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
The Federal Deposit Insurance Corporation (FDIC) issued a Notice of Proposed Rulemaking (the Proposal) on September 17, 2024, that seeks to strengthen recordkeeping for bank deposits held by nonbank companies on behalf of...more
9/23/2024
/ Annual Reports ,
Anti-Money Laundering ,
Bankruptcy Court ,
Bankruptcy Trustees ,
Beneficial Owner ,
Commercial Bankruptcy ,
Compliance ,
Deposit Accounts ,
FDIC ,
Financial Institutions ,
FinTech ,
Internal Controls ,
Investment ,
Misrepresentation ,
Non-Bank Lenders ,
Notice of Proposed Rulemaking (NOPR) ,
Policies and Procedures ,
Popular ,
Proposed Amendments ,
Recordkeeping Requirements ,
Regulatory Oversight ,
Securities ,
Third-Party
Senators Inquire about CFPB’s Fintech Agenda -
On July 27, 2021, Senator Sherrod Brown, the Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to the Consumer Financial Protection...more
9/2/2021
/ Banking Sector ,
Big Tech ,
Blockchain ,
Bureau of Industry and Security (BIS) ,
China ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Assets ,
EU ,
Federal Trade Commission (FTC) ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinTech ,
Guidance Update ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Risk Management ,
SDN List ,
Securities and Exchange Commission (SEC) ,
Settlement
Federal Reserve Seeks Comments on Guidelines for Fintechs Receiving Fed Accounts and Services -
The Federal Reserve System (the Fed) issued a request for comment on new guidelines for the Fed’s Regional Banks to use when...more
US Developments -
OCC Issues Interpretation that Banks Can Offer Crypto Custody Services -
On July 22, 2020, the Office of the Comptroller of the Currency (OCC) issued an interpretive letter clarifying that national banks...more
7/29/2020
/ Blockchain ,
Certifications ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
FATF ,
FDIC ,
Financial Services Industry ,
OCC ,
Popular ,
Request For Information ,
Travel Rule ,
UK
U.S. Developments -
Money Laundering in Bitcoin . . . is Still Money Laundering -
On April 17, 2020, the U.S. Court of Appeals for the Ninth Circuit, affirmed a conviction on five counts of money laundering where the...more
U.S. Developments -
Enforcement and Litigation Developments -
Craig Wright Faces Sanctions -
Craig Wright, the self-proclaimed inventor of Bitcoin, has been tied up in litigation since February 2018 related to his...more
9/10/2019
/ Anti-Money Laundering ,
Bitcoin ,
Chase Bank ,
China ,
Class Action ,
Contract Terms ,
Criminal Prosecution ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
Discovery ,
Drug Trafficking ,
European Central Bank ,
FATF ,
Felonies ,
Financial Industry Regulatory Authority (FINRA) ,
Guilty Pleas ,
Motion to Compel ,
Partnerships ,
Popular ,
Sanctions ,
Truth in Lending Act (TILA) ,
Value-Added Tax (VAT)
U.S. Developments -
Regulatory Updates -
SEC Suspends Trading for Crypto Exchange and Mining Company -
On April 29, 2019, the U.S. Securities and Exchange Commission (“SEC”) announced that it was suspending trading for...more
5/9/2019
/ Blockchain ,
CFTC ,
Criminal Prosecution ,
Cross-Border Transactions ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Initial Coin Offering (ICOs) ,
NY Supreme Court ,
Popular ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Virtual Currency
On November 28, 2018, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC), announced an action against two Iranian citizens, Ali Khorashadizadeh and Mohammad Ghorbaniyan, who facilitated the exchange of...more
FATF Issues Virtual Currency Guidance -
On October 19, the Financial Action Task Force (“FATF”) published the outcomes of its Plenary meeting. Included in the outcomes of the meeting were new recommendations related to the...more
11/2/2018
/ American Arbitration Association ,
AML/CFT ,
Anti-Money Laundering ,
Blockchain ,
China ,
Coinbase ,
Commodity Exchange Act (CEA) ,
Cryptocurrency ,
FATF ,
FCC ,
Japan ,
Market Manipulation ,
NYDFS ,
Popular ,
Securities and Exchange Commission (SEC) ,
South Korea ,
Virtual Currency