The move becomes effective on October 1, 2023, with the Supreme Court soon to decide on the agency’s rule-writing authority.
On February 1, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule (the...more
The Act aims to modernize and streamline state regulation of money transmitters while promoting innovation and consumer protection.
More than a dozen US states have enacted the Money Transmission Modernization Act (MTMA)...more
New laws implement regulatory standards and licensing requirements for fintechs seeking to improve employee access to wages.
On June 13, 2023, Nevada enacted a law that regulates earned wage access (EWA) services provided...more
A new program addresses innovative banking activities such as bank-fintech partnerships and digital assets while reinforcing guardrails around stablecoin activity.
On August 8, 2023, the Board of Governors of the Federal...more
8/16/2023
/ Banking Sector ,
Banks ,
Compliance ,
Digital Assets ,
Enforcement Programs ,
Federal Reserve ,
Financial Institutions ,
FinTech ,
FRB ,
Risk-Based Approaches ,
Stablecoins
A bifurcated decision in a highly anticipated digital assets enforcement action may not provide the clarity that market participants want or need.
On July 13, 2023, Judge Analisa Torres of the US District Court for the...more
7/26/2023
/ Aiding and Abetting ,
Civil Monetary Penalty ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Digital Platforms ,
Due Process ,
Enforcement Actions ,
Fair Notice ,
Institutional Investors ,
Investment Platforms ,
Personal Liability ,
Ripple ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations ,
Token Sales ,
Unregistered Securities
Consumers and businesses stand to benefit from rapid access to funds at any time when routed through participating financial institutions.
On July 20, 2023, the Federal Reserve announced the long-awaited launch of its...more
After a lengthy “holistic” review and a spring banking crisis, US bank capital requirements finally face overhaul.
On July 10, 2023, US Federal Reserve Board (FRB) Vice Chair for Supervision Michael Barr delivered a...more
7/21/2023
/ Banking Crisis ,
Banking Sector ,
Basel III ,
Capital Requirements ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Global Systemically Important Banks (G-SIBs) ,
Proposed Amendments ,
Risk Assessment ,
Risk Mitigation ,
SIFMA ,
Stress Tests
The viability of DAO structures draws attention after a judge declares that a decentralized autonomous organization is a “person” under the law.
On June 8, 2023, the US District Court for the Northern District of...more
Governor Bowman calls for transparent supervisory expectations and attention to the consequences of regulatory reform on the broader financial system.
On June 25, 2023, US Federal Reserve Board (FRB) Governor Michelle W....more
7/6/2023
/ Banking Crisis ,
Capital Requirements ,
Dodd-Frank ,
EGRRCPA ,
Emerging Technologies ,
Federal Reserve ,
Financial Regulatory Reform ,
Information Reports ,
Liquidity ,
Prudential Standards ,
Regulatory Reform
The proposed bill sets forth a comprehensive framework for the digital asset ecosystem by bridging regulatory gaps, promoting innovation, and protecting consumers.
On June 2, 2023, Patrick McHenry, Chairman of the House...more
6/30/2023
/ Advisory Committee ,
Anti-Fraud Provisions ,
Anti-Manipulation Rule ,
CFTC ,
Commodity Exchange Act (CEA) ,
Consumer Protection Laws ,
Cryptoassets ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investment Contract ,
Non-Fungible Tokens (NFTs) ,
Proposed Legislation ,
Registration Requirement ,
Regulatory Authority ,
Securities and Exchange Commission (SEC) ,
Stablecoins
The guidance outlines principles and key considerations for banking organizations as they navigate risks associated with third parties, including fintechs.
On June 6, 2023, the Federal Deposit Insurance Corporation...more
6/23/2023
/ Banking Sector ,
FDIC ,
Financial Institutions ,
FinTech ,
FRB ,
Interagency Guidance ,
OCC ,
Risk Management ,
Third-Party ,
Third-Party Relationships ,
Third-Party Risk
The legislation mirrors anti-“industry boycott” legislation introduced or passed in other US states and provides more explicit rubrics of prohibited factors.
On May 5, 2023, Florida Governor Ron DeSantis signed into law...more
The spring of 2023 saw more dislocation in the global financial sector than any time since the 2008-09 financial crisis. In the US, banking institutions with over $500 billion in total assets failed, and other banks that were...more
6/5/2023
/ Banking Crisis ,
Banking Sector ,
Capital Requirements ,
Deposit Insurance ,
EU ,
Financial Crisis ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
Global Economy ,
Liquidity ,
Regulatory Oversight ,
UK
The narrower M&A broker exemption supersedes the 2014 M&A broker no-action letter while leaving state-level restrictions and foreign M&A broker relief unaffected. On March 29, 2023, the Securities Exchange Act of 1934...more
5/25/2023
/ Broker-Dealer ,
Consolidated Appropriations Act (CAA) ,
EBITDA ,
Exemptions ,
Extraterritoriality Rules ,
Foreign Agents ,
Institutional Investors ,
M&A Brokers ,
No-Action Letters ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
The CRPTO Act is intended to increase transparency and consumer protections, and reduce conflicts of interest, through heightened disclosures and penalties.
On May 5, 2023, New York Attorney General (NYAG) Letitia James...more
The rule requires that lenders collect and report extensive applicant data to the CFPB, intended to deter discrimination and promote economic growth.
On March 30, 2023, the Consumer Financial Protection Bureau (CFPB)...more
In a major Web3 trademark infringement case, NFT creators prevail over those with a bad-faith intent to profit.
On April 21, 2023, Yuga Labs, the original creators of the Board Ape Yacht Club (BAYC) non-fungible token...more
5/19/2023
/ Blockchain ,
Cybersquatting ,
Domain Names ,
Ethereum ,
Fair Use ,
Free Speech ,
Intellectual Property Protection ,
Lanham Act ,
Non-Fungible Tokens (NFTs) ,
Trademark Infringement ,
Trademark Litigation ,
Trademarks ,
Unclean Hands
Whereas the original proposal did not directly discuss digital assets, the reopening release is mainly focused on digital asset platforms.
On April 14, 2023, the Securities and Exchange Commission (SEC) issued a release...more
Congress will be “starting from scratch” in attempting to establish a regulatory framework for stablecoins — an issue that many believe is the top digital asset legislative priority.
On April 15, 2023, the US House...more
In contrast with the White House’s position, the Vice Chairman denied that loosened Dodd-Frank rules contributed to the recent bank failures.
On April 12, 2023, Federal Deposit Insurance Corporation (FDIC) Vice Chairman...more
4/20/2023
/ Banking Regulators ,
Banks ,
Biden Administration ,
Dodd-Frank ,
EGRRCPA ,
FDIC ,
Federal Reserve ,
Insolvency ,
Interest Rates ,
Online Banking ,
Securities ,
Silicon Valley ,
Social Networks ,
Stress Tests ,
Technology Sector ,
U.S. Treasury
President Biden is calling for tougher standards and supervision for large regional banks in the wake of recent instability in the US banking sector.
On March 30, 2023, the White House issued a Fact Sheet calling on the...more
4/4/2023
/ Banks ,
Biden Administration ,
Deregulation ,
Dodd-Frank ,
FDIC ,
Financial Institutions ,
FRB ,
OCC ,
Regulatory Agenda ,
Relief Measures ,
Trump Administration
The bipartisan bill would provide a federal safe harbor for non-custodial blockchain service providers from state money transmission and digital asset licensing laws.
On March 23, 2023, US House of Representatives...more
3/31/2023
/ Bank Secrecy Act ,
BitLicense ,
Blockchain ,
Cryptoassets ,
Cryptocurrency ,
Custody ,
FATF ,
FinCEN ,
Market Participants ,
Preemption ,
Proposed Legislation
A legislative initiative in Illinois would establish licensing and consumer protection requirements for digital asset businesses serving consumers in the state.
On February 21, 2023, the Illinois Department of Financial...more
3/29/2023
/ BitLicense ,
Compliance ,
Cryptocurrency ,
Digital Assets ,
Disclosure Requirements ,
Financial Services Industry ,
FinTech ,
Popular ,
Proposed Legislation ,
Regulatory Authority ,
Regulatory Oversight ,
Securities ,
Stablecoins
By authorizing the issuance of a stable token, “Blockchain Valley” leads the way in state digital asset adoption and integration.
For the last few years, Wyoming has been a leader among US states at the intersection of...more
The decisive action will mitigate emerging liquidity and solvency risks, contain pressure on the banking system, and protect depositors.
On March 12, 2023, the Board of Governors of the Federal Reserve System (Federal...more