On March 10, 2023 the California Department of Financial Protection and Innovation ("CDFPI") closed Silicon Valley Bank ("SVB"), a California chartered, non-member bank. The CDFPI placed SVB into receivership and appointed...more
10/5/2023
/ Banking Sector ,
Banks ,
Borrowers ,
California ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Legislative Agendas ,
Regulatory Agenda ,
U.S. Treasury
On Friday, March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank ("SVB") and the Federal Deposit Insurance Corporation ("FDIC") was appointed SVB's receiver....more
3/15/2023
/ Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
Insolvency ,
Receivership ,
Relief Measures ,
Silicon Valley
In an effort to align the permissibility of crypto activities for all member banks of the Federal Reserve System (the "FRS", which includes all national banks and state member banks), the Board of Governors of the Federal...more
2/15/2023
/ Banking Sector ,
Cryptocurrency ,
Digital Currency ,
FDIA ,
Federal Reserve ,
Fiduciary Duty ,
Financial Institutions ,
FRB ,
Joint Statements ,
OCC ,
Popular ,
Trading Policies
Anatoly Legkodymov, Russian founder of Hong Kong-registered cryptocurrency exchange Bitzlato Limited ("Bitzlato"), was arrested on January 17 based on an Amended Complaint filed by the Department of Justice ("DOJ") charging...more
2/7/2023
/ Anti-Money Laundering ,
BSA/AML ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptocurrency ,
Dark Web ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Fund Transfers ,
Licensing Rules ,
Money Laundering ,
Office of Foreign Assets Control (OFAC)
The New York State Department of Financial Services ("NYDFS") announced on January 4 that it had reached a $100 million settlement with Coinbase, Inc. ("Coinbase") for failures in its Bank Secrecy Act and anti-money...more
On August 2, in its first ever cryptocurrency enforcement action, the New York State Department of Financial Services ("NYDFS") announced it had imposed a $30 million fine on Robinhood Crypto, LLC ("RHC") for failures in its...more
8/15/2022
/ Bank Secrecy Act ,
BSA/AML ,
Business Licenses ,
Consent Order ,
Cryptocurrency ,
Enforcement Actions ,
New York ,
Noncompliance ,
Notice Requirements ,
NYDFS ,
Regulatory Violations ,
State and Local Government ,
Virtual Currency
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