Out of recent banking agency focus on fintech-bank partnership arrangements, we’ve had a number of fintech clients inquire about the questions they should ask potential bank partners in due diligence. This Fintech Flash...more
In this edition of Fintech Flash, we discuss ways to think about true lender risk in fintech–bank lending partnerships, with a particular focus on how indemnification provisions in program agreements weigh in the balance of...more
In this edition of Fintech Flash, we discuss important things to consider when reviewing fintech-bank partnership agreements with a particular focus on their transition sections implicated when agreements are terminated or...more
In this edition of Fintech Flash, we discuss important things you should know about the change of control requirements when acquiring a fintech company with state lender, loan broker, debt collector, or money transmitter...more
8/30/2023
/ Acquisitions ,
Change of Control ,
Due Diligence ,
Filing Deadlines ,
Filing Requirements ,
Financial Services Industry ,
FinTech ,
Licensees ,
Licensing Rules ,
Regulatory Requirements ,
Stock Purchase Agreement ,
Transfer of Interest
As the U.S. wrestles with COVID-19, federal banking agencies are encouraging banks and credit unions to make responsible small-dollar loans to consumers and small businesses. Partnering with a financial technology company...more
The Securities and Exchange Commission (SEC) finally provided some good news, and guidance, regarding permissible token sales. On June 14, 2018, William Hinman, Director of the SEC Division of Corporation Finance, speaking at...more
This writer received three cold emails in two weeks asking for legal help around operating a Bitcoin ATM (BTM). Each groundbreaker asked: “What are the legal requirements for an operator putting a BTM in, say, a coffee shop?”...more
3/28/2018
/ Anti-Money Laundering ,
ATMs ,
Bank Secrecy Act ,
Bitcoin ,
Consumer Financial Protection Bureau (CFPB) ,
Currency Exchange ,
FinCEN ,
Money Services Business ,
Money Transmitter ,
Popular ,
Virtual Currency
FinCEN has taken the position that a person or developer that sells convertible virtual currency, including in the form of tokens sold in an ICO, in exchange for real currency or a substitute for currency, is a money services...more
Today the SEC issued an Investor Alert warning investors about companies asserting they are engaging in an ICO, when in fact it is a scam. Specifically, “The SEC’s Office of Investor Education and Advocacy is warning...more
The Securities and Exchange Commission (SEC) announced on Tuesday, July 25, 2017, that Initial Coin Offerings (ICOs) and other market participants offering digital assets by “virtual” organizations may be subject to the...more
If you are wondering about the prospects of the OCC FinTech national bank charter under the Trump Administration, we got a sign yesterday. In his remarks to the Exchequer Club in Washington, D.C., President Trump’s Acting...more
Two bills have emerged as dueling proposals to reform the GSEs: the Housing Finance Reform and Taxpayer Reform Act (the “Corker-Warner Bill”) in the Senate, and the Protecting American Taxpayers and Homeowners Act of 2013...more