News & Analysis as of

Banking Sector State and Local Government Financial Institutions

Fenwick & West LLP

Congress Enacts Comprehensive Stablecoin Legislation: Key Provisions and Implications of the GENIUS Act

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On July 18, President Donald Trump signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), creating the first federal framework for U.S. dollar stablecoins. ...more

Wilson Sonsini Goodrich & Rosati

Association of State Financial Regulators Issues Guidance on Virtual Currency for Licensed Money Transmitters

Recognizing the evolving landscape of digital finance, the Conference of State Bank Supervisors (CSBS), an association of state financial regulators, issued advisory guidance on the treatment of virtual currency held on a...more

Troutman Pepper Locke

CSBS Issues Guidance on Virtual Currency and Tangible Net Worth

Troutman Pepper Locke on

On June 26, the Conference of State Bank Supervisors (CSBS) released new guidance regarding the treatment of virtual currency in the calculation of a licensee’s tangible net worth under the Money Transmission Modernization...more

Orrick, Herrington & Sutcliffe LLP

State bank supervision group releases money transmission guidance

Recently, an association of state bank supervisors issued new guidance to clarify how money transmitters must calculate tangible net worth under the model legislation known as the Money Transmission Modernization Act (MTMA),...more

Kohrman Jackson & Krantz LLP

Unclaimed Funds in Ohio: Is the State Holding Money that Belongs to You?

The Ohio Department of Commerce’s Division of Unclaimed Funds is safeguarding approximately $4 billion in unclaimed assets. In 2024, the Ohio Department of Commerce received $525 million in unclaimed funds but only $149...more

Sheppard Mullin Richter & Hampton LLP

OCC Rejects Calls to Roll Back Preemption Rules

On June 9, Acting Comptroller of the Currency Rodney Hood issued a letter rejecting the Conference of State Bank Supervisors’ (CSBS) request that the OCC rescind its 2011 preemption regulations. The OCC ‘s letter signals...more

Hudson Cook, LLP

The CFPB's Future is Unclear, but Its $42 Million Judgment Still Sends a Clear Message

Hudson Cook, LLP on

If we could use only one word to describe the future of the Consumer Financial Protection Bureau, I think most of us would agree on the word "uncertain." However, one thing seems certain to occur as we wait to see what will...more

Latham & Watkins LLP

The Tides Are Changing (Again) for US “Fair Access” and “Anti-Debanking” Laws

Latham & Watkins LLP on

“Fair access” banking laws, at the epicenter of the debates between ESG and “anti-woke” regulation and federal/state preemption, may see a resurgence under the incoming administration. In recent years, the landscape of...more

Sheppard Mullin Richter & Hampton LLP

Banks Win Temporary Reprieve from Novel Illinois Swipe-Fee Law

On December 20, 2024, an Illinois federal court, in considering a motion for a preliminary injunction brought by the Illinois Bankers Association, American Bankers Association, and other trade groups, ruled that national...more

Allen Matkins

Are Applications Submitted To The DFPI Subject To Inspection Under The California Public Records Act?

Allen Matkins on

California's Public Records Act, Cal. Gov't Code § 6250 et seq., provides for public access to California state and local government records.  The PRA defines "public records" broadly to include "any writing containing...more

Bradley Arant Boult Cummings LLP

CannaBanking in Alabama: Will Financial Institutions See Green?

Medical cannabis is on the way in Alabama. What does that mean for Alabama banks? The implications of this development are enormous for the financial services industry in Alabama, as each institution will soon have to...more

Buchalter

OCC and FDIC “Valid When Made” Rule Reaffirmed: Interest Rate Limitations, or Lack Thereof, on Loans Made By National and State...

Buchalter on

Under the long-recognized valid when made doctrine, if a loan was not subject to a state usury law when it was made, it does not subsequently become even if it is subsequently sold or assigned to another party. The doctrine...more

Ballard Spahr LLP

New York enacts requirements for check processing by banks

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At the end of last month, former New York Governor Cuomo signed into law a bill that amends the state’s Banking Law to require banks to follow certain check processing practices.  The amendments become effective on January 1,...more

Bradley Arant Boult Cummings LLP

A Fintech Leader’s Thoughts on the North Carolina Regulatory Sandbox Act

As part of Bradley’s continuing coverage of the North Carolina Sandbox Act, we wanted to know what community members and NC fintech aficionados thought about this proposed legislation. We posed six questions to Tariq Bokhari,...more

Foley Hoag LLP - Cannabis and the Law

The SAFE Banking Act Passes in the House, but its Fate in the Senate Remains Unclear

On April 19, the U.S. House of Representatives passed the Secure and Fair Enforcement (SAFE) Banking Act in a 321-101 vote. The bill has benefitted from bipartisan support after being co-sponsored by a large group of both...more

WilmerHale

New York Legalizes Marijuana - Where Is the US Headed?

WilmerHale on

It’s been an eventful week for the marijuana industry. After years of false starts, New York legalized the use of recreational marijuana on March 31 - just hours later, New Mexico legislators passed a bill to do the same....more

Nutter McClennen & Fish LLP

Nutter Bank Report: April 2020

President Signs New COVID-19 Relief Bill into Law, Funding Additional PPP Loans - The Paycheck Protection Program and Health Care Enhancement Act was signed into law by President Donald Trump on April 24, providing $484...more

Goodwin

Financial Services Weekly Roundup: Priming The Pump – Additional Actions To Combat COVID-19

Goodwin on

Priming the Pump. As the COVID-19 outbreak continues, the Board of Governors of the Federal Reserve System (Federal Reserve), consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), took additional...more

Allen Matkins

I-Bank Bill Becomes A Study Bill

Allen Matkins on

I have written several posts on SB 528 (Hueso), a bill that I considered a potential "sleeper". In my parlance, a "sleeper" is a bill that doesn't attract much attention but results in big changes. SB 528 would have chartered...more

Bradley Arant Boult Cummings LLP

A Cannabis Banking Bill, Sitting on Capitol Hill

Legislation that would pave the way for financial institutions to transact with cannabis-related businesses operating in states that have legalized marijuana (herein “cannabis-related legitimate businesses”) is quickly...more

Allen Matkins

The IBank May Someday Be California's Bank

Allen Matkins on

Yesterday, I wrote about legislation that would authorize local governments to form their own local or regional public banks. Senator Ben Hueso has a somewhat different idea. He has introduced a bill, SB 528, that would...more

Ballard Spahr LLP

Vermont exempts bank partners from loan solicitation license for commercial loans

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We have been following closely efforts by state regulators, state legislatures and the courts to restrict, or in some cases prohibit, bank model lending programs, so the recent guidance from the Vermont Department of...more

Ballard Spahr LLP

GLBA and the California Privacy Act: Analyzing SB 1121's Change to the Financial Institution Carve-Out Provision

Ballard Spahr LLP on

Less than three months after California passed the California Consumer Privacy Act of 2018 (CCPA), Governor Jerry Brown signed SB 1121 this week, making a number of technical and substantive changes to the law....more

Ballard Spahr LLP

CA on the verge of requiring commercial finance disclosures

Ballard Spahr LLP on

It appears likely that California Governor Jerry Brown will sign a bill passed on August 31 by the state’s Senate, Senate Bill 1235, which would create consumer-style disclosure requirements for certain commercial loans and...more

Holland & Knight LLP

New Jersey Improves and Clarifies Its Residential Mortgage Lending Act

Holland & Knight LLP on

• The State of New Jersey, on Aug. 24, 2018, enacted Assembly Bill 2035 that makes significant and important amendments (Amendments) to the Residential Mortgage Lending Act (RMLA), which had not been amended since it was...more

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