News & Analysis as of

Money Transmitter Cryptocurrency Banking Sector

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

Paul Hastings LLP

State-Level Developments: The Regulatory Landscape for Digital Assets

Paul Hastings LLP on

As we begin the 119th Congress, the nation is also preparing for the new administration to take office in just a few weeks. While federal action on digital assets remains a key focus, this week’s Crypto Policy Tracker shifts...more

Orrick, Herrington & Sutcliffe LLP

Connecticut Banking Commissioner suspends bitcoin-ATM operator’s money transmitter license

On October 25, the Connecticut Banking Commissioner has suspended a money transmitter’s license, citing several issues: inadequate KYC policies, multiple consumer complaints about fraudulent activity, and insufficient capital...more

American Conference Institute (ACI)

[Event] 8th Forum on FinTech & Emerging Payment Systems - April 9th - 10th, New York, NY

ACI’s 8th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems will provide in-depth guidance on the latest regulatory developments at the Federal and State Level that you need to be aware of....more

McDermott Will & Emery

Montana Pump Fakes a Requirement for Money Transmitters

Against a backdrop of near-daily enforcement actions and constant regulatory changes, Montana inched into the fray by publishing a letter calling on money transmitters to make a submission to the Montana Department of Banking...more

BakerHostetler

[Podcast] Blockchain University: Relationship Drama: Cryptocurrencies, Blockchain and the Law

BakerHostetler on

Our fifth episode provides an overview of the key legal issues facing cryptocurrencies and blockchain in the U.S....more

Wilson Sonsini Goodrich & Rosati

Money Transmitter Model Law Poised to Change Regulatory Landscape

The Conference of State Bank Supervisors (CSBS) released its Money Transmission Modernization Act (Money Transmitter Model Law) (Model Law) to create a single money transmitter regulatory regime across the country and...more

Troutman Pepper Locke

CSBS Continues Streamlining of Licensing for Payments Firms Through 'One Company, One Exam' Program

Troutman Pepper Locke on

On September 15, the Conference of State Bank Supervisors (CSBS) announced that money transmitters operating in 40 or more states will be able to take advantage of a new, comprehensive exam designed to satisfy all state money...more

Ballard Spahr LLP

State Bank Regulators Launch Single-Exam Plan for Multistate Money Transmitters in wake of OCC’s Payments Charter Proposal

Ballard Spahr LLP on

The Conference of State Bank Supervisors (CSBS) recently announced plans to establish a program under which money transmitters licensed in multiple states will undergo a single comprehensive exam that seeks to satisfy all...more

Goodwin

Federal Reserve Proposes Rules To Modernize Regulations That Implement CRA

Goodwin on

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

Proskauer - Blockchain and the Law

U.S. Treasury to Review FinCEN’s Cryptocurrency Practices

In October, the U.S. Department of the Treasury (the “Treasury”) released its Annual Plan, outlining the Office of Inspector General’s audit and investigative priorities for fiscal year 2018. The Annual Plan notes that...more

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