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Senate Confirms Rohit Chopra as CFPB Director

As CFPB Director, Rohit Chopra will vigorously apply the CFPB’s authority to promulgate rules, conduct examinations, and bring enforcement actions. CFPB Acting Director Uejio has laid the groundwork for Director Chopra to...more

Countdown to CCPA #4: Governor Signs CCPA Amendment to Add Additional Exemptions

Information collected in employment or business-to-business contexts is exempt for one year. For the first year it is in effect, the CCPA will not apply to personal information collected about employees or in B2B...more

South Carolina Begins Licensing Money Transmission

South Carolina Anti-Money Laundering Act becomes effective May 25, 2018. Applications must be filed by June 29, 2018. Implementing regulations become effective May 25, 2018. ...more

Starting September 1st, Texas Will Require Cash Redemption of Certain Stored Value Cards

Commencing on September 1, 2015, Texas will join several other states in requiring that certain stored value cards be redeemable for cash. Texas House Bill 2391, which becomes effective September 1, 2015, requires cash...more

Texas Renews Efforts to Require Cash Redemption of Certain Stored Value Cards

Texas renews effort to require that certain stored value cards be redeemable for cash if the balance on the card is less than $2.50. In early March, Texas House Bill 2391 was introduced. It would require a cash refund...more

Stay Tuned: Pennsylvania Bill Would Require Cash Refunds on Certain Gift Cards/Certificates

Pennsylvania may be joining the several states that require that certain gift cards and gift certificates be redeemable for cash. Senate Bill 150 would require that a gift card or gift certificate be redeemable for cash when...more

Stay Tuned: Connecticut Bill Would Require Cash Refunds of Gift Card Balances

Connecticut may join a number of states that currently require merchants to provide the remaining balances on gift cards to consumers in cash upon request....more

3/17/2014  /  Gift-Cards , Refunds

Financial Crimes Enforcement Network Issues Guidance on Virtual Currency

FinCEN recently issued interpretive guidance to clarify that it views certain activities involving convertible virtual currencies as money transmission services under the Bank Secrecy Act and FinCEN regulations. If your...more

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