A new program addresses innovative banking activities such as bank-fintech partnerships and digital assets while reinforcing guardrails around stablecoin activity.
On August 8, 2023, the Board of Governors of the Federal...more
8/16/2023
/ Banking Sector ,
Banks ,
Compliance ,
Digital Assets ,
Enforcement Programs ,
Federal Reserve ,
Financial Institutions ,
FinTech ,
FRB ,
Risk-Based Approaches ,
Stablecoins
Consumers and businesses stand to benefit from rapid access to funds at any time when routed through participating financial institutions.
On July 20, 2023, the Federal Reserve announced the long-awaited launch of its...more
The guidance outlines principles and key considerations for banking organizations as they navigate risks associated with third parties, including fintechs.
On June 6, 2023, the Federal Deposit Insurance Corporation...more
6/23/2023
/ Banking Sector ,
FDIC ,
Financial Institutions ,
FinTech ,
FRB ,
Interagency Guidance ,
OCC ,
Risk Management ,
Third-Party ,
Third-Party Relationships ,
Third-Party Risk
The rule requires that lenders collect and report extensive applicant data to the CFPB, intended to deter discrimination and promote economic growth.
On March 30, 2023, the Consumer Financial Protection Bureau (CFPB)...more
Congress will be “starting from scratch” in attempting to establish a regulatory framework for stablecoins — an issue that many believe is the top digital asset legislative priority.
On April 15, 2023, the US House...more
The bipartisan bill would provide a federal safe harbor for non-custodial blockchain service providers from state money transmission and digital asset licensing laws.
On March 23, 2023, US House of Representatives...more
3/31/2023
/ Bank Secrecy Act ,
BitLicense ,
Blockchain ,
Cryptoassets ,
Cryptocurrency ,
Custody ,
FATF ,
FinCEN ,
Market Participants ,
Preemption ,
Proposed Legislation
A legislative initiative in Illinois would establish licensing and consumer protection requirements for digital asset businesses serving consumers in the state.
On February 21, 2023, the Illinois Department of Financial...more
3/29/2023
/ BitLicense ,
Compliance ,
Cryptocurrency ,
Digital Assets ,
Disclosure Requirements ,
Financial Services Industry ,
FinTech ,
Popular ,
Proposed Legislation ,
Regulatory Authority ,
Regulatory Oversight ,
Securities ,
Stablecoins
The Guidance clarifies the regulator’s expectations on safekeeping customer digital assets, and the disclosures that must accompany such arrangements.
On January 23, 2023, the New York Department of Financial Services...more
2/3/2023
/ Banks ,
BitLicense ,
Cryptoassets ,
Custodians ,
Digital Assets ,
Disclosure Requirements ,
Financial Services Industry ,
Insolvency ,
New Guidance ,
NYDFS ,
Virtual Currency
The RFIA would define consumer protection standards for digital assets and introduce new requirements regarding digital asset use in interstate money transfers.
Latham & Watkins presents a blog series on the Responsible...more
6/27/2022
/ Blockchain ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Cryptocurrency ,
Digital Assets ,
Digital Service Providers ,
Digital Services ,
Disclosure Requirements ,
Financial Services Industry ,
Money Transmitter ,
Proposed Legislation ,
Regulatory Agencies
The agency just revived its dormant authority to supervise nonbank financial entities that it determines pose risk to consumers.
On April 25, 2022, the Consumer Financial Protection Bureau (CFPB) - the US government...more