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Cryptocurrency Federal Reserve FinTech

Sheppard Mullin Richter & Hampton LLP

Fed Issues Cease and Desist Order for Crypto-Related Compliance and Risk Management Deficiencies

On September 4, the Federal Reserve Board (Fed) released enforcement actions against a Texas-based bank, addressing regulatory violations and compliance lapses. The Fed, joined by the Texas Department of Banking (TDB),...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - September 2023

Editor's Note The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

Morrison & Foerster LLP

Federal Reserve Issues Guidance on Novel Activities, Including Bank-Fintech Partnerships

On August 8, 2023, the Board of Governors of the Federal Reserve System (FRB) issued two Supervision and Regulation Letters (“SR Letters”) that provide guidance on the agency’s supervision of novel activities and the process...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - August 2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Wilson Sonsini Goodrich & Rosati

Focus on Fintech – Q2 2023

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

Cadwalader, Wickersham & Taft LLP

Federal Reserve Says Permission Required for State Banks to Be Involved in Stablecoin Issuance

The Federal Reserve issued a Supervision and Regulation letter earlier this week to all state member banks (“SMBs”) regarding their involvement in activities involving stablecoins, taking an even more reticent position than...more

Orrick, Herrington & Sutcliffe LLP

Republican lawmakers ask about risks of customers’ digital assets on balance sheets

On March 2, Senator Cynthia M. Lummis (R-WY) and Representative Patrick McHenry (R-NC) sent a letter to the Federal Reserve Board, FDIC, OCC, and NCUA requesting input on SEC guidance issued last year that directs...more

Orrick, Herrington & Sutcliffe LLP

Agencies warn banks of crypto-asset liquidity risks

On February 23, the FDIC, Federal Reserve Board, and OCC released a joint statement addressing bank liquidity risks tied to crypto-assets. The agencies warned that using sources of funding from crypto-asset-related entities...more

Orrick, Herrington & Sutcliffe LLP

Fed cautions banks regarding crypto risks

On February 10, Federal Reserve Board Governor Christopher J. Waller gave a speech on the cryptocurrency ecosystem and digital assets before attendees at the Global Interdependence Center Conference: Digital Money,...more

Wilson Sonsini Goodrich & Rosati

Demystifying the Banking Regulators’ Recent Crypto Actions: Key Takeaways for Fintech Companies

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

Sheppard Mullin Richter & Hampton LLP

OCC Highlights Focus on Crypto and Bank-FinTech Partnerships, Anticipates Stricter Scrutiny Going Forward

On September 7, Acting Comptroller of the Currency, Michael Hsu, discussed the long-term threats to trust in banking in remarks at the TCH + BPI Annual Conference. Hsu provided updates on key priorities at the OCC, including...more

Nelson Mullins Riley & Scarborough LLP

Regulators Focus on Terra and Its UST Stablecoin

In its just-released Financial Stability Report, the Board of Governors of the Federal Reserve System reveals that it has its eye on stablecoins, which now amount to more than $180 billion in the cryptocurrency market. The...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Volume 3, Issue 3

Student Loans: Stressors and Pitfalls as Repayments Begin and CFPB Actions Against Alleged Fraudulent Conduct - On March 13, 2020, near the beginning of the pandemic in the U.S., the CARES Act included a pause for all...more

Morrison & Foerster LLP

Financial Services Report - Fall 2021

We start this issue with a big, virtual welcome to our new colleague Maria Earley. Maria joined us last month as a partner in our Financial Services and Fintech Groups. She represents financial services and fintech companies...more

Goodwin

Financial Services Weekly: Amendments To SEC Proxy Solicitation Rules Approved By A 3-1 Vote

Goodwin on

In This Issue. The Securities and Exchange Commission (SEC) finalized amendments to its proxy solicitation rules that will modify the practices of proxy advisory firms, providing them with greater transparency and...more

Perkins Coie

Blockchain Week in Review - December 2019 #2

Perkins Coie on

U.S. Developments - Federal Reserve Governor Speaks on Stablecoins and Related Risks - On December 18, 2019, Governor Lael Brainard of the U.S. Federal Reserve delivered a speech entitled “Update on Digital Currencies,...more

Nutter McClennen & Fish LLP

Fintech in Brief: Stablecoins Highlighted in Federal Reserve Board’s Financial Stability Report

On November 15, 2019, the Board of Governors of the Federal Reserve System (the “Board”) published its most recent “Financial Stability Report” (the “Report”). A section of the Report is entitled “Global Stablecoins and...more

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