On May 30, 2025, the Consumer Financial Protection Bureau (CFPB) stated in a court filing that its “Open Banking Rule” (Rule) issued during the Biden administration “is unlawful and should be set aside.” This shift is part of...more
The U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act or GENIUS Act (S.1582) (the Act) in a 68-30 bipartisan vote on June 17, 2025. The GENIUS Act would provide a clear regulatory...more
6/27/2025
/ Banking Sector ,
Banks ,
Cryptocurrency ,
Digital Assets ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
New Legislation ,
OCC ,
Regulatory Reform ,
Regulatory Requirements ,
Stablecoins ,
U.S. Treasury
Background on Open Banking and the CFPB -
The Consumer Financial Protection Bureau (CFPB) recently finalized a rule on personal financial data rights (Rule), implementing Section 1033 of the Consumer Financial Protection Act...more
11/20/2024
/ Banking Sector ,
Competition ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Rights ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Rules ,
Open Banking ,
Popular ,
Proposed Regulation ,
Regulatory Requirements ,
Technology
On New Year’s Day 2021, Congress overrode a presidential veto to pass the Anti-Money Laundering Act of 2020 (AMLA 2020), which amends and modernizes the Bank Secrecy Act (BSA). The AMLA 2020 includes sweeping reforms updating...more
4/13/2021
/ Anti-Corruption ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Criminal Penalties ,
Disclosure Requirements ,
Enforcement Actions ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Senior Foreign Political Figures (SFPFs) ,
Subpoenas ,
Virtual Currency ,
Whistleblower Awards