News & Analysis as of

FinTech Money Transmission Act Financial Services Industry

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

Massachusetts enacts a new act on money transmission

Recently, the Governor of Massachusetts signed into law H.4840 creating Chapter 169B: The Money Transmission Act. The Act is designed to regulate money transmission especially through payment apps. The bill repeals...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

Morrison & Foerster LLP

Is Payroll Processing Money Transmission? New York May Be Weighing In

Morrison & Foerster LLP on

It seems like a natural progression for a company that provides any sort of payments-related information processing to migrate from handling data about payments to seeking to handle the payments themselves. But it can be a...more

Morrison & Foerster LLP

California Invites Comments on Agent of a Payee Exemption—Rulemaking to Follow

The California Department of Business Oversight (DBO) has issued an Invitation for Comments (“Invitation”) relating to the scope of the “agent of a payee” exemption under the Money Transmission Act, Cal. Fin. Code §2000 et...more

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