Just days prior to the passage of the GENIUS Act on stablecoins by Congress, on July 14th, the Federal Reserve, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (collectively, the...more
The Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (the “GENIUS Act” and the “Act”) establishes a regulatory infrastructure for defining, managing, custodying and issuing a specific kind of...more
6/24/2025
/ Cryptocurrency ,
Digital Assets ,
Digital Currency ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
Investment ,
OCC ,
Payment Systems ,
Popular ,
Regulatory Agenda ,
Regulatory Requirements ,
Service Professionals ,
Stablecoins ,
U.S. Treasury
As we reported previously, the Maryland Office of Financial Regulation (“OFR”) issued emergency regulations this past January which indicated that passive trusts holding residential mortgage loans, even those used as part of...more
On February 5, the Federal Deposit Insurance Corporation (“FDIC”) released 175 documents related to supervision of banks it oversees that either engaged in or sought to engage in crypto-related activities. Acting Chairman...more
On January 10, 2025, the Maryland Office of Financial Regulation issued emergency regulations revised to clarify that “passive trusts” holding residential mortgage loans must obtain a Mortgage Lender License and if the trusts...more
On January 10, 2025, the Maryland Office of Financial Regulation issued emergency regulations revised to clarify that “passive trusts” holding residential mortgage loans must obtain a Mortgage Lender License and if the trusts...more
On February 16, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued a proposed rule addressing “Anti-Money Laundering Regulations for Residential Real Estate Transfers.” The proposed rule would, among other...more
2/26/2024
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Corporate Transparency Act ,
Financial Regulatory Reform ,
FinCEN ,
Money Laundering ,
Proposed Rules ,
Real Estate Investments ,
Real Estate Transactions ,
Regulatory Agenda ,
Regulatory Requirements ,
Suspicious Activity Reports (SARs)
On December 21, 2023, the Financial Crimes Enforcement Network (“FinCEN”) published its final rule setting forth the circumstances under which beneficial ownership information reported to FinCEN pursuant to the Corporate...more
2/9/2024
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Corporate Transparency Act ,
Final Rules ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Ownership Interest ,
Regulatory Requirements ,
Reporting Requirements
The Consumer Financial Protection Bureau ("CFPB") filed an amicus brief in Franklin Savings Bank v. Bordick, a case before the Supreme Court of Maine.
In that case, the borrowers took out a loan that they used to finance...more
Resulting from a lawsuit by the California Reinvestment Coalition against the Consumer Financial Protection Bureau (“CFPB”) in 2019 for its failure to promulgate a small business lending data rule in compliance with the...more
4/10/2023
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Lenders ,
Loans ,
Regulatory Requirements ,
Small Business
In the heat of summer, the nation’s top consumer protection agencies have issued startling and transformative statements and rules regarding data practice.
First up, the Consumer Financial Protection Bureau issued a...more
The Consumer Financial Protection Bureau (“CFPB”) has issued several statements affecting the credit reporting industry in the last few months, including one on medical debts and one on auto financing, while at the same time...more
7/25/2022
/ Big Data ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Data Brokers ,
Data Collection ,
Data Management ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Human Trafficking ,
Regulation V ,
Regulatory Reform ,
Regulatory Requirements
In a blog post, the Consumer Financial Protection Bureau (“CFPB”) revealed that it had sent letters requesting information from credit card issuers as to the reasons why actual payment histories are often not being reported...more