On November 7, 2023, the Consumer Financial Protection Bureau ("CFPB") proposed a new rule, to be codified at 12 C.F.R. ยง 1090.109, that would bring general-use digital payment processors who process more than five million...more
11/28/2023
/ Broker-Dealer ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Cryptocurrency ,
Debit Cards ,
Electronic Payment Transactions ,
Financial Services Industry ,
FinTech ,
Proposed Rules ,
Securities and Exchange Commission (SEC) ,
Technology Sector
With a new operational resilience framework in force in the UK and similar reforms proposed in the EU and the US, we examine how the regimes compare and their practical impact on financial services firms....more
12/5/2022
/ Bank of England ,
Banks ,
Basel Committee on Banking Supervision (BCBS) ,
Cyber Incident Reporting ,
Cybersecurity ,
EU ,
European Commission ,
Federal Deposit Insurance Act ,
FFIEC ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Infrastructure ,
IOSCO ,
Natural Disasters ,
New Rules ,
Prudential Regulation Authority (PRA) ,
UK
As with any new phenomenon, the rise of digital assets has created a new lexicon. "Blockchain," "tokens," and "coins" are now household vocabulary. Central to the discussion are a set of assets generally classified as...more
Challenges and opportunities in the US, UK and Europe -
"Many Fintechs that previously avoided bank-like regulation in the US are now actively seeking that status."
The digital revolution was well underway long before most...more
11/17/2021
/ Banking Sector ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Digital Services ,
EU ,
Financial Services Industry ,
FinTech ,
Licenses ,
Popular ,
Sandbox ,
Technology Sector ,
UK
On November 1, 2021, the President's Working Group on Financial Markets (the "PWG"), the Federal Deposit Insurance Corporation (the "FDIC") and the Office of the Comptroller of the Currency (the "OCC") issued a Report on...more
On January 4, 2021, the Chief Counsel of the Office of the Comptroller of the Currency ("OCC") issued an interpretive letter ("IL 1174") on the permissibility of national banks to use independent node verification networks...more