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Financial Institutions CSBS

Troutman Pepper Locke

CSBS Issues Guidance on Virtual Currency and Tangible Net Worth

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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

Cadwalader, Wickersham & Taft LLP

Heating Up, June 2025 - OCC Defends Federal Bank Preemption

In response to a request from the Conference of State Bank Supervisors (“CSBS”), Acting Comptroller of the Currency, Rodney E. Hood, decisively defended OCC regulations regarding the ability of national banks and Federal...more

Sheppard Mullin Richter & Hampton LLP

NYDFS Joins Multistate Action Against Money Transmitter for Financial and Licensing Violations

On March 20, the New York Department of Financial Services (NYDFS) entered into a consent order with a money transmitter, joining a group of state financial regulators acting through a multi-state task force coordinated by...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday February 28, 2025

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February 27, 2025- The Division of Corporation Finance is providing its views on “meme coins” to provide greater clarity on the application of the federal securities laws to crypto assets....more

Paul Hastings LLP

Daily Financial Regulation Update -- Monday February 3, 2025

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January 31, 2025 - The Federal Deposit Insurance Corporation, Federal Reserve Board and Office of the Comptroller of the Currency will hold a virtual public outreach meeting on March 6, 2025, as part of their review of...more

Orrick, Herrington & Sutcliffe LLP

CSBS report reveals regulatory burden as top community bank concern

Recently, CSBC published its 2024 Annual Community Bank Survey which provides insights into the concerns and challenges faced by community banks. The survey revealed that regulatory burden has become the primary concern for...more

Paul Hastings LLP

Daily Financial Regulation Update -- Wednesday August 28

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August 27, 2024 - The Federal Reserve Board released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window....more

Stinson LLP

Wisconsin Adopts Model Money Transmission Modernization Act, Joining 19 Other States

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On April 4, 2024, the State of Wisconsin enacted S.B. 668 (the Act), repealing the state’s existing Seller of Checks Act, which solely regulated money transmitters with a physical presence in Wisconsin, and replacing the...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - February 2024

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2023

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Orrick, Herrington & Sutcliffe LLP

CSBS announces Nonbank Model Data Security Law

The Conference of State Bank Supervisors (CSBS) recently released a comprehensive framework for safeguarding sensitive information held at nonbank financial institutions. CSBS’s Nonbank Model Data Security Law is largely...more

Alston & Bird

CSBS Releases Cybersecurity Programs to Help Nonbank Financial Services Institutions Improve Cybersecurity Posture

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On August 9, 2022, the Conference of State Bank Supervisors (CSBS) released two cybersecurity tools for nonbank financial services institutions to help prepare for state cybersecurity exams and, ultimately, improve...more

McGlinchey Stafford

Will the Push for a Bank Safe Harbor on Cannabis Succeed?

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For nearly a decade, financial institutions operating in states with regulated cannabis markets (whether medicinal or recreational) have struggled with their ability to offer banking services to entities legally operating...more

Cooley LLP

Arizona Embraces CSBS Model Money Transmission Law; West Virginia Incorporates Some Key Provisions

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On May 20, 2022, Arizona Gov. Doug Ducey signed Senate Bill 1580, which effectively replaces Arizona’s current money transmission law with the Model Money Transmission Modernization Act (the Model Act) announced by the...more

Perkins Coie

Fintech Week in Review - January 2021

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FDIC Creates New Exceptions for Fintech Companies with Its Final Brokered Deposit Rule - On December 15, 2020, the Federal Deposit Insurance Corporation (FDIC) finalized its updated brokered deposit rule, providing...more

Perkins Coie

The Conference of State Bank Supervisors Proposes Regulatory Prudential Standards for Nonbank Mortgage Servicers

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The Conference of State Bank Supervisors (CSBS) recently requested public comment on proposed regulatory prudential standards for nonbank mortgage servicers. The proposal seeks to address concerns about rapid market share...more

Goodwin

Federal Reserve Proposes Rules To Modernize Regulations That Implement CRA

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In the News. The Board of Governors of the Federal Reserve System (Federal Reserve) proposed rules to modernize the regulations that implement the Community Reinvestment Act (CRA); the Conference of State Bank Supervisors...more

K&L Gates LLP

CSBS Rolls Out Joint Examination Initiative for Nationwide Payments Firms

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On September 17, the Conference of State Bank Supervisors (CSBS) announced that at least 40 states will establish a joint examination process for “nationwide payments firms” for the 2021 examination cycle. Known as “MSB...more

Goodwin

Financial Services Weekly Roundup: Code Libor – SEC And OCIE Issue Risk Alert In Preparation Of Libor Discontinuation

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In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more

BCLP

Coming Up: A National Non-Depository Payments Charter?

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Brian Brooks, Chief Operating Officer of the Office of the Comptroller of the Currency (“OCC”) said on Monday that he believes the OCC should investigate the viability and utility of a non-depository payments charter: “One of...more

Latham & Watkins LLP

US Federal Banking Agencies Introduce Further Measures to Address Continuing COVID-19-Related Risks

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The three US federal banking agencies continue to take additional steps to promote the functioning of the financial system in the face of the pandemic. The three US federal banking agencies - the Board of Governors of the...more

Alston & Bird

Regulators Further Clarify Guidance Regarding Loan Modifications and Reporting

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Our Financial Services & Products Group examines how federal regulators – speaking with a single voice – will view loan modifications during the coronavirus pandemic....more

Eversheds Sutherland (US) LLP

The OCC’s 2019 annual report addresses anti-money laundering risks for financial institutions

The Office of Comptroller of the Currency (the OCC) has published its 2019 annual report (the Annual Report), which summarized the OCC’s strategic priorities for 2019. The Annual Report also highlighted the OCC’s key...more

Eversheds Sutherland (US) LLP

Federal agencies clarify SAR filing requirements for financial services provided to hemp-related businesses

On December 3, 2019, four federal agencies, in consultation with state banking regulators, clarified the legal status of hemp growth and production under the Bank Secrecy Act (BSA) for banks providing financial services to...more

Morrison & Foerster LLP

Money Transmission Licensing Developments in Rhode Island and Michigan

Perhaps the biggest recent news in the ever-changing money transmission regulatory landscape is the draft model language for standardized regulation of multistate money services businesses that was proposed by the Conference...more

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