Within the past two months, three states have adopted the Money Transmission Modernization Act (MTMA). The governors of Virginia, Mississippi, and most recently Colorado, signed bills that implement the MTMA, and two other...more
5/13/2025
/ Cryptocurrency ,
Digital Assets ,
Financial Services Industry ,
FinTech ,
Money Transmitter ,
New Legislation ,
Payment Systems ,
Regulatory Reform ,
Regulatory Requirements ,
State Legislatures ,
Virtual Currency
The Consumer Financial Protection Bureau (CFPB) finalized its “open banking” rule in late 2024. As required by Section 1033 of the Consumer Financial Protection Act, the CFPB promulgated the rule to require certain financial...more
On 2 January 2025, Massachusetts went from being one of the least regulated states for money transmission to becoming one of the more highly regulated states. Formerly, only entities engaging in foreign money transmission...more
The Seventh Circuit recently issued one of the first appellate decisions to apply the US Supreme Court’s decision in Loper Bright Enterprises v. Raimondo, 144 S. Ct. 2244 (2024). In Loper Bright, the Supreme Court ended...more
8/12/2024
/ Chevron Deference ,
Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Discrimination ,
ECOA ,
Financial Services Industry ,
Government Agencies ,
Loper Bright Enterprises v Raimondo ,
Mortgage Lenders ,
Reasonable Interpretations ,
Regulatory Authority ,
SCOTUS ,
Statutory Interpretation
The financial services and banking industry landscape continues to evolve in the face of new and emerging technologies. This phenomenon is especially prevalent in the sharing of consumer data between financial institutions...more
6/21/2024
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Customer Information ,
Data Collection ,
Data Security ,
E-Commerce ,
Financial Institutions ,
Financial Services Industry ,
Information Sharing ,
Open Banking ,
Regulatory Agenda ,
Third-Party
Dapper Labs (Dapper) has agreed to settle a putative class action suit brought by private plaintiffs, subject to court approval, putting to rest allegations that its NBA-endorsed nonfungible tokens (NFTs) were offered and...more