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A Discussion with Nacha on Proposed Rulemaking Regarding Fraud - Payments Pros: The Payments Law Podcast [Audio]

Troutman Pepper’s Payments Pros podcast offers insights from Troutman Pepper Fintech and Payment practice group attorneys, industry business leaders, and regulatory experts on the most challenging legal and regulatory...more

FTC Reaches $16 Million Settlement With Payment Processors Over Alleged Credit Card Laundering

The Federal Trade Commission (FTC) has reached a settlement with Nexway, Inc. (Nexway), its affiliated companies, and officers for allegedly facilitating tech support scams in violation of Section 5 of the FTC Act and the...more

OCC and FDIC Issue Separate Guidance on Overdraft Fees

On April 26, both the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) issued separate advisories warning against the risks associated with overdraft fees, particularly...more

FDIC Publication Focuses on Key Consumer Compliance Issues Identified During 2022

On April 5, the Federal Deposit Insurance Corporation (FDIC) released its Consumer Compliance Supervisory Highlights report, providing a high-level overview of consumer compliance issues identified by the agency during 2022...more

July Launch Announced for the Federal Reserve’s FedNow Nationwide Payment System

The Federal Reserve issued a press release announcing its plans for a July debut of FedNow, its service “to facilitate nationwide reach of instant payment services by financial institutions.” As previously discussed here, the...more

FTC Advances Negative Option Rulemaking Agenda, Eyeing Broader Regulation of Subscriptions and Automatic Renewals

Today, the Federal Trade Commission (FTC) issued a Notice of Proposed Rulemaking with the stated intent to make it easier for consumers to cancel recurring subscriptions and memberships. This rulemaking is part of the FTC’s...more

Autorenewals Crossover Episode with The Crypto Exchange - The Consumer Finance Podcast [Audio]

Most consumers have signed up for subscriptions, automatic deliveries, or free trials that convert into a paid subscription. In this episode of The Crypto Exchange, Carlin McCrory welcomes colleagues Mark Furletti and Jill...more

Autorenewals - The Crypto Exchange Podcast [Audio]

Most consumers have signed up for subscriptions, automatic deliveries, or free trials that convert into a paid subscription. In this episode of The Crypto Exchange, Carlin McCrory welcomes colleagues Mark Furletti and Jill...more

Massachusetts AG Settles with Home Security Company over Allegedly Unfair Automatic Renewal Contracts, Improper Charges, and Debt...

In February, Massachusetts Attorney General Joy Campbell announced a $6.5 million settlement with Safe Home Security, its CEO, and affiliated companies to resolve allegations that their practices violated state consumer...more

Silvergate Capital to Liquidate, Regulators Close Signature Bank: What That Means for Other Banks With Crypto Assets

On March 8, Silvergate Capital, a leader in crypto lending, announced it was winding down its operations. FTX was one of Silvergate Capital’s biggest clients. The California-based bank is chartered under the supervision of...more

FinCEN Warns of Surging Check Fraud

On February 28, the Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) issued an alert warning financial institutions to be vigilant in identifying and reporting check fraud schemes targeting the...more

Crypto Year in Review 2022: Crypto Enforcement and the U.S. Treasury - The Crypto Exchange Podcast [Audio]

In the fourth and final segment of our four-part Crypto Year in Review series, Ethan Ostroff, Keith Barnett, and Carlin McCrory discuss how the U.S. Treasury Department — including the Office of Foreign Asset Control (OFAC)...more

Federal Regulators Issue Statement Highlighting Liquidity Risks of Crypto-Asset Related Entities

On February 23, The Board of Governors of the Federal Reserve System (the Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the Agencies) issued a...more

2/27/2023  /  Banks , Cryptoassets , Digital Assets , FDIC , OCC

Crypto Year in Review 2022: Federal Reserve and Central Bank Digital Currencies and FDIC/OCC Regulatory Developments - The Crypto... [Audio]

In the second segment of our four-part Crypto Year in Review series, Rene McNulty, Carlin McCrory, and Ethan Ostroff discuss the Federal Reserve and its research and experimentation on Central Bank Digital Currencies (CBDCs),...more

Banking Industry Requests 18 Month Extension to Comply with Amended Regulation II

In a letter dated February 10, the American Bankers Association (ABA), Consumer Bankers Association (CBA), Credit Union National Association (CUNA), National Association of Federally‐Insured Credit Unions (NAFCU), and The...more

Crypto Year in Review 2022 - CFPB and FTC Enforcement Trends - The Crypto Exchange Podcast [Audio]

In the first of a four-part Crypto Year in Review series, Carlin McCrory, Keith Barnett, and Ethan Ostroff look at how the CFPB and FTC viewed and regulated cryptocurrency in 2022. The panel examines statements by CFPB...more

Federal Reserve Board Rejects Application by SPDI That Is Not Federally Regulated

On January 27, the Federal Reserve Board (Fed) announced that it denied the application of Custodia Bank, a Wyoming special purpose depository institution (SPDI), for member status on the basis that its novel business model...more

Evaluating Fraud Under the Bank Secrecy Act - The Crypto Exchange Podcast [Audio]

In this episode of The Crypto Exchange, Troutman Pepper attorney Carlin McCrory welcomes Disputes, Compliance and Investigations Managing Director Terri Sands from Stout to discuss the risks and regulatory scrutiny that...more

Federal Banking Regulators Warn Against Crypto Risks

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

Senators Introduce Bill to Extend Anti-Money Laundering Rules to Cryptocurrency

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

Help Us Regulate Crypto: Concerned Senator Sherrod Brown asks Treasury Secretary for Help After FTX Collapse

On November 30, Senate Banking Committee Chairman Sherrod Brown (D-OH) sent a letter to Treasury Secretary Janet Yellen requesting that she coordinate with other financial regulators to further work on the recommendations...more

CFPB Launches Its First Civil Investigation of a Crypto Firm

The Consumer Financial Protection Bureau (CFPB) issued a decision denying Nexo Financial, LLC’s petition to modify a civil investigation demand (CID) originally served on the company on December 1, 2021. At that time, Nexo...more

OFAC Settles With Kraken for $362,158: Maximum Penalty Avoided

On November 28, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a $362,158.70 settlement with Payward, Inc. d/b/a Kraken. The Delaware-incorporated virtual currency exchange allegedly...more

CFPB and FTC File Amicus Brief on Servicemembers’ Right to Sue Under the Military Lending Act

On November 21, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) filed a joint amicus brief in Louis v. Bluegreen Vacations Unlimited, Inc., No. 22-12217 (11th Cir.) regarding servicemembers’...more

CFPB Finds Fraud and Transaction Issues Rank High Among Crypto-Asset Complaints

On November 10, the Consumer Financial Protection Bureau (CFPB) released a new complaint bulletin, highlighting consumer complaints it has received related to crypto-assets. The bulletin suggests that fraud, theft, hacks, and...more

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