attempt to ensure blacklisted Russian...more
On March 17, the Senate Committee on Banking, Housing and Urban Affairs conducted a hearing titled, “Understanding the Role of Digital Assets in Illicit Finance,” which focused extensively on whether and how Russia could use...more
On January 25, the House Committee on Financial Services announced its hearing schedule for the month of February, which includes a full committee hearing on February 8 at 10:00 a.m. ET on “Digital Assets and the Future of...more
On January 18, the Office of the Comptroller of the Currency (OCC) conditionally approved an application by Social Finance Inc. (SoFi) to acquire Golden Pacific Bank, National Association, so long as the new bank does "not...more
Will 2022 be the year of comprehensive digital asset legislation in the U.S.?...more