A recent federal district court ruling in a criminal anti-money laundering case suggests that the transmission of virtual currency on behalf of another person requires a state money transmission license—even if the state’s...more
Developments in virtual currency regulation have been top-of-mind with recently announced initiatives from the New York Department of Financial Services. Companies engaging in virtual currency activity should also, however,...more
On May 9, 2019, the Financial Crimes Enforcement Network (“FinCEN”) issued a guidance, Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies (CVC) (“Guidance”), together with...more
EDITOR’S NOTE -
The holidays came early for the financial services industry. First, the Senate voted to repeal the CFPB’s rule banning class waivers in arbitration agreements in consumer financial contracts. Then,...more
12/12/2017
/ Arbitration ,
Biometric Information Privacy Act ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Debt ,
ECOA ,
FDIC ,
FinCEN ,
HMDA ,
NYDFS ,
OCC ,
Payday Loans ,
TCPA ,
Trump Administration ,
U.S. Treasury ,
Virtual Currency
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
6/8/2016
/ Arbitration ,
Article III ,
CID ,
Civil Investigation Demand ,
Class Action Arbitration Waivers ,
Comptroller ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
Customer Due Diligence (CDD) ,
Data Privacy ,
Data Security ,
Debt Collection ,
ECOA ,
FDCPA ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
FFIEC ,
FHFA ,
Financial Institutions ,
FinCEN ,
FinTech ,
Hawkins v Community Bank of Raymore ,
Mobile Banking ,
Net Stable Funding Ratio (NSFR) ,
Online Marketplace Lending ,
Payday Loans ,
Payment Protection Insurance ,
PCI-DSS Standard ,
Preemption ,
RESPA ,
SCOTUS ,
Spokeo v Robins ,
Standing ,
Student Loans ,
TCPA ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA) ,
UDAAP ,
Virtual Currency ,
Volcker Rule
On September 15, 2015, the Conference of State Bank Supervisors (“CSBS”) issued its final Model Regulatory Framework on virtual currency activities (“Final Framework”). The Final Framework follows the CSBS’s December 2014...more
9/29/2015
/ Anti-Money Laundering ,
Audits ,
Bank Secrecy Act ,
CSBS ,
Cybersecurity ,
FinCEN ,
Investment ,
Licenses ,
NYDFS ,
Policy Statement ,
Recordkeeping Requirements ,
Regulatory Agenda ,
Regulatory Oversight ,
Reporting Requirements ,
Security Audits ,
Third-Party ,
Virtual Currency